funny how Cap1 sends me auto loan pre-approval letters but I never get ANY type of CC offers

[Anonymous]

Apparently I'm approved up to 30K in auto financing but I don't get ANY type of credit card offers from ANYONE.

As a new builder (oldest account is from 02/09, a WF secured) with a mix of 2 installment loans, a Macy's and Cap1 credit card, ALL with PERFECT on time payment history and no interest in an auto loan at the moment, I find this quite saddening 

I hope AMEX will send me one... one of these days... heh

[Creditaddict]

yeah but once you hit submit all of a sudden you are only approved for 11k not 30 and the interest is 18% not the lowest they offer of 4%!!! oh and don't forget the 3 hard pulls!

I have used them before and they actually beat the dealership by almost 10%! I had a little hiccup when they transferred my loan from Roadloans to Santander but I got working with one lady and withing 2 weeks it was all corrected.

[chasmith]

Auto loans are secured debt, it's very possible to get secured offers while still not being a prospect for unsecured offers.

[481]

I get those offers all the time. Capital one is the one card I have kept throughout the years (I got into a mess 3-5 years ago). I have not missed a payment in a year and a half and my scores are hovering around 600. I just apped for another CC with them and was approved for $500. Now I have two Cap1 CCs with limits of $500. However, having only one CC up until now, this should help. I've never pulled the trigger on the auto loans as most of the time it's a small used car dealership. I've had 3 auto loans, the first two paid on time, the 3rd late pays throughout, but paid off on time. Also, with a ridiculous interest rate of 12-20% i'd stay away from them. Your car will end up costing at least $50 to $100 more per month just in interest. Get your scores up first. Good luck.

[Anonymous]

I get the Auto Loan pre-approval letters all the time, I have two Cap1 CC's over a year now, my scores have gone up over 200 points since I apped for these 2 Cap1 cards over a year ago, I have TL's that range from 400-16000CL's, perfect credit reports and they soft my EQ all the time and still won't offer me an upgrade on either of the Cap1 cards I have now.

My point is Cap1 self proclaimed "Conservative Lenders" are a weird CCC. There is no rhyme or reason behind their decisions IMO.

I'm going to wait until I can get CLI's on my BoA, AmEx, Discover or Barclays to cover the 1250CL that I'm going to lose and put my Cap1 cards to bed, they have served their purpose, but if Cap1 doesn't show me some type of love in the next three months, I have to get rid of them, I have no use for CC's with AF's and 750CL's any longer.

[John060675]

I get 2 applications a month from Cap 1, but I do not think I will ever use them.  I find it hard to believe that I will receive a better rate than from a credit union or even the dealership.  I could be wrong though.