Breaking the algorithms
So, in early April I applied for a Capital One Venture and to my surprise I was approved and given a $10,000 CL. Here is why I believe this breaks the algorithms. My FICO at the time was only around a 630 and I had filed Ch 7 bankruptcy 2 years prior and had not applied for any credit whatsoever since then. I was shocked to be approved for a more premium rewards card!
Fast-forward to tonight! I am a remodel contractor and have been for many years. I have read the forums and the sensus says Cap 1 makes you wait 6 months to apply for another card. I am not the most patient person when I want something. So, I decided to try the preapproval tool for the Spark 2% cash back business card and got exactly the same result! I am pumped! I wanted to focus on Capitol 1 as my main source for cards and now I have been blessed with nice starting limits on both of the cards I wanted.
My current FICO score is sitting at 663. I have used the Venture card like crazy over the last few of months. I have run the card up and paid it off each month. I surpassed the 90 day bonus and received the 75,000 bonus miles in the first 30 days. I have already spent close to $40,000 on the Venture Card but I pay it down before the statement closes so it reports lower amounts. I have over 157k points already.
Not sure how this information might help others as it seems I have managed to somehow break the normal algorithms for Cap 1. That said, i wanted to put this out there since I am on my credit and business rebuilding journey and I have read a lot of posts during the process. Hopefully this helps someone!