Posted by Chuck on February 11, 2015
Credit Cards

Published on February 11th, 2015 | by Chuck

43

Why Capital One Credit Cards Are Now on My Radar Screen

We all know to avoid Capital One credit cards like the plague because they pull all 3 credit bureaus for one credit card application. I recently saw one report which could change the attitude a bit.

The Story

Reddit user marvypoo had an (inadvertent) interesting story when applying for a Capital One credit card. He applied for the Capital One Venture – you know the one with the 40,000 point signup bonus that we’ve all been eyeing and sighing that we can’t apply for – and he accidentally hit the ‘refresh’ button on the computer while the computer was in middle of processing his application, “It will take a minute for your application to process”.

He got an automatic approval and received the card in the mail. Or rather, received the cards in the mail. Yup, Capital One took it as two separate applications and automatically approved him for two of the same card. That’s an 80,000 point signup bonus between the two.

He met the spend on both cards, and… he received both bonuses. All automated.

The kicker to the story is that he only received one-time credit pulls for the applications. They did pull all 3 bureaus, as usual, but the pulls were combined and show up as one.

Lessons Learned

Here’s some things I learned from this story:

  • Capital One will combine inquiries. We previously put together a resource on which issuers combine and which don’t. We didn’t have any reports at the time on Capital One. This story indicates that they do combine. It’s still possible that the inquiry-consolidation was due to the fact that it was the same card, but different cards wouldn’t get their inquiries combined. But it’s at least an encouraging indication that it’s likely the inquiries will get combined.
  • Apparently, it’s even possible to get two of the same card at the same time with Capital One. We’ve heard about such tricks with Citi and recently with Bank of America. Apparently, with Capital One it could work as well. Of course, this will all only work if the approval is instant; once a human reviews it they wouldn’t approve for two cards.
  • When people talk about getting inquiries combined and about getting two of the same card from Citi or Bank of America, we usually talk about using two different browsers and sending out the applications as close together as possible. In this story, both were sent from the same browser. I’m not coming to say there’s no validity to the 2-browser idea, but at least in this case it wasn’t necessary.
  • We also put together a List of Churnable Credit Cards and we wrote in regard to Capital One that it is possible to get a second identical card, even without cancelling the first one, but that you may need to wait in between. In this story he was able to get two of the same card, and in this story no wait was needed. Again, this data-point is limited to being able to get two at the same time, so it won’t actually prove that you’d be able to apply for a second card a day later or a month later.

All this info is just from one person’s experience and it’s always possible that we won’t be able to replicate it, but it’s definitely an interesting story.

Final Thoughts

I haven’t applied for any Capital One credit cards yet, but it got me looking at the possibilities. If I thought I could get two Venture cards with a 40,000 point bonus on each, I’d be applying right now. I’d probably go through two separate browsers – hey, why not? – but I’d be willing to give the 3-bureau pull for this. There’s a risk that the inquiries won’t combining, but how’s a credit card app for some adventure! Honestly, I don’t care much about the Transunion pull, so it’s more the Experian and Equifax that I’m thinking about.

I’d also consider going for two separate Capital One cards and hoping that the inquiries combine. The advantage of this approach is that even if the application needs human intervention, it may still be possible to get an approval on both cards. We need to find two good Capital One signup bonuses; other than the 40,000 point Venture there isn’t any personal card that look incredibly enticing. There are a couple nice-looking business cards and it’s possible that those will also combine inquiries with the personal.

See also Devil’s Advocate’s post Should a Capital One Card Be In Your Wallet? for lots of interesting info on Capital One and the Venture card in particular.

It’s also worth noting that I have seen some mention that you may be able to freeze one of your credit reports and still getting approved with Capital One. If I could freeze my Experian and still get approved… now, that sounds tempting.

Anyway, this is what’s going through my heard. Any advice for me? Please comment below.



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Dave
Dave

You can freeze Experian and get approved. Freezing two CRAs will probably get you denied with the denial stating that there wasn’t any information from one of the other CRAs. So you will need to take a hit on two hard pulls.

NoonRadar
NoonRadar

In your shoes I’d want to know more about what’s the understanding of how the machines work in this case. I’m guessing they approve you for one card (equal to that limit, not x2 that) and that two cards are processed on error. If so, you blocking Capital One computers from accessing one of your credit bureaus might (strictly theoretically) affect approval, since the machines will have to approve you with 2 out of 3 sources.

On a related note, I’m interested on data-points of people freezing one credit bureau for banks that would routinely pull just one, like Barclays, which I’m eyeing on applying for the US card merely a couple of months after my first Barclays card, which is Arival+.

My concern is that if you block access to the go-to (or first choice) bureau, it might automatically lower your credit worthiness so to speak, while tries to look at another bureau, or flag a human to look at it. Especially if you’re score/credit is not very good, such as in my case.

Anthony
Anthony

I just applied for 2 Capital One Quicksilver cards on the same day and was approved for both. I am not sure how many pulls they did though.

