Data point: Capital One Venture Rewards card denial for Opening 3 CC in 24 months

I recently applied for the Capital One Venture Rewards card, thought I had a solid relationship with them, but to my surprise, I got denied.

When I received the denial letter, it says:

The reason(s) for our decision are:

Based on your credit report from one or more of the agencies on the back of this letter, number of bank cards tradelines opened in the last 24 months

So I went to TransUnion to request my annual credit report and see what was going on. Since that’s the bureau they referenced in the letter. It turns out I’ve only opened 3 credit cards within the past 24 months:

• Capital One Quicksilver (opened ~21 months ago)
• Apple Card (opened ~4 months ago)
• Chase card (opened ~20 months ago, closed)

Aside from those, I just have one car loan, which is also financed under Capital One. That is my entire credit record for the past 24 months according to the TransUnion report they claim to have made their decision on, half of the items are inside Capital One. So I’m kind of confused how this counts as “too many” accounts in 24 months.

I also have my direct salary deposit set up with Capital One, 770+ Fico Score. I’ve done everything I can to be a reliable customer for them, and in return, I get a hard pull that will ding my credit score down a dozen points for the next few months.

Not sure if Capital One is just super sensitive right now or that this is how their algorithm treats relatively long time customers, but this one definitely stings. Has anyone else run into similar issue when applying for Venture Cards recently?