Captal One Says Still Reviewing Application and Will Send More Information in the Mail

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To better your odds of getting a Capital One card, you should know nearly the other factors that could bear upon your application.

With competitive rewards and 0% intro APR offers, Capital Ane credit cards are pop with consumers. If you've constitute one yous like and accept excellent credit, you lot may think you won't have whatsoever trouble getting the card.

That's not e'er the case. It'southward true that a credit score of 800 is more than enough for any Uppercase One card. In fact, you lot tin qualify for the card issuer's best rewards credit cards with a score of 670 or higher.

Notwithstanding, at that place's more to the application process than that. Capital letter One could deny you for reasons that have nothing to do with your credit score. To avoid wasting your time, information technology'southward important to know what these reasons are.

Capital Ane application rules

There'south 1 Capital One application rule that applies to all its credit cards: You tin't brand more than one application every half-dozen months.

After you lot employ for a Capital I card, you need to await at to the lowest degree 6 months before applying for some other, regardless of whether Upper-case letter One approved you or not. A high credit score won't get you around this brake.

Capital One also has rules near the maximum number of Capital 1 cards you can have and the minimum income requirements for its cards. The catchy part is these rules vary depending on the Capital One menu you want.

Here's what this means:

• Credit bill of fare limits: With some cards, such as the Majuscule One Venture Rewards Credit Card, you'll be ineligible if you already take v or more Capital 1 cards. With others, y'all'll be ineligible if you have ii or more than Majuscule One cards.
• Minimum income requirements: For some of its cards, Capital I requires that your monthly income exceeds your rent or mortgage past at least $425. For others, your monthly income must exist at least $800 greater. Notation that Capital One reserves the right to deny your application for insufficient income even if you meet these requirements.

You tin find the exact rules for the bill of fare you want on Capital letter One's site. Just visit the card's page, get to the "Charge per unit and fee information" department, and so curl down to "Boosted Disclosures & Terms and Conditions."

You lot'll see a listing of what tin disqualify yous from getting that Capital 1 credit card. If there are any credit card limits or income requirements, you'll find out here. Like the application rule, yous can't go effectually these restrictions, regardless of your credit score. Y'all need to pass these rules for Capital One to approve you.

What to do if Majuscule One denies your application

If you couldn't open a Uppercase I carte because of its awarding rules, the simply way to go approved is past correcting the trouble. How you do that will depend on what the trouble was.

• You've already applied for some other Capital Ane card in the terminal six months: Expect until six months have passed, and so try applying once more.
• Y'all're at the Capital One credit bill of fare limit: You'll need to cancel i of your Capital Ane cards if you desire to add a new one.
• Your income wasn't high enough: Brand sure you included all forms of eligible income on your credit card application. If you didn't, you lot can call Capital I to correct your reported income and come across if that gets y'all approved. If y'all did, your only options are to increase your income or detect a Capital Ane carte with lower income requirements.

Those aren't the just reasons Majuscule One would deny your credit bill of fare application. Even when you have a cracking credit score, there could exist other reasons, such as too many recent applications for other credit cards.

If the denial was not due to Upper-case letter One'south application rules, you lot can effort calling for a reconsideration. The all-time number to call is 1-800-625-7866, which is Capital letter One's application services line.

When you call, inquire the representative if they could reconsider your denied application. It tin can aid to point out that you lot've handled credit well in the past (and have an splendid credit score to prove for information technology). Depending on why y'all were denied and the representative y'all speak to, you could end up getting your application approved after all.

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Source: https://www.fool.com/the-ascent/credit-cards/articles/why-you-may-not-get-approved-for-a-capital-one-card-even-with-an-800-credit-score/

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