Paul
Paul

Slightly off topic, I applied for 3 Cap One cards using the triple browser method and two of them completely errored out. This was for three different cards. The one that went through was denied. Not sure why, as my credit score is just shy of 800, but I get the sense that Cap One is highly particular. I thought it was very interesting that 2 of the 3 came back with an error message that was not easily resolved with a refresh and retry. Maybe it was an isolated incident.

Kenny
Kenny

Nothing to add regarding browsers and duplicate cards but I can confirm data regarding combined inquiries. In the same browser I applied for V and QS with EX frozen. Both auto approved with a single pull from TU and EQ. Spouse did the same but approved for V and td’d for QS with single pulls on TU and EQ. Hope this helps.

Lc
Lc

This isn’t the case anymore. Froze Experian and I wasn’t auto approved due to Experian being frozen. Going to call reconsideration

Mike
Mike

I wonder if that’s due to the Equifax hack. What would be the rationale for someone to only freeze one report (outside the churning world).

Daniel
Daniel

You mentioned not wanting the Eq pull (or implied it since you don’t care about TU but care about the others) — what issuers have pulled Eq for you? I can’t seem to find any beyond Comenity and USAA but would love to since I have by far the fewest pulls on my Eq CR. My pull distribution is 12/5/2 (Ex/TU/Eq)

robertw
robertw

I will toss int he Venture card in my next round of apps this spring. I have some product with them currently. That is a good card at least for the first year bonus.

Cheapblackdad
Cheapblackdad

Beware: it seems many people are having a hard time being approved. Im seeing a lot of declines for too many cards with no balance. I think there may be something to people in this game having a hard time passing the sniff test for cap one. A lot of us have cards that we have stopped using.

Think tou could do a post on how to be approved for cap one cards? Also, care to do this in the next 2 weeks 😉

Cheapblackdad
Cheapblackdad

Flyer talk. Folks are posting their denial notes. Balances comes up pretty consistently in the notes which is something I haven’t seen in other denials.

I’ve heard consistently folks in the hobby are struggling with this one. Milesforfamily is 0/2 and flyer talk commentators are posting in the cap one thread. I’m sure it’s not universal, but enough that ive held off on applying for the next couple of weeks to see what I can learn. We could use it for an upcoming JW Marriott Orlando stay. Not enough points for the first night. Plus the resort fees are murder.

walterj
walterj

For redeeming points, Capital One Rewards is vastly inferior to Barclay Arrival.
It is so awful and awkward that I would say it is nearly a scam.
If you are happy with losing 50% of the value, you can get a check or statement credit; that is easy.
But to get full value is hard.
You must redeem exactly 15,000, 35K or 60K, above 60K is variable, a penney a point. But the killer is that a partial redemption is not allowed, if the travel cost is more than the corresponding point amount, no redemption is allowed.
For example, you have a $601 travel expense, and 60K points, no redemption allowed.

If you had 30K points and two travel expenses, say $110 and $130, each would cost 15K points for a total of 30K points losing $60 of value. (40 + 20)

If you have a travel expense of $151, it would cost 35000 points.

and so on, it really sucks!

Raul
Raul

Just read the comments in the travel codex link and the last comment on there says this has been fixed and you now can redeem for any point ammount. I have the venture card as well as the cap 1 sparks card. I think the sparks card is a better option since u get 2% cash back and can book trips with cash. If I try and cash out venture miles I would only get 1% cash back instead of 2% for travel. Venture does have it beat on sign up bonus though with its $400 in travel bonus compared to $300 bonus on sparks after minimum spend and adding authorized user.

walterj
walterj

I have the “Captial One Professional No Hassle Rewards” card, a predecessor to the Venture card. I have had the card over fifteen years and it does have the restrictions that I mentioned in doing a redemption. It also calls the process Purchase Eraser same as the Venture and I assumed they both used the same software platform for erasing purchases. I apologize if I am wrong, but I did read that the newer Venture had the same restrictions – maybe they changed them or maybe what I read was wrong.
I have no wish to spread misinformation. If they got rid of the 15K, 35K, and 60K thresholds for Venture and went for a straight 100 to 1 point to dollar ratio, that would be good news for Venture cardholders.
.
Although I criticize Capital One for their redemption hassles, I will praise them for being one of the first credit card issuers to have a no fee for foreign transactions credit card.

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[…] and still be approved by Capital One. You can even get an instant approval with one bureau frozen (1). More than one report frozen is assumed not to work. The particular data points that we’ve […]

Elliot
Elliot

I was instantly approved for a CapOne Venture and VentureOne that I applied for within an hour of each other using different browsers, Chrome and Firefox both in incognito mode, respectively. Each was approved with credit lines of $10k, and I called and confirmed the bonus offers.

Furthermore, I have good reason to believe these inquiries were combined since I only received credit alerts from CreditSesame and Credit Karma within a few minutes of the first application for the Venture but before the second application for the VentureOne. After the second application for the VentureOne, I never received any credit monitoring alerts, which I assume I should’ve received had the inquiries not combined.

William Charles

Awesome, Elliot. Update us if you do see a second pull!

Jesse
Jesse

For anyone reading this far down the comments, I tried the Refresh glitch on a CO Venture this morning with no luck.

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