It's hard to say without more information. Is that utilization % across all of your cards? How many cards do you have, and what is the highest individual utilization? How many new accounts and inquiries do you have within the last 6/12/24 months?
@vinster95 wrote:Yeah thats across all cards. My only cards with limits are an Amex Delta Gold with a 3000 limit and a Dell account with a 4000 that acts as a revolving. I have an Amex Platinum that I mainly use, so nothing on there is reported with a limit.
The scores will be reporting (approx):
$100/3000 Amex Delta Gold
$900/4000 Dell
Total of $1000/7000 - 14 percent UTL
Inquiries- Experian 1, EQ 0, TU 0
No new accounts in the last 12 months
Your current utilization numbers shouldn't be a problem for a Cap1 application. 0/12 new accounts is an important metric in your favor. Do you have any installment loans (mortgage, auto, student) which would impact your DTI (debt to income ratio)? Your current income will also, of course, be an important factor.
You should be good, as long as you don't have too many Cap1 cards!
Venture is not a difficult card to get, you may not get the 30K SL but they don't "bucket" Venture therefore when you put usage on it, it will grow.
Good luck.
@vinster95 wrote:Yeah I have 1 installment loan. Its an Affirm loan for a Peloton. $1300 remaining on it ($125 a month), and a car loan that has about $16,000 left. Payment on the car loan is about $470 a month. Income 130k.
Amex Platinum reported $2500, but idk how thats calculated since its not a revolving or a loan.
Besides that that's pretty much the entire credit report.
DTI seems fine for a credit card app. Amex Platinum is considered an account with a balance for FICO scoring, but it is not included in revolving balances or revolving utilization metrics because it is not technically a revolving account.
@vinster95 wrote:Hey everyone! I'm applying for the Capital One Venture card next week. Waiting for my scores to update to the highest possible it could be before applying. Just ran the numbers and my utilization is going to be at 14.4 percent. (I'm guessing that will be rounded up to 15 percent).
Is 15 percent considered a good enough UTL for a card like that? Scores should be between 760-790. My plan was to get it down to 9 percent, but had a couple of unexpected bills pop up.
Should I still be good to apply with a 14-15 percent UTL, with that credit score mentioned above?
Side question for anyone who knows as well: Should I wait x amount of time before I apply after scores update, or am I good to apply as soon as the MyFico app/Experian app/Credit Karma show all updated scores?
Thanks!
Aggregate utilization of 14-15 % is good. I'm sure the application will take in a lot more information than that and your credit score, though.
Also bear in mind that Capital One triple pulls.
