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WOW, I've got preapproval from ..

Valued Contributor

WOW, I've got preapproval from ..

CapOne, with fabulous 22.9% APR and promise to increase CL every 3 mos. Should I?
IN VINO VERITAS.
Message 1 of 20
19 REPLIES
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Established Contributor

Re: WOW, I've got preapproval from ..

Tough decision. 22.9 % APR does look pretty sweet.CL every 3 months, now that's a deal breaker thou..If there only giving out a CLI every 3 months I would have to decline there super sweet offer.
Message 2 of 20
Senior Contributor

Re: WOW, I've got preapproval from ..

Why do you suppose they sent you that offer? How low would the APR have to be before you or I would bite on app'ing a card when you know you're going to be hit with three hard INQ's for your efforts?
Message 3 of 20
Valued Contributor

Re: WOW, I've got preapproval from ..

Speaking seriously:

 

I think they send me this offer based of length of my credit history, assuming that anyone with short credit history must be happy with such an opportunity. I have recently chatted with CapOne rep and he refused to believe that I have 6 figures in available revolving credit.

 

APR itself does not matter, all my APR's are 0%, regardless what creditors think they are.

 

What puzzles me is that I opted out about a year ago and 3 out of 4 CRA are frozen.

IN VINO VERITAS.
Message 4 of 20
Senior Contributor

Re: WOW, I've got preapproval from ..


wmarat wrote:
CapOne, with fabulous 22.9% APR and promise to increase CL every 3 mos. Should I?

 

So the offer isn't based on a soft PRM INQ. Cap1 are serious bottom feeders. If they detect a sign of life somehow they'll get to ya.

 

If it is a serious question, no, you should definitely let this one slip from your hand and into the shredder.

Message 5 of 20
Moderator Emeritus

Re: WOW, I've got preapproval from ..

Cap1 are serious bottom feeders.

 

Hey now. You're insulting my oldest account. Smiley Very Happy

Message 6 of 20
Senior Contributor

Re: WOW, I've got preapproval from ..


marinevietvet wrote:

Cap1 are serious bottom feeders.

 

Hey now. You're insulting my oldest account. Smiley Very Happy


...and MY oldest CO!!!!  hahahaha



Starting Score: 02/2015 TU 709 - EQ 676 - EX 729
Current Score: 12/2017 TU 779 - EQ 779 - EX 782
Goal Score: 850

Bury me in the garden...last app 07.27.17

Message 7 of 20
Super Contributor

Re: WOW, I've got preapproval from ..


wmarat wrote:

What puzzles me is that I opted out about a year ago and 3 out of 4 CRA are frozen.


Funny you mentioned that.  About 4 years ago, I close my $500 CLI card (pre FICO aware) out of protest that they would incrase my CL since that said that type (subprime) of account didnt allow CLIs.  Last week a got a pre-approval from them the went into the garbage almost as fast as any BofA mail.

01/13/2018: FICO 829 EQ 823 TU 831 EX
Message 8 of 20
Senior Contributor

Re: WOW, I've got preapproval from ..

Well Cap1 are the folks who perfected the concept of sticking cardholders with multiple, low limit cards so they could harvest late and overlimit fees. They would even open second and subsequent accounts for those already in default. Real humanitarians they!
Message 9 of 20
Moderator Emerita

Re: WOW, I've got preapproval from ..


wmarat wrote:

Speaking seriously:

 

I think they send me this offer based of length of my credit history, assuming that anyone with short credit history must be happy with such an opportunity. I have recently chatted with CapOne rep and he refused to believe that I have 6 figures in available revolving credit.

 

APR itself does not matter, all my APR's are 0%, regardless what creditors think they are.

 

What puzzles me is that I opted out about a year ago and 3 out of 4 CRA are frozen.



lol, welcome to the US! You're in the big-time now. Smiley Wink

Interesting about the freeze, though. You must have come up on some non-credit-related list. Have you opted out of everything, or just frozen your reports?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 10 of 20