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Ok so I get pre-approval letters from Capital One on a weekly basis so I decided to pull the trigger. I went to there pre-approval web site and was pre approved for a card so I went for it. Today I got a denial stating the reason was for presence of bankruptcy. No really, that's why I went with Capital One for that very reason. My bankruptcy was discharged in 2005 and I have no other negatives. The only thing I have is a one year old mortgage and and two year old car note both in good standing and never late.
Is there any thing I can do regarding the denial? Thanks to this website I got rid of all the negatives and had everything squared away before I purchased my home. Thanks by the way!!! Also at this time last year my scores averaged around 650.
Not really much you can do..
The term "pre-approval" is really just a marketing ploy,. It has no legal meaning.
Under the FCRA, they cant get access to your full CR under only a promotional offer for credit.
So they send you this official sounding letter of "pre-approval," failing to mention the importance of the prefix "pre" They give you a form to fill out, with the fine print that your application gives them the right to full access to your CR in making any final decision.
The only word lingering in your mind is "approval." The "pre": deception is not recognized.
Your applicatiion then gives them the statuttory authority to pull your entire CR, and then, boom, "pre-approval" turns into denail.
They have not violated any law.
And you have learned a a valuable marketing lesson.
As Robert said this "pre-approval" was based on a cursory overview of your reports but once an application is filed a full review is done. It says as much in the paperwork attached to all of these pre-approvals.
You can always call and ask for a reconsideration.
From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772
You can do the same thing with hard work
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IMO I would call for a recon b/c they pulled all three. Maybe you can try to negotiate the credit steps program, just a thought...
good luck.
So what backdoor number should I call?