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Today I decided to check the prequalifier tool on Cap1's website. It said I prequalified for QS (no fee) w/0% interest for 9 mos, with the $150 bonus after spending $500. The 2nd card was for a Venture card no fee 1st year, with the 40,000 miles pts offer. While I was excited to see Venture pop up for the first time, the miles points really doesnt benefit me at this time.
I applied for the recommended QS card w/bonus and received the 7-10 day message. I called but it was the automated system says my app is being reviewed, and no reps available until Monday. This likely means it is a "denial" and I just added 3 more inquiries for no reason, right?
Not sure if this has anything to do with why I received the 7-10 day message...Last month I PC'd from unsecured Platinum to QS (no fee). Received a small credit limit increase on 9/26 from "credit steps." I use then PIF multiple times a month. Payments have always been on time. My highest statement has never exceeded $29. My QS balance as of today is $54.
Kind of bummed. I've been ignoring other card offers until I applied for a 2nd Capital One bank card. Figured "new accounts" would be less damaging to my credit file if done at the same time.
Did you prequal give you a specific interest rate?
I was prequal for Venture and applied and got the 7-10-15 day message.
It was the weekend.
I called on Monday or Tuesday and was approved for $30k at 13.99% !
I thought I was declined. I just about fell over.
I think they are just slowing down on instant approvals to make sure everything is ok.
Give them a call during the week.
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Shooting-For-800 wrote:Did you prequal give you a specific interest rate?
I was prequal for Venture and applied and got the 7-10-15 day message.
It was the weekend.
I called on Monday or Tuesday and was approved for $30k at 13.99% !
I thought I was declined. I just about fell over.
I think they are just slowing down on instant approvals to make sure everything is ok.
Give them a call during the week.
Wow! 30K limit! Congrats on your approval and limit.
To answer your question, yes it did give me a specific interest rate. Keeping my fingers crossed and will contact them on Monday.
Thanks for sharing your experience. I just love this board!
This is just speculation... possibly b/c you did the PC change maybe they don't like seeing a pc change especially on a credit steps card and opening a new card. I know they won't let you open 2 new cards any sooner than 6 months apart. I might be wrong. Someone correct me if I am.
Just to update...I called this morning. Was told my application is still processing and I would receive a call in 1-2 business days.
Does this mean it's usually a "verification" thing?
Sounds like a verification thing to me. YMMV. My thinking is...they wouldn't bother to call if you were denied; they would just send out the dreaded letter. Sending good luck your way!
@Anonymous wrote:Just to update...I called this morning. Was told my application is still processing and I would receive a call in 1-2 business days.
Does this mean it's usually a "verification" thing?
Didn't I say VERIFICATION?
I apped for the Venture when I prequalified last month and it gave me the 7-10 days. Got a call a few days later verifiying that it was me who submitted and 2 days later I called to check on the status and was approved $15,000. Had low utilization scores from high 600 to low 700 and a few inquires and new accounts.
That message doesn't always mean it is denied!
Good luck!
Similarly, when I applied for my QS1, which was PCed to QS and combined into the Venture, I received the 7-10 day messaage. Got a call in a few hours for verification. Called the next or so to learn I was approved. So definitely could be an approval.