Venture Card

[Anonymous]

After reading about all the success i though i would try for a venture card but was denied and denied through recon. I am stumped at Capital One aprroving all these cards to people with lower credit scores then mine. My current scores are Eq 751 TU 780 and Exp 762.  i do have alot of inq but can someone shed some light on what i am doing worng LOL

[Anonymous]

I'd start with whatever reason(s) they gave you for the denial.  If it was too many inquiries then you just need to let your accounts and inquiries age.

[Anonymous]

they gave 3 reasons first was not enought accts with untilization, second was to many new accts, thrid was not enought income..LOL  talk about throwing darts at the excuse boards

[Strogen]

Not enough income nailed you, I have had a cap one card since 2010 so that may have helped me but it seems they are acting like chase. 

They ignored the 25 inqs on my TU and the multitude of new accounts and instantly approved me for $15K with scores hovering around 700-715. 

I put 90K for my income , though it seems 35-40K would probably have been enough to get a 5K card. 

Not sure what you put down for income but you cant just say "well I have a 760 and I will always qualify" there are other factors at play that weigh importantly. 

[Anonymous]

I have no idea how they would have denied you with a 750+ score....something in the rest of your profile musta spooked them to get a denial even on recon.

I also have a ton of inquiries but I gardened about 6 months prior to applying.

[happypill]

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@Anonymous wrote:

they gave 3 reasons first was not enought accts with untilization, second was to many new accts, thrid was not enought income..LOL  talk about throwing darts at the excuse boards

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So I guess the question is, are any of those things true?  You didn't really provide any information other than your scores.

1. Are all your accounts paid down to zero util?  If so, your credit profile would look better if at least one were reporting some usage.

2. How many new accounts do you actually have?  How many new in last 6 months, 12 months?  Cap One is not known to be spooked by this, but depends on how many.

3. What is your income?  You've got quite a few cards with substantial limits already, which is awesome.  If you're reporting $40k income and have $100k in open credit lines, many lenders may decline to offer more.

[Anonymous]

When you applied did you have an account with a $5k or higher cl? I think that was one of their listed items in their criteria for "excellent" credit.

I am a little confused on the low income though because I am a college student and listed my $22k income and was instantly approved with a 10k line for the venture card before all the craze of apps started for the card. But, I have also had a different card from them for the past 5 or so years as well.

[Strogen]

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@Anonymous wrote:

I have no idea how they would have denied you with a 750+ score....something in the rest of your profile musta spooked them to get a denial even on recon.

I also have a ton of inquiries but I gardened about 6 months prior to applying.

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He literally just said they told him his income was too low. 

That will disqualify you before anything else usually. 

If you put something down like 20K dont expect a card, though you may still qualify. 

[Strogen]

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@Anonymous wrote:
When you applied did you have an account with a $5k or higher cl? I think that was one of their listed items in their criteria for "excellent" credit.

I am a little confused on the low income though because I am a college student and listed my $22k income and was instantly approved with a 10k line for the venture card before all the craze of apps started for the card. But, I have also had a different card from them for the past 5 or so years as well.

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Seems to me that having 100% positive history with cap one is certainly helping. 

In the last year they have given me 22K of credit, up from a single cash rewards card with a 2.5k limit. 

It took 4 years for that to happen though... haha 

[Anonymous]

Well my Util is about 2% Income is sufficient to support my current cards. yeah ihave alot of new accts in the last 4 months. Cap One like discover like alot of spending on their cards. I guess i will just garden for a year.