topic Re: Is this what I'm looking for with Cap One Pre Approval? in Credit Card Applications

Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 15:23:00 GMT

I don't want to take the HP if it isn't going to work out.

Re: Is this what I'm looking for with Cap One Pre Approval?

MauiMan85297 — Thu, 04 Feb 2016 16:57:27 GMT

@Anonymous wrote:
I don't want to take the HP if it isn't going to work out.

This looks like a card you'll be approved on (I say looks like because people have gotten that message and been denied) 80+% of the time, if you do get approved for it you should submit right away for the QS as well, good luck and keep us updated

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 17:16:11 GMT

It's never a guaranteed approval but the prequalification is better reassurance than cold apping. The platinum card is fairly easy to obtain and is a great builder card.

I agree, if you are approved for the plat that you should immediately app for the quicksilver.

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 19:26:14 GMT

Both Quicksilver and Platinum approved! But only for $500 each

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 20:00:23 GMT

Congrats!

Re: Is this what I'm looking for with Cap One Pre Approval?

MauiMan85297 — Thu, 04 Feb 2016 20:01:08 GMT

Congrats on the approval

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 20:19:40 GMT

@Anonymous wrote:
Both Quicksilver and Platinum approved! But only for $500 each

They will grow, be sure to use them heavily and ask for CLIs every 6 months. It took 2 or 2.5 years, but my Platinum started out at $500, got upgraded to Quicksilver along the way, and now has a limit of $16,000.

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 20:22:49 GMT

@Anonymous wrote:
@Anonymous wrote:
Both Quicksilver and Platinum approved! But only for $500 each
They will grow, be sure to use them heavily and ask for CLIs every 6 months. It took 2 or 2.5 years, but my Platinum started out at $500, got upgraded to Quicksilver along the way, and now has a limit of $16,000.

LO said to put them in a drawer and not touch them until we close on a house. She said that you lose points for new accounts but you loose more points for new and used accounts. ????????????

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 20:57:45 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Both Quicksilver and Platinum approved! But only for $500 each
They will grow, be sure to use them heavily and ask for CLIs every 6 months. It took 2 or 2.5 years, but my Platinum started out at $500, got upgraded to Quicksilver along the way, and now has a limit of $16,000.
LO said to put them in a drawer and not touch them until we close on a house. She said that you lose points for new accounts but you loose more points for new and used accounts. ????????????

You wouldn't lose more points for using the account unless you left them with high utilization. Use them and PIF before the statement cuts and you'll be golden.\

In fact, many people here argue that to achieve optimal scores, you should PIF all cards and let the statement cut at $0, except for one card. Let that one card report 1-9% utilization. It's been my experience and the experience of many others here.

*ETA* This optimal scoring comes from the fact that it is good to show some responsible use. Anyone could have perfect credit if they never used their cards.

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 21:17:55 GMT

Always better than a denial...remember that, specially because you now have an inquiry on each of the three reporting agencies..

Congrats! :-)

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 21:20:37 GMT

Very nice approvals, GZ!

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 21:27:47 GMT

Congrats! My $500 Platinum is now a $2500 QS with no annual fee 6 months later. It grows.

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Thu, 04 Feb 2016 21:30:33 GMT

I agree, the LO may have been trying to say - dont carry a balance.

Use of the cards is what builds credit. If credit usage didnt matter every 18 year old would start off with a 850. If you apply and are approved for a card, then do not use it - chances are your limit will be lowered and eventually the card will be cxld by the issuer. There are some here that "manage" more CCs then a deck of playing cards. There is nothing wrong with that - I just cant imagine devoting that much time or energy.

Key is to only apply for credit you need or works into a long term goal. Opening and seeking new credit while working towards a mortgage will raise flags and you will have to answer why. Best to avoid any activity a year prior to app.

Good Luck

Re: Is this what I'm looking for with Cap One Pre Approval?

Anonymous — Fri, 05 Feb 2016 00:11:11 GMT

@Anonymous wrote:
I agree, the LO may have been trying to say - dont carry a balance.

Use of the cards is what builds credit. If credit usage didnt matter every 18 year old would start off with a 850. If you apply and are approved for a card, then do not use it - chances are your limit will be lowered and eventually the card will be cxld by the issuer. There are some here that "manage" more CCs then a deck of playing cards. There is nothing wrong with that - I just cant imagine devoting that much time or energy.

Key is to only apply for credit you need or works into a long term goal. Opening and seeking new credit while working towards a mortgage will raise flags and you will have to answer why. Best to avoid any activity a year prior to app.

Good Luck

I agree, which is why i'm closing my fingerhut and first premier cards that I got in dec 2015 and jan 2016. I am replacing them with these new cap one tradelines and i'm excited to do so! But I won't be doing that until i close. That was what was recommened by the LO.