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Established Member
Powertrip
Posts: 30
Registered: ‎10-09-2013
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Capone Soft/Hardpull question

On October 7th, I received a pre-approval in the mail for  an unsecured Capital One Platinum Mastercard.  I went on line, got approved.  Card's in the mail!

 

Going through their website to see if I was pre-qualified, I saw pre-approvals for two other cards.  The QuickSilverOne Rewards card and a secured Mastercard.

 

My question is this, if I hit the Apply Now button from this page, is that going to be a hard pull from my CR?  After I got the Platinum Mastercard approved I went on a tiny app spree because I didn't know any better (two cards that I found out once I got to this site I had no chance in hell for).  I'm trying to avoid anymore hard pulls.

 

Thanks!


10/10/2013 Starting Score/Current Scores: Equifax 625/625 Experian 579/580 TransUnion: 589/589 AAoA: 5.3 years, Oldest account: 9.3 Years Inquiries: EXP: 5 EQ: UNK TU: UNK Goals: 700 Club, CSP/Freedom, Entry into the AmEx family
Epic Contributor
Creditaddict
Posts: 20,108
Registered: ‎10-23-2007
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Re: Capone Soft/Hardpull question

Yes hp
Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 45 Cards in between :smileytongue:
Established Member
Powertrip
Posts: 30
Registered: ‎10-09-2013
0

Re: Capone Soft/Hardpull question

Thanks.  So as I'm basically just starting out on credit rebuild, I would be better off waiting to do the application, correct?


10/10/2013 Starting Score/Current Scores: Equifax 625/625 Experian 579/580 TransUnion: 589/589 AAoA: 5.3 years, Oldest account: 9.3 Years Inquiries: EXP: 5 EQ: UNK TU: UNK Goals: 700 Club, CSP/Freedom, Entry into the AmEx family
Epic Contributor
Creditaddict
Posts: 20,108
Registered: ‎10-23-2007
0

Re: Capone Soft/Hardpull question

If this is your only credit card don't apply for a 2nd cap1 before the first can help your credit first.
First card will really help your credit... Might get you in range of chase and discover in a month.
Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 45 Cards in between :smileytongue:
Established Member
Powertrip
Posts: 30
Registered: ‎10-09-2013
0

Re: Capone Soft/Hardpull question

Thanks for the advice.  Chase is one I've been strongly looking at but don't know at what point I can risk applying for their low-end cards.  I guess it's time for more research!


10/10/2013 Starting Score/Current Scores: Equifax 625/625 Experian 579/580 TransUnion: 589/589 AAoA: 5.3 years, Oldest account: 9.3 Years Inquiries: EXP: 5 EQ: UNK TU: UNK Goals: 700 Club, CSP/Freedom, Entry into the AmEx family
Epic Contributor
Creditaddict
Posts: 20,108
Registered: ‎10-23-2007
0

Re: Capone Soft/Hardpull question

Keep checking pre-qual site on chase.
What baddies you have?
Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 45 Cards in between :smileytongue:
Established Member
Powertrip
Posts: 30
Registered: ‎10-09-2013
0

Re: Capone Soft/Hardpull question

Current baddies listed here:

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Climbing-Mount-Olympus-My-Quest-for-the-700-C...

 

Thanks!


10/10/2013 Starting Score/Current Scores: Equifax 625/625 Experian 579/580 TransUnion: 589/589 AAoA: 5.3 years, Oldest account: 9.3 Years Inquiries: EXP: 5 EQ: UNK TU: UNK Goals: 700 Club, CSP/Freedom, Entry into the AmEx family
Moderator
Revelate
Posts: 9,016
Registered: ‎12-30-2011
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Re: Capone Soft/Hardpull question

[ Edited ]

I'm not certain I agree with the advice posted; if Cap One has a pre-qual for you on a Quicksilver card, I'd take it, and keep it until they changed the rewards program or until you can qualify for some of the top tier 2/3% cards.

 

I personally don't know of a better zero-AF card out there for default spending, and certainly not when you're just starting out as 1.5% is really hard to beat: may do better on some transactions with a BOFA secured card with their decent 1-2-3 rewards package, but for default spending it beats most everything out there other than cards which you cannot obtain currently and possibly not for several years.

 

Edit: when you're establishing your first base tradelines, rack up as many inquiries is needed to get 2-3 cards: you're simply penalizing yourself time-wise when it comes to building credit not doing it this way as typically you'll need to hold for six months to year to pick up anything quality after this (by quality I mean Chase / Amex / et al.)

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Member
Powertrip
Posts: 30
Registered: ‎10-09-2013
0

Re: Capone Soft/Hardpull question

Revelate, thanks for your alternate advice!  So basically, shotgun pattern on apps till I have 2-3?

 


10/10/2013 Starting Score/Current Scores: Equifax 625/625 Experian 579/580 TransUnion: 589/589 AAoA: 5.3 years, Oldest account: 9.3 Years Inquiries: EXP: 5 EQ: UNK TU: UNK Goals: 700 Club, CSP/Freedom, Entry into the AmEx family
Moderator
Revelate
Posts: 9,016
Registered: ‎12-30-2011
0

Re: Capone Soft/Hardpull question

[ Edited ]

Powertrip wrote:

Revelate, thanks for your alternate advice!  So basically, shotgun pattern on apps till I have 2-3?

 


Make a list of quality cards and then go from there, really shouldn't need that many more applications.

 

I would absolutely pick up the Quicksilver card, it's seriously a game changer in the credit strata you're in.

 

Personally I'd then go pickup a BOFA secured card and add the 1-2-3 rewards package on it: gas / groceries on it, everything else on the Quicksilver, and that's a pretty good place to be for the next year credit wise in terms of rewards.  Alternatively if I got denied from BOFA, I'd go pickup a freebie $0 AF secured card with a CU (*probably* DCU in this scenario for the freebie FICO score, as the rewards on the SDFCU secured are only 1% which if you have the Quicksilver is irrelevant, but there's no credit checks for SDFCU at all for membership nor secured so it's guarunteed, and it does have the EMV if you do need international friendliness).

 

Alternative option would be if you have a local walk-in credit union, they'd be good to talk to too.

 

Edit: might be able to pick up an unsecured card from a CU too, tough to tell when establishing cards with prior history I presume based on your score, I didn't check the link :smileyhappy:

 

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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