topic Re: SavorOne targeted preapproval missing SUB in Credit Card Applications

SavorOne targeted preapproval missing SUB

LADave — Mon, 24 Oct 2022 06:30:02 GMT

The Capital One SavorOne has been a goal card for me for a while now, and I recently got a targeted pre approval email and notice in the app for it, "due to your great track record as a loyal Capital One customer." However, it only has 9 months instead of 15 at 0% APR, and no $200 SUB.

I see that I'm also not the first person to ask about it at myFICO: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Which-Capital-One-card-was-I-just-approved-for/m-p/6196774

The offer is a cross between the SavorOne and SavorOne "For Good Credit" (with no SUB and no 0% APR period).

What I'd like to know is if this would mean I'm likely to get approved for the better SavorOne offer on their website with the $200 SUB and 15 months at 0%. Only secured cards are showing up for me on the Cap 1 pre approval site since I got the WF Autograph card in July, and I'm not sure if newish cards prevent preapprovals on their site or actual approvals from Cap 1.

I'm currently 704 on Equifax (1 inquiry), 715 on TU (3 inquiries), and 690 on Experian (9 inquiries). I'm at 8/24 and 15 percent utilization (all of it at 0 percent), AAoA is 3 years. If I apply, I'm freezing Experian.

Re: SavorOne targeted preapproval missing SUB

Anonymous — Mon, 24 Oct 2022 06:35:01 GMT

Sub is for Excellent credit, I didn't make it, requires great score(750 Vantage or something) and at least 3 yrs credit history. I shouldn't have apped, was looking for sub and got tricked by nerdwallet and apped using its link

IMO you won't get the sub

Re: SavorOne targeted preapproval missing SUB

LADave — Mon, 24 Oct 2022 06:48:56 GMT

@Anonymous wrote:
Sub is for Excellent credit, I didn't make it, requires great score(750 Vantage or something) and at least 3 yrs credit history. I shouldn't have apped, was looking for sub and got tricked by nerdwallet and apped using its link

IMO you won't get the sub

It sounds like you didn't get a pre approval from Cap 1 before applying?

I do see approvals for SavorOne with the SUB on MyFICO with FICO 8 scores in the low 700s.

Capital One can be unpredictable. If I understand correctly, they use a relatively obscure (and older) FICO version that's just for credit cards. They don't use or care about VantageScores, even though they provide them in CreditWise. The pre approval I got explicitly says the CreditWise (Vantage) score won't factor into their final approval decision.)

Re: SavorOne targeted preapproval missing SUB

Anonymous — Mon, 24 Oct 2022 06:54:59 GMT

Well, personally I would wait for better score, but only one way to find out if you want the card now, if you don't mind incurring 3 HPs.

Re: SavorOne targeted preapproval missing SUB

citymunky — Mon, 24 Oct 2022 06:59:52 GMT

I emailed the same offer Capital One for being a "loyal customer."

What is the strategy of keeping your EX frozen during the app? Does that work? Capital One will still approve a CL by only pulling data from TU and EQ?

Currently my EX score is the lowest mainly because my home mortgage is not being reported on EX.

I have yet to pull the trigger on my offer because I was trying to garden a bit longer as the Avg age of my Accounts across all CRBs is about 2 years across the board. Also I have 6 inquiries on EX and TU with 3 falling off by next June.

Re: SavorOne targeted preapproval missing SUB

LADave — Mon, 24 Oct 2022 07:06:13 GMT

@citymunky wrote:

What is the strategy of keeping your EX frozen during the app? Does that work? Capital One will still approve a CL by only pulling data from TU and EQ?

There are several data points that you can freeze one profile and you can still get approved with Capital One. You can't get approved if you freeze two of them. My Exp has the most inquiries by far, so that would be the one I'd freeze.

Re: SavorOne targeted preapproval missing SUB

citymunky — Mon, 24 Oct 2022 07:09:24 GMT

Thanks, I need to look into that.

Re: SavorOne targeted preapproval missing SUB

Anonymalous — Mon, 24 Oct 2022 07:42:39 GMT

@LADave wrote:
Capital One can be unpredictable. If I understand correctly, they use a relatively obscure (and older) FICO version that's just for credit cards. They don't use or care about VantageScores, even though they provide them in CreditWise. The pre approval I got explicitly says the CreditWise (Vantage) score won't factor into their final approval decision.)

Cap1 pulls EX 3, EQ 5, and TU 4. These are old FICO versions (1998 to 2004), but they're still widely used. However, the reason they're still widely used is because those specific versions are required by Fