This is going to be a weird story and I am very confused about it & want to know how it will impact my credit, if at all.
I applied for a Capital One Venture One credit card about a month ago. I am in my early 20s, finishing up undergrad. I have had a Discover card for about 9 months, with only a debit card prior to that (with USAA). I have a $2300 credit limit on that card, and have never missed a payment (I pay my balance in full once a month). I am going abroad in the next few months and wanted to 1. get a card that would work overseas and 2. get a card that would give me travel benefits. The travel rewards reason is why I didn't just get a card with USAA from the beginning.
I applied for my Capital One card, and then shortly after got a letter saying that I needed proof of income. My parents currently help me with university expenses, along with some student loans, and I also have held multiple high paying internships over the summer. All of this means I am not spending outside of my means, I have a good amount in savings to where I don't really have to worry about how much I spend. I have been hired for a full-time job following the completion of my degree in late May, with a salary of $100k+ a year. So, I called Capital One when they sent the letter and asked if my offer letter would be a good proof of income, and they said yes.
6 weeks later and the website says that my application is still processing in Capital One. I needed to get a card for my travels, so I ended up applying for a USAA credit card - got approved within 30 seconds for a credit limit twice the amount of the one on my Discover card. I called Capital One customer service to withdrawal my application, and after an hour on the phone they said that they cancelled it and will no longer be proceeding with my application. This was yesterday.
Today, I got an Adverse Action letter from Capital One saying I was denied for the card?? The reason listed was:
"Based on your application information, application submitted is incomplete or cannot be verified"
I was wondering if this would affect my credit score at all? I also got information in the letter about "Key factors that adversely affected your credit score" and one was "Too many accounts with balances." I have no idea how this could possibly be listed, as I have never made a late payment on any card or overdrew my checking account.
Thanks for the help!
original posted by TallMention833 to r/personalfinance on Sat, 06 Apr 2024 15:27:42 GMT.