Venture X Approval Odds
Are you tired of hearing about the Capital One Venture X Rewards credit card yet? I shared my thoughts on the card yesterday, overall I think it is a solid card that could be great for some. I also shared this morning that you are able to product change to it if you want, you can even do it online. But I have one more topic worth discussing and that is your Capital One Venture X approval odds.
The joke has always been that a Capital One application will give you 3 hard pulls (they pull from all three credit bureaus) and a denial letter. They are probably the toughest approval out there from any issuer. While others will have annoying rules, like Chase 5/24, Capital One doesn’t really have a pattern. They simply have an extensive preponderance of denials.
There are all kinds of theories of what causes this. One such theory is Capital One wants people with balances on their cards, or a mid rate credit score etc. They don’t want people that pay their bills on time since that isn’t profitable to them. But there really is no rhyme or reason to who gets approved or not.
That really hasn’t changed with the Capital One Venture X Rewards credit card, we still have no idea what they are looking for. But anecdotally I can say that approval rates on this card are much higher than I have seen in the past from Capital One. We are even seeing people that were denied for a Venture application a few months back get approved for the Venture X, which doesn’t really make sense.
I have seen people that have a ton of applications in the last 24 months be approved. I have also seen someone with a great credit score and no hard pulls in 24 months get denied. As I said, don’t even try to make sense of it.
Having said all of that it appears that people are getting approved at a two or three times higher rate than we have seen previously. People that have been denied for years have been approved. So I guess it is worth a try if you were on the fence. It may be the best shot you have with Capital One.
My wife and I were denied for the Capital One Venture X Rewards credit card, as was Shawn. Joe from the podcast and our friend PDX Deals Guy were approved. A few months back it is likely that we would have all been denied. In our Facebook Group we are seeing more approval reports than denial reports as well, which is surprising.
If you were considering the card this should give you luck. I still can’t make sense of what Capital One is looking for but you have a better chance now more than ever. Good luck if you try to go for it!