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Trouble getting approved for Capital One No Hassle Cash Rewards card

Guest psychopengy

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Guest psychopengy

I apologize in advance for this long post. I’ll try to keep it as brief as possible. I’d like to get the above- mentioned card. I don’t have a debt problem, nor am I carrying any balances. I have always paid my balances off early. I have no current outstanding loans. I own my home outright – I took out a 30 yr. mortgage and paid it off completely in 15 years with no missed or late payments. I have never declared bankruptcy. In Nov. 2009 I applied for the Capital One card and was turned down. Reasons given: 1) income insufficient for amount of credit requested (I didn’t request any given amount of credit) 2) too many revolving accounts 3) revolving account balances are too low 4) new account balances are too low.

It’s true that I have a lot of credit cards – 15 in all, which I realize is way too many. I want to reduce that number greatly. I also have a couple of lines of credit and 2 charge accounts at department stores. I’ve never used them. In total, I could POTENTIALLY rack up over $90,000 in debt if I worked at it. I have a low income, so I realize that I could never support a debt load like that.

So my question is, how do I make myself attractive to Capital One for their cash rewards card? Do they see the potential for my getting deeply into debt the biggest problem? Or is the fact that I never carry a balance the issue? I can understand that if they’re giving someone cash back on purchases, would they want them to always carry a balance so they can make their money back on the interest? I hesitate to just start closing accounts. Things that I’ve heard reflect badly on your credit report are closing a lot of accounts quickly, closing older established accounts, or asking to have your credit limits lowered.

I’m tired of all the points and mileage rewards cards and want to make the Capital One card my “go to” card for everything. I just don’t want to apply again and not get approved and have to wait another six months before applying again. Thanks for reading.

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