Why was I refused a Capital One credit card?
Hot Momma 
asked:
I have perfect credit, never had ANY financial problems, I own my own property and have recently become self employed (but this is very secure financially.) So why did Capital One just turn down my application for a credit card? Due to the self employment?
I have no debt, and no other credit cards open!
secured credit application
asked: I have perfect credit, never had ANY financial problems, I own my own property and have recently become self employed (but this is very secure financially.) So why did Capital One just turn down my application for a credit card? Due to the self employment?
I have no debt, and no other credit cards open!
secured credit application
Tags: Capital One Credit, Capital One Credit Card, Self Employment
October 20th, 2009 at 7:47 pm
secured credit application
That could be. Have you ran a credit report lately. Maybe something is on there that you need to correct even if its a error.
October 23rd, 2009 at 4:40 pm
secured credit application
It could be affected by your self-employment status (depending on how long your business has been open, and your stability), but also, you could be maxed out on credit elsewhere. If you have 10 credit cards with limits of $10,000 each, you have over $100,000 in credit. If you have any loan, lines-of-credit, mortgages, etc, you can factor those in as well. So let’s say all together you have $300,000 invested in credit (cards, loans, mortgages, etc.). If you apply for a new card, they see that you have all this credit available to you, and so either a) can’t extend any additional credit, b) don’t believe you can afford to pay for any additional credit, or c) consider you to be a high credit risk because of b and also because they don’t understand why you would need more credit when you already have so much available.
Lower some limits, close some accounts, pay off some debts. Wait 6 months, then re-apply.
October 26th, 2009 at 5:28 am
secured credit application
Have you recently applied for other cards? Sometimes if you have applied for other cards, a card company may reject you. I would run a credit check and make sure
October 27th, 2009 at 5:39 pm
secured credit application
It could be because you have no open credit. Since you were denied, you can now get a free copy of your credit report and see what is going on. Also, Cap one should be telling you the reason why–it a letter format. be on the lookout for that
October 27th, 2009 at 7:43 pm
secured credit application
Maybe because you have no debt, and no other credit cards open! Some companies prefer to lend to someone who is making payments, not to someone who owes nothing.