topic Re: Capital One pre Qual question in Credit Card Applications

Capital One pre Qual question

Creditjunky37 — Fri, 22 Jan 2021 02:48:48 GMT

Hi Guys,

I am trying to rebuild and I have a BofA secured and was recently approved for a VS via the SCT for $150. I just did the C1 pre qualify site and it tells me no offers due to too many inquiries.
Does this sound like a deal breaker? Should I not apply? Or go through anyway? I was under the impression that their platinum card was for rebuilding. I have about 10-15 inqs on each bureau. I had to purchase a car last year and then I refinanced it for a better rate. I also applied for a couple cards before learning about how to rebuild.

Any ideas are appreciated 😁

Re: Capital One pre Qual question

FinStar — Fri, 22 Jan 2021 02:59:40 GMT

IMO, I'd hold off, especially at this stage of your credit journey.

While the Platinum card is geared toward builders or rebuilders, if the pre-qualified results identified potential factors that could likely yield a denial if you pursued it without the pre-approval, why subject your CRs to additional inquiries? It'll result in 3 HPs (one per CRA).

Re: Capital One pre Qual question

AllZero — Fri, 22 Jan 2021 16:27:42 GMT

@Creditjunky37 wrote:
Hi Guys,
I am trying to rebuild and I have a BofA secured and was recently approved for a VS via the SCT for $150. I just did the C1 pre qualify site and it tells me no offers due to too many inquiries.
Does this sound like a deal breaker? Should I not apply? Or go through anyway? I was under the impression that their platinum card was for rebuilding. I have about 10-15 inqs on each bureau. I had to purchase a car last year and then I refinanced it for a better rate. I also applied for a couple cards before learning about how to rebuild.

Any ideas are appreciated 😁

Capital One's prequal site is relatively solid. If no offers, I would not recommend a cold application. Perhaps, give it time and let your accounts age for a spell. Then, revisit the Capital One site in a month or two or three or longer.

Re: Capital One pre Qual question

blindambition — Fri, 22 Jan 2021 03:47:30 GMT

I echo what was highlighted above. A 3 HP on a most likely denied card, a bucketed one to boot. Not a wise decision IMO. Start building history with current cards.

Its important to remember... Building credit is a marathon, not a sprint. Good luck!!

Re: Capital One pre Qual question

Dp23 — Fri, 22 Jan 2021 04:03:18 GMT

@Creditjunky37 wrote:
Hi Guys,
I am trying to rebuild and I have a BofA secured and was recently approved for a VS via the SCT for $150. I just did the C1 pre qualify site and it tells me no offers due to too many inquiries.
Does this sound like a deal breaker? Should I not apply? Or go through anyway? I was under the impression that their platinum card was for rebuilding. I have about 10-15 inqs on each bureau. I had to purchase a car last year and then I refinanced it for a better rate. I also applied for a couple cards before learning about how to rebuild.

Any ideas are appreciated 😁

Coming straight from experience, I was told I was preapproved through CK so I went to prequalify & it said no offers. A week later 8/5/20 I apped cold turkey & was denied lol. Fast forward to 1/15/21 I get an email to check again & I pre-qualified for 3 cards. I applied & got accepted for the platinum. I did try to double dip & get the QS on the same HP but was told you can't have two cards in a 6 month period. Just wait a few months & try again. Are any of your inquiries due to fall off soon?

Re: Capital One pre Qual question

Ficoproblems247 — Fri, 22 Jan 2021 04:27:16 GMT

Most DPs since the pandemic started have now pointed to Cap1 being more sensitive to new accounts opened within the last 6 months. I would keep trying their pre-approval site once you hit the six month mark since opening your most recent revolving account. I definitely agree with the other wise words posted by the other folks up-thread about not burning 3 HPs for an almost garanteed denial.

Re: Capital One pre Qual question

Creditjunky37 — Mon, 25 Jan 2021 03:50:40 GMT

Thank you everyone for you knowledge, I will wait and continue to check the site for a preapproval before applying.

Re: Capital One pre Qual question

FinStar — Mon, 25 Jan 2021 04:12:08 GMT

@Creditjunky37, while you pass the time, let your profile age and decide on things down the road, you can also check out the following link which provides a list of lenders who have SP pre-qualifications:

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-11-29-20/td-p/5938753