Calling CapitalOne after being rejected for Quicksilver Rewards with 710 credit score

For just about anything you want to get off your chest about credit cards.
9 posts
rbai76
Green Member
Green Member
 
Posts: 15
Joined: Sun Apr 07, 2013 7:42 am
Location: MD

Calling CapitalOne after being rejected for Quicksilver Rewards with 710 credit score

Postby rbai76 » Mon Mar 24, 2014 3:43 pm

I was in search for a good rewards card that offers a good cash back. CapitalOnes quicksilver gives you 1.5% back on all purchases while my other cards only give 1% back.

I was shocked to find out my application wasn't approved and now I have a hard inquiry for nothing. If I call back is there a chance they may approve me still or what?

I have a card from Citi, Discover, Chase, GE Amazon, BestBuy, and Khols. My average history is about 1 year. I'm only 20. With my oldest card being 1 year 5 months. My total credit is 11,000 between all cards, and have paid every bill off at the end of the month. Also, my credit utilization has always been under 10%.

Based on what I said why was I rejected?


linuxmachine
Centurion Member
Centurion Member
 
Posts: 309
Joined: Thu Feb 27, 2014 11:10 pm
Location: los angeles

Postby linuxmachine » Mon Mar 24, 2014 6:11 pm

It's possible they denied you on the basis of having too many new accounts within a short span of time. Was the 710 score from your Discover card? Just covering the basics to see if this is your FICO score, or from a different scoring model.

User avatar
nismoZtuner
Centurion Member
Centurion Member
 
Posts: 1105
Joined: Thu Jun 27, 2013 12:39 pm
Location: EARTH -CA

Postby nismoZtuner » Mon Mar 24, 2014 6:31 pm

what was your annual income that you reported?

look at my CC application history...

--Age20-- Credit score Low 700s/ Income 30k
8/2012*CLI on 8.5.13 Bank of America Cash Rewards CL $2K
5/27/2013 American Express Blue Cash Everyday CL $2k
5/30/2013 Discover IT CL $1500
6/24/2013 American Express Premier Rewards Gold NPSL
--Age 21-- Mid 700s/ Income 30K
8/14/2013 Marriott Rewards Premier CL $5k
3/19/2014 Chase Sapphire preferred CL $5800
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Mon Mar 24, 2014 6:36 pm

It would be a lot easier to call them and ask than for us to try to guess. From what I've seen they are more sensitive to inquiries and new accounts on their "prime" cards (and I use the term loosely here) than Amex is.


And you didn't just take one inquiry - you took 3 they pull all 3 bureaus. So you had best recon and get something out of it.

takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Tue Mar 25, 2014 9:03 am

rbai76 wrote:I was shocked to find out my application wasn't approved and now I have a hard inquiry for nothing. If I call back is there a chance they may approve me still or what?

How would we know? Reason(s) for denial? As always, it not just about scores.

rbai76 wrote:Based on what I said why was I rejected?

Best guess is a lot of new accounts but there could certainly be other reasons as well. Again, see if the reason(s) cited provide any useful info.

rbai76
Green Member
Green Member
 
Posts: 15
Joined: Sun Apr 07, 2013 7:42 am
Location: MD

Postby rbai76 » Mon Mar 31, 2014 12:44 pm

I just received the letter. It said there wasn't enough history. Said I had an average credit less than 12 months, balance on existing cards, and too many inquiries. My oldest account is more than a year old, the balances were still less than 15% of my credit limit, and I pay off my balances every month. It also said my credit score was around 700.

I will definitely give them a call and try to get them to reverse there decision. Is there anything I should tell them that will increase my chances of success?

linuxmachine
Centurion Member
Centurion Member
 
Posts: 309
Joined: Thu Feb 27, 2014 11:10 pm
Location: los angeles

Postby linuxmachine » Mon Mar 31, 2014 12:58 pm

rbai76 wrote:I just received the letter. It said there wasn't enough history. Said I had an average credit less than 12 months, balance on existing cards, and too many inquiries. My oldest account is more than a year old, the balances were still less than 15% of my credit limit, and I pay off my balances every month. It also said my credit score was around 700.

I will definitely give them a call and try to get them to reverse there decision. Is there anything I should tell them that will increase my chances of success?


Just be polite and state your case. That you'd like to make this your primary card for your credit card spend, and would like to take advantage of the card/bank benefits it provides. If you haven't stated your income, but it's a good income, you can state that as it can help. If they still say no, you could just learn to walk away and let it go. You do have a lot of cards, and just keeping them for another 6 months will do you a world of good. Better yet, wait a year, let a couple inquiries drop off. Then apply for more than 1 ;)

wisebutneverwiseenuff
Green Member
Green Member
 
Posts: 7
Joined: Wed Apr 02, 2014 9:46 pm
Location: omaha,ne

Postby wisebutneverwiseenuff » Fri Apr 04, 2014 11:39 pm

good luck getting anywhere w/capital one. you can never reach their recon agents,only the customer service group. been with em 2yrs & all they've done is upgraded me to a quicksilver rewards card w/the same cl of $500 despite asking for cli 3 times.crazy how in less than 6mo I was able to get cli of 8k on my amex bcp. have several other cards with cl's in that range including the supposed difficult to get chase sapphire preferred. my fico is over 720,no baddies,excellent utilization & perfect pay history. I have no idea what criteria capital one uses. baffled.

lennyj17
Gold Member
Gold Member
 
Posts: 26
Joined: Sun May 06, 2012 8:23 am
Location: New York, NY

Postby lennyj17 » Sat Apr 05, 2014 6:39 am

rbai76 wrote:I just received the letter. It said there wasn't enough history. Said I had an average credit less than 12 months, balance on existing cards, and too many inquiries. My oldest account is more than a year old, the balances were still less than 15% of my credit limit, and I pay off my balances every month. It also said my credit score was around 700.

I will definitely give them a call and try to get them to reverse there decision. Is there anything I should tell them that will increase my chances of success?


I'll try to help clarify the reason better.

1). AAoA (Average Age of Account) is the Average of all your account together, not just the oldest. The new accounts you recently opened brings your average down and quite a bit because of your "Thin" file, being relatively new to credit as you are.

2) Your overall utilization is one thing, but having too many accounts reporting balances (regardless of the amounts) is a serious factor lenders look at.... So of those 5 accounts you have currently, any more than 2 reporting a balance on your Reports is too many, again regardless of the amounts reporting. If you actively use all of your cards regularly, and PIF, it's best to PIF before your Statement Closes for the month so that a 0$ balance reports on that Card to the CRA.

For instance take me, I use my CSP as my Everyday Card and route roughly 3K through it monthly, and for this card I PIF before statement closes so that a 0 always reports. It looks as if though I don't even use the card to any lender outside of Chase.

3) Too many Inquires, is pretty self exclamatory. Cap One pulls all 3 CRA so anyone of those reports with too many inquires could be the tipping point, and it could be the combine the amount of all 3 and then factor in what is too many. Not sure of the exact algorithm when all 3 CRA's are pulled.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests