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I received in the mail today a "prequalifying offer for a Capital One BUYpower card. Should I attempt to get this card? Is this a generic prequal or is it a legit prequal offer? Can anyone offer me any insight? I am in the process of rebuilding. I currently have a $3.3K Secured card, QS $500, QS1 $500 and and PreditorOne for $550. My scores are 620-640. I have 14 paid off derogs that will all fall off over the next 14-15 months. I have one unpaid that I am not sure If I will settle on, as it falls off in 2/17 but the SOL is 7/17.
Thoughts?
There are lots of threads on MyFico concerning the GM BuyPower card pre-qualifed offers - it's a valid offer but its not an approval. Given that you already have two Cap-1 cards and what you listed as on your report, my guess is IF its approved, you can expect a low SL of say $300-$500 and yes it'll grow, but so with your other Cap-1 cards.
Personally I am a fan of this card and I have a 5 figure credit limit on the GM card, but that's not common - in your case I'd probably pass and let my other cards mature (= higher limits over time) and then perhaps revisit this card if you think its for you.
@pipeguy wrote:There are lots of threads on MyFico concerning the GM BuyPoer card pre-qualifed offers - it's a valid offer but its not an approval. Given that you already have two Cap-1 cards and what you listed as on your report, my guess is IF its approved, you can expect a low SL of say $300-$500 and yes it'll grow, but so with your other Cap-1 cards.
Personally I am a fan of this card and I have a 5 figure credit limit on the GM card, but that's not common - in your case I'd probably pass and let my other cards mature (= higher limits over time) and then perhaps revisit this card if you think its for you.
Thanks, I wasn't sure if this was simply an offer or a sure thing. I agree with you about letting my other cards grow and then combine. Thanks for the information.