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Why You May Not Get Approved for a Capital One Card -- Even With an 800 Credit Score

The Motley Fool logo The Motley Fool 1/19/2021 Lyle Daly
a close up of a device: Why You May Not Get Approved for a Capital One Card -- Even With an 800 Credit Score © Provided by The Motley Fool Why You May Not Get Approved for a Capital One Card -- Even With an 800 Credit Score A dial with the needle on excellent credit. © Getty Images A dial with the needle on excellent credit.

With competitive rewards and zero-interest offers, Capital One credit cards are popular with consumers. If you've found one you like and have excellent credit, you may think you won't have any trouble getting the card.

That's not always the case. It's true that a credit score of 800 is more than enough for any Capital One card. In fact, you can qualify for the card issuer's best rewards credit cards with a score of 670 or higher.

However, there's more to the application process than that. Capital One could deny you for reasons that have nothing to do with your credit score. To avoid wasting your time, it's important to know what these reasons are.

Capital One application rules

There's one Capital One application rule that applies to all its credit cards: You can't make more than one application every six months.

After you apply for a Capital One card, you need to wait at least six months before applying for another, regardless of whether Capital One approved you or not. A high credit score won't get you around this restriction.

Capital One also has rules about the maximum number of Capital One cards you can have and the minimum income requirements for its cards. The tricky part is these rules vary depending on the Capital One card you want.

Here's what this means:

  • Credit card limits: With some cards, such as the Capital One® Venture® Rewards Credit Card, you'll be ineligible if you already have five or more Capital One cards. With others, you'll be ineligible if you have two or more Capital One cards.
  • Minimum income requirements: For some of its cards, Capital One requires that your monthly income exceeds your rent or mortgage by at least $425. For others, your monthly income must be at least $800 greater. Note that Capital One reserves the right to deny your application for insufficient income even if you meet these requirements.

You can find the exact rules for the card you want on Capital One's site. Just visit the card's page, go to the "Rate and fee information" section, and then scroll down to "Additional Disclosures & Terms and Conditions."

You'll see a list of what can disqualify you from getting that Capital One credit card. If there are any credit card limits or income requirements, you'll find out here. Like the application rule, you can't get around these restrictions, regardless of your credit score. You need to pass these rules for Capital One to approve you.

What to do if Capital One denies your application

If you couldn't open a Capital One card because of its application rules, the only way to get approved is by correcting the problem. How you do that will depend on what the problem was.

  • You've already applied for another Capital One card in the last six months: Wait until six months have passed, and then try applying again.
  • You're at the Capital One credit card limit: You'll need to cancel one of your Capital One cards if you want to add a new one.
  • Your income wasn't high enough: Make sure you included all forms of eligible income on your credit card application. If you didn't, you can call Capital One to correct your reported income and see if that gets you approved. If you did, your only options are to increase your income or find a Capital One card with lower income requirements.

Those aren't the only reasons Capital One would deny your credit card application. Even when you have a great credit score, there could be other reasons, such as too many recent applications for other credit cards.

If the denial was not due to Capital One's application rules, you can try calling for a reconsideration. The best number to call is 1-800-625-7866, which is Capital One's application services line.

When you call, ask the representative if they could reconsider your denied application. It can help to point out that you've handled credit well in the past (and have an excellent credit score to show for it). Depending on why you were denied and the representative you speak to, you could end up getting your application approved after all.

The Motley Fool owns and recommends MasterCard and Visa, and recommends American Express. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. SPONSORED:

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