I've always been under the assumption that a credit report from all three agencies that a bank accesses when applying for a credit card shows just the personal accounts and balances like I'm seeing when I look at my reports in Credit Karma and Experian. Is that not the case?
I can't figure out Capital One like many others and trying to understand why the Venture X is so unobtainable(as well as other's I've applied for). I'm certainly in the same position as many others that got that card when it comes to # of cards, not carrying balances, FICO and income being very high. In fact my wife was just approved without the income or FICO scores I have and having a lot of open accounts.
One thought I have is that I do often have large balances on my business cards. I typically pay off my personal cards days after charges post so they rarely show a balance other than a day or two at a time. This helps to drive up the FICO score. But I don't do that for the business cards and there can be $20K on a couple cards each month often times. Since when I look on experian or credit Karma I don't see those accounts listed and their balances I'm under the assumption that an application with Cap One for a personal card they won't see those either. Am I incorrect? With a couple business cards I often will use 75% of the credit or more so is that maybe causing me some issues?
I can't figure out Capital One like many others and trying to understand why the Venture X is so unobtainable(as well as other's I've applied for). I'm certainly in the same position as many others that got that card when it comes to # of cards, not carrying balances, FICO and income being very high. In fact my wife was just approved without the income or FICO scores I have and having a lot of open accounts.
One thought I have is that I do often have large balances on my business cards. I typically pay off my personal cards days after charges post so they rarely show a balance other than a day or two at a time. This helps to drive up the FICO score. But I don't do that for the business cards and there can be $20K on a couple cards each month often times. Since when I look on experian or credit Karma I don't see those accounts listed and their balances I'm under the assumption that an application with Cap One for a personal card they won't see those either. Am I incorrect? With a couple business cards I often will use 75% of the credit or more so is that maybe causing me some issues?
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
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Correct. There is something else about your credit profile that Capital One does not like. For example, if none of your personal credit cards are reporting any balance, their algorithm may conclude that you are not using the credit lines that you already have. (What matters is what is reported, not how you actually use the cards or when you pay. They only see a snapshot.)Originally Posted by Jonesdds
....under the assumption that an application with Cap One for a personal card they won't see those either.....
What reasons did Capital One list in the decline notice?
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What reasons did Capital One list in the decline notice?
too many inquiries, too much open credit in an undefined period. But my wife and I are equal in that regard.Originally Posted by mia
Correct. There is something else about your credit profile that Capital One does not like. For example, if none of your personal credit cards are reporting any balance, their algorithm may conclude that you are not using the credit lines that you already have. (What matters is what is reported, not how you actually use the cards or when you pay. They only see a snapshot.)What reasons did Capital One list in the decline notice?
Flyertalk Posting Legend Moderator: Credit Card Programs, American Express, Capital One, Chase, Citi, Diners Club, Eco Travel, Signatures
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This doesn't seem to have anything to do with account balances.Originally Posted by Jonesdds
too many inquiries, too much open credit in an undefined period. But my wife and I are equal in that regard.
When you apply for a Business card the Inquiry appears on your personal credit report, even though the Account does not. The number of Inquiries will vary by bureau, depending on which the card issuers pulled. If Capital One pulls all three, it will find every Inquiry.
Too much Open Credit refers to the total of your reported personal credit limits. You may need to reduce the limits on some of your personal accounts.