Just received an offer letter from CapOne stating pre-approval of 30K. I've only had their card about 4-5 months.. Somewhat surprised to see the preapproved offer already. I'm tempted on trading/selling my car and taking the offer for something new just to get out of the ugly APR I took out just to rebuild. I was already planning paying off the car in 2-3 months, getting rid of it and getting a new car - which was my goal since the beginning. This seems like somewhat of an incentive to swap vehicles earlier than planned.
Currently I'm at 24% APR with 4.5K left on the loan. Original amount was for 10K, 36 months. I'm going into month 14 and was planning on complete payoff by April. KBB states trade-in value at 5K and private party value at 8K. I was offered 4800 at a Mazda dealership in October. The bad thing is that offer appears to be tied to a specific "diamond partner" (Mazda, but not the one I had visited last year) dealership. I looked into them last year but decided against it and was probably going to go with Subaru or Mitsubishi.
Has anyone taken advantage of preapproval? If so, what was your experience?
I have one new account (Paypal Smart Connect) which opened this month. Aside from that, AAoA is 9 months. Oldest account is 16 months with no lates ever. 4-5 INQs and one paid off baddy on all 3 CBs. TU-650 and EQ-655 as of November, which I think should be higher due to 5-15% UTIL on my revolving accounts and CLI increases. Any of this likely to get me denied?
