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The Capital One Venture Rewards Credit Card is one of the most talked-about credit cards. It is often considered one of the best travel cards for earning travel rewards. But, this card may require a relatively high credit score. However, the good news is it can be easier to get the Capital One Venture Rewards than you think. So how hard is it to get the Capital One Venture credit card?
New cardholders can earn 60,000 miles if spending $3,000 on purchases in the first 3 months.
Learn more: Rewards Credit Cards
Having a good credit score is one of the Capital One Venture credit score requirements needed for approval. A good score will let you earn 2x miles on purchases. Plus, you get a fee credit for Global Entry or TSA PreCheck as an added benefit.
How Hard is it to Get the Capital One Venture Rewards Card
Capital One recommends having “excellent credit” before applying for the Capital One Venture Rewards Credit Card. There are a few different definitions for what exactly is excellent.
Basic Capital One guidelines for excellent credit include:
- Never declaring bankruptcy or defaulting on a loan
- Not 60+ days late on any credit card, medical bill, or loan in the last year
- Had a loan or credit card for 3 or more years with a minimum $5,000 credit limit
A previous bankruptcy or loan default doesn’t instantly disqualify you from getting the Venture Card. But, these events usually stay on your credit report for up seven years. You may need to wait for the event to fall off your credit history before your score returns to the mid-700s.
The most basic definition is having a 750 credit score (the Venture Rewards is one of the best credit cards for 750 credit score). In most cases, you won’t have a recent bankruptcy or default and still have excellent credit. This score is the lower range of what the credit bureaus consider excellent credit.
What happens if your credit score is lower than 750 or you’ve declared bankruptcy before? You can still have good approval odds with a score below 750. Although beerknurd doesn’t mention their credit score at the time of approval, they state: “I am less than 2 years post Chapter 7 bankruptcy and was approved for a 10k limit” as of April 10, 2019.
Capital One Venture Requirements: Qualify With a Good Credit Score
Our research shows that you have high approval odds for the Capital One Venture with a 700 credit score. Some current Venture Rewards owners were approved with a credit score in the high-600s.
Creditsoldier on October 1, 2018, reports having a 691 credit score and being approved for a $6,000 credit limit.
The Capital One Venture Rewards Credit Card is a Visa Signature card. This means the lowest possible credit limit is $5,000. Having a score closer to 750 or above means you are more likely to get a credit limit that’s at least $10,000.
95cabover has this to say about their Venture Card application (from September 14, 2018): “I’ve been with Capital One for 10 years. They were the only company to give me a card after my BQ in 08. Today I’m 10 years removed from the BQ, my FICO is 782, Transunion is 760, Equifax 789, (and have an) annual income of $150k….once again Capital One is happy to do business with me with a Venture card with a $20k limit!.”
If your score is below 750, you will have better approval odds if you are a current Capital One customer (check out some of the best Capital One credit cards options for ideas). Having a higher annual income or owning an existing credit card for several years will be helpful in meeting the Capital One Venture requirements.
Capital One Application Rules
Maybe you are undecided between the Chase Sapphire Preferred vs Capital One Venture Rewards, two highly-sought-after travel credit cards. Before you apply for either, make sure you don’t have too many new credit cards.
Both Capital One and Chase have their own specific churning rules (and two of the best metal credit cards 2020). Even with near-perfect credit, too many new credit card accounts means automatic rejection. Keep in mind that no bank publishes its exact approval formula. The information below is gathered from data points provided by people sharing their credit card application history.
Although Chase has a variety of options when it comes to credit cards, Chase’s “5/24 rule” is the most well-known policy. It might be the main reason you’re considering the Venture Card. If you have opened or named an authorized user for 5 or more credit cards in the last 24 months, Chase will most likely decline your application.
Capital One Rules
Capital One seems to be more flexible. It appears Capital One has a 1/6 rule where you can’t apply for more than 1 Capital One credit card within a 6-month period. Even if your first Capital One card is a business credit card, applicants report their personal card application is declined if they don’t wait six months.
It’s usually a good idea to wait at least 3 and 6 months before applying for your next credit card. If you’re unsure how many applications you have, you can easily get your free credit report.
Another option is seeing if Capital One lets you prequalify for the Capital One Venture Rewards. Prequalifying doesn’t guarantee you will be approved. If Capital One denies your credit application, applicants report the failed application doesn’t show as a hard inquiry on your credit report. This means your credit score shouldn’t drop several points as a temporary penalty.
Applying for the Capital One Venture
If your credit score is at least 670 and you haven’t applied for another Capital One credit card in the last 6 months, your approvals should be very high.
You can apply for the Capital One Venture Rewards Credit Card online. In most cases, you will receive an instant decision.
Capital One will pull your report from all three credit bureaus — Equifax, Experian, and TransUnion. If you currently have a credit freeze with any of these bureaus, unfreeze your credit so you don’t jeopardize your approval odds.
Is the Capital One Venture Worth it?
You can redeem your Capital One miles for travel statement credits or booking upcoming trips on the Orbitz-powered booking portal. A recently introduced third redemption option is the ability to transfer Capital One miles to air and hotel travel partners including JetBlue, Air France, and Singapore Airlines.
New cardholders can earn 60,000 miles if you spend $3,000 on purchases in the first 3 months.
Learn more: Rewards Credit Cards
If you are a previous Venture Card owner, you may or may night qualify for a repeat signup bonus. Capital One only states “the bonus may not be available for existing or previous account holders.” If you fall into this boat, it can be a good idea to contact Capital One before you apply to verify you can earn the bonus.
Is the Capital One Venture a Good Card?
It’s possible to get the Capital One Venture with a credit score in the mid-600s. But, you may need to be a current Capital One member or have a high income to be approved with fair or good credit. For the best approval odds, you may wait until your score is at least 750. You should also get a higher credit limit, making it easier to keep your credit utilization ratio low.
Learn more: Rewards Credit Cards
Chase Sapphire Preferred® Card
- Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
- 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.