Capital One "Pre-Qualified" Site

[nicemann]

Figured I would give Capital One's "Pre-Qualified" site a chance and see what it says.  It came back with "VentureSM Rewards", "VentureOneSM Rewards", and "Capital One® Platinum Prestige".  Not sure if their Pre-Qualification site really looks at the credit report or not.  It gives you the option of "How would you evaluate your credit history?"  LOL I am sure how I see my credit and may not be the same as the way they see it.  I tried both the Excellent and Good choices.  Both gave the same option.  I never have gotten a preapproval in the mail from them.

Really debating if I should try.  I would like to get the Venture card just for the double miles.  I like the way I get to pick the airlines, find the cheapest price, pay for it, and then just get the credit back from them.  Much better then my Citi AA card I currently have.

Any advice?  Has anyone had any experience with this pre-qualification site?

Thanks!

[haulingthescoreup]

They do NOT soft you. They're only going by what you've told them.

You could wind up with something much better, or much worse, depending on how they evaluate your reports.

And they will pull all three reports.

What do your reports look like? If you have negatives, how long ago were they, how severe were they, and on how many different accounts were they? If you have pulled your EQ and/ or TU FICO's, what are they? (Please, no FAKO's. They're vaguely interesting, I guess, but not very helpful in evaluating how you might look to creditors. )

Now I'll make way for those who've dealt with Cap One and its website.

[Anonymous]

i believe the look up my credit when i did pre qualify offer, they keep saying no offer for me, even i said my credit excellent ( IM LIE ) lol, my credit only 2 month history. they know i m lie.

[Uncle_Money]

Hauling is correct, they do not soft you. I have never seen a soft pull from Cap One when I tried this, which is many times including tonight.

Hauling, I don't think you have enough posts, only 26K?

[Datx]

Ah, didnt know they dont soft you and just go by what you tell them. I thought they did for some reason. The last couple of times I went through their pre-qualify website, I came up with no offers. But they gave me recommendations on a couple of cards to "check out". I kept checking back after a month to see if I can get any offers. Never did come up with one at all. The last time I went through it was about two week ago. Again, no offers, just the No hassle cash rewards card that I should "check out" or what they recommended.  So I said the hell with it and applied for it and suprisingly got approved. It was for a small $500 limit, but I dont mind at all...I understand that my credit stil stinks.

[bostonte]

Not really true.

What you select for your credit level has nothing to do with the response and the response *IS* based off your reports. They just don't soft every time you query.

Based on my experience, they'll re-soft right about once a month if you repeatedly prod them with pre-qual queries.

It's much like the American Express or Citi sites that it matches you against their database of previously softed and qualified customers. But the added benefit that a little prodding to start seems to get you on their radar to include you in the next month's soft and update sequence (and potentially get a matching offer).

[nicemann]

Well my FICO showed 716 for TU (Classic 04), 689 for Ex (Fair Isaac V2), 686 for EQ (Beacon 5).  That was as of 6/30/2010.  But those are mortgage scores not sure if they use a different formula for FICO.  MY signature has the ones I bought before.  EX and BQ both have a paid medical that falls off next year.  Other then that my reports are 100% clear.

Maybe I will sleep on if I whether if I will apply or not.  Really hate to have an INQ on all three reports for nothing.  Seems like everyone's have mixed opinions if they soft your reports for the pre-qualification or not.

Thanks again!

[Red1Blue]

Not sure if the card is worth inq on all 3

[haulingthescoreup]

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@Uncle_Money wrote:

Hauling, I don't think you have enough posts, only 26K?

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Hey, not quite yet. Give me another month or two!

[haulingthescoreup]

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@nicemann wrote:

Well my FICO showed 716 for TU (Classic 04), 689 for Ex (Fair Isaac V2), 686 for EQ (Beacon 5).  That was as of 6/30/2010.  But those are mortgage scores not sure if they use a different formula for FICO.  MY signature has the ones I bought before...

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myFICO scores are the classic mortgage scores like you have, mostly. The EQ score here is the Beacon 5.0. (I think there's a .0 on it, but I know it's 5.) The TU sold here and by TU on a difficult-to-find website called transunioncs.com (note the cs) is Classic 98 rather than 04. Back when we could buy our Experian FICO, it was the Fair Isaac V2 that you have.

There are other FICO scores, including auto-enhanced and credit-card-enhanced, plus there's FICO 08, an updated version which is trickling through some industries. But since Fannie Mae and company pull classic FICO's, that's what you buy here. Mostly.

* pauses for moment of envy that you know your EX FICO score *

* and your TU 04 score, for that matter *