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Question By
realgem71

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2 People Helped
Cap 1 approved car loan 20k but denied $500 credit card ?
Capital One denied credit card but I have a 20k loan with them on my car. When I bought my car, they ran my credit 21 times. Thus my score went from 632 to 608. Then I paid my other car off 5200 & my score dropped to 598. I figured since I have a business checking account & a car loan I have paid on time $460 mo for 8 mo, a $500 cc from Cap was not too much to ask. But they denied me! I am frustrated. I have Victoria Secret, NY&C, WArds & Fingerhut. I pay all my cards off or down low every month. My payment history is 100%. Why can't I get a cc?

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Top Contributor
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When you applied  the credit card, they would have respondedn with their reasons for not approving the credit card.   Review that information and take what steps you can to improve on the items they reflected in their denial letter.   I'm sure one of the reasons was your short credit history on the car loan.  Paying the minimum for only 8 months indicates that your overall balance to the original loan amount was still a bit high.    Also, consider that you already owe them 18-19 thousand dollars.  They just weren't as willing to increase that amount.  Similiar to if someone borrowed money from you and offered to pay a small amount weekly.  Would you be willing to advance that person more money when they were still paying off the original amount.  Or would you say "You still owe me $.  You may have to look to another credit card vendor who would be willing hold your debt.

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