Applying for a new credit card can be anxiety-inducing if you don’t get immediate approval. But don’t worry — there are a lot of reasons you may not get approved right away — it doesn’t always mean a denial is coming.
In this post, we’re focusing on Capital One credit card applications. We’ll go over why you might not get immediately approved and we’ll show you how to check your Capital One credit card application status.
Reasons You May Not Get an Immediate Approval
There are different reasons you might not get immediate approval on your Capital One credit card application. Here are a few factors that could delay the decision.
- You’ve applied for too many credit cards. Capital One doesn’t have a well-known 5/24 rule like Chase, but there are restrictions on how many credit cards you can have (scroll down for more information).
- You applied for a small business credit card. Business credit card applications may be a little more complicated than applications for personal credit cards, so Capital One might need more information from you before your application is approved.
- There’s a mistake on the application. Sometimes, a simple error or omission can be the cause of your application’s pending status. If any of the required information (name, address, birthday, Social Security or tax ID number, estimated income, or bank account information) is left out, your application can take longer to approve.
- Your credit history isn’t great. Your history with Capital One as well as with other banks will be reviewed before you are approved for a credit card. If you’re denied for a card, try to improve your credit score before applying again.
Capital One Credit Card “Rules”
Each bank has different credit card application rules, and Capital One is no exception. Here are a few of the “rules” you’ll want to keep in mind before applying for a Capital One credit card.
Capital One limits the number of Capital One-branded cards you can hold to 2. This doesn’t apply to business cards (like Capital One Spark Miles for Business) or co-branded cards (like the Menards® BIG Card®).
Number of Applications
You can be approved for 1 Capital One credit card every 6 months. This applies to both personal and business cards. For example, if you’re approved for a Capital One Savor Cash Rewards Credit Card today, you’ll need to wait at least 6 months to be approved for a Capital One Venture X Rewards Credit Card.
Welcome Bonus Eligibility
Every bank has rules about how often you can receive a welcome bonus. In fact, those rules can vary between cards from the same bank.
In the past, it’s been possible to earn a bonus on the same Capital One credit card more than once. Unfortunately, the specific terms are usually pretty vague, which means Capital One can choose to deny your welcome bonus if you’ve already earned it once.
Many Capital One cards include the following language in the terms: “Existing or previous account holders may not be eligible for this one-time bonus.” The term “one-time bonus” most likely means you won’t be able to earn a sign-up bonus if you’ve earned one in the past.
You can check the specific terms for the card you’re applying for by clicking on View important rates and disclosures on the application page.
Too Many Credit Card Accounts
Similar to Chase’s 5/24 rule, Capital One seems to issue denials to those who have opened “too many” new accounts in the recent past. Unfortunately, there doesn’t seem to be a magic number of new accounts that triggers this, but know that if you’re in the 5/24 range (meaning you’ve opened 5 or more cards in the previous 24 months), there is a chance you won’t be approved for a Capital One card, even if you have excellent credit.
Check Your Preapproval Status
A great way to ensure you’ll be approved for a credit card is to check your preapproval status. Thankfully, Capital One makes that easy to do without impacting your credit score.
All you need to do is go to Capital One’s preapproval page and enter in some personal information including name, address, Social Security number, and income.
Then you’ll see which cards you’re preapproved for before submitting your application. If you have a preapproval, you can click through to a shortened application page to complete the process.
How To Check Your Capital One Application Status
To check your Capital One credit card application status, call 800-903-9177. If you choose not to check your application status you’ll receive a written decision within 7 to 10 days.
If you don’t get the credit card approval you were looking for, some banks have dedicated reconsideration lines to call to try to reverse the decision. Capital One does not, however, so you’ll need to call Customer Service instead.
- Check Application Status: 800-903-9177
- Customer Service (Existing Accounts): 800-227-4825
- Small Business Credit Cards: 800-867-0904
- Secured Credit Card: 800-219-7931
You’ll get a secure letter online informing you of why your application was denied. If you can’t access that letter, call 800-903-9177 to get a paper copy of the decision mailed to you.
Bottom Line: Call 800-903-9177 to check your Capital One credit card application status.
Submitting a credit card application can be stressful, especially if you don’t get a decision right away. There are lots of factors that go into a credit card application and it can be frustrating if you don’t get immediate approval.
Remember that a single denial doesn’t mean you’ll be denied for every card you apply for. Each bank (and even each card) can have different rules for application, so try to be patient throughout the process.
The information regarding the Capital One Venture X Rewards Credit Card, Capital One Savor Cash Rewards Credit Card, and Capital One Spark Miles for Business was independently collected by Upgraded Points and was not provided nor reviewed by the issuer.
Featured Image Credit:
oliveromg via Shutterstock