Pre-Approval for VentureX but denied after applying

[DrCoras]

The title says it all. I used the Cap1 VentureX Pre Approval tool and was pre-approved, and then when I submitted the application, I was declined. Not sure what the reasoning is, but the decline letter just says Too many accounts with balances.

The crazy part is the only balances on my CBRs are my mortgage and my auto loan(just reviewed and confirmed after the decline). Score is 815 and I have about 1.5x income in lines (income is 130k)

No inquiries in last 2 years, and no new accounts(within last 2y3m) with about 28 years of credit history. 7 Rev accounts currently make up the lines with a min line of 20k.

I guess I am just in shock that they would not want me as a customer, but it is true they would get no interest off of me too, so that is a possibility.

Has anyone else had this type of experience?

[FlaDude]

That's strange, if your profile doesn't qualify then very few would.

Have you ever had a Cap 1 card that was charged off? Even though those things drop off your report, the affected lenders would still have that in their records.

[DrCoras]

Nothing with them. I did have a First USA and Discover charge off in 1996, but that's been the only negatives in my credit history.

[Janneman]

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@DrCoras wrote:

The title says it all. I used the Cap1 VentureX Pre Approval tool and was pre-approved, and then when I submitted the application, I was declined. Not sure what the reasoning is, but the decline letter just says Too many accounts with balances.

The crazy part is the only balances on my CBRs are my mortgage and my auto loan(just reviewed and confirmed after the decline). Score is 815 and I have about 1.5x income in lines (income is 130k)

No inquiries in last 2 years, and no new accounts(within last 2y3m) with about 28 years of credit history. 7 Rev accounts currently make up the lines with a min line of 20k.

I guess I am just in shock that they would not want me as a customer, but it is true they would get no interest off of me too, so that is a possibility.

Has anyone else had this type of experience?

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Sorry for the denial. Please know that score and income don't matter to most lenders when it comes to certain cards, and this Venture X is one of them. This card has kinda tough underwriting as same as Citi has many cards with tough underwriting. Don't know why, but its their choice and their game. Since I have been collecting datapoints on this card for the last one and half year from all kind of different credit forums/groups then all I can say that you are probably denied for the balance/debt that is shown on your credit reports, like mortgage and auto loan, unless you have large total available credit. Try to do reconsideration but to be honest to you that odds are very slim for this card now and even in the future given the denial. Good luck...

[keekers]

Bummer. I hope the reconsideration line works out. Keep us updated.

[FicoMike0]

Strange, I wonder who would they approve? Vs has a big fee, doesn't it? I'd think they'd bend over backwards to approve a fee card.

[Zosimus]

All I can say is that I've never had good luck with Capital One. I had a checking account with them, but they closed it on me abruptly shortly after opening it. About a year later, I did the same online check for preapproval, got the green light, and then got turned down. A year later, I did the same — turned down. Finally, on November 3, 2020, I got solicited, apped, and got approved... for a pathetic $1K SL.

Well, something's better than nothing, right? Maybe it will grow... but no. The account was frozen immediately, and they requested a 4506-T. Not a problem. I esigned everything and sent it back. Then, I missed a call back from the person at Cap One who was handling that. I called in only to find out that these people don't have phone numbers and no way to transfer me to them. It turns out that the IRS refused to release my tax returns because I filed jointly — they wanted my wife's signature too. I uploaded my entire tax return to them for the past 3 years plus bank statements. They rejected those. I pointed out that my wife already had a card with them for a higher credit limit than the $1,000 they offered me. I also gave them my wife's email address to include her on an esign ... even though, personally, I think they shouldn't be able to turn me down because of my wife.

Anyway, they never sent the DocuSign so on November 17, I closed the account. Three years later, on October 13, 2023, I was told I was preapproved. I apped... declined.

Now I have sitting on my desk an offer for a Capital One Platinum opportunity. They brag it has no annual fee. That it will let me "build my credit." It's obvious to me that they think I'm some sort of a high risk borrower.

At any rate, I'm given to understand that they have just purchased Discover®, so I suppose I'll end up dealing with them down the road, but I have no intention of applying for this card.

[Meanmchine]

I had the same thing happen to me except with Wells Fargo

Sorry

[Zoostation1]

It could potentially be the 7 accounts with 20k+ limits if the algorithm doesn't deem you to be profitable.  The algorithm  seems to favor those who will either use the card heavily (well past the sub) or will carry a balance frequently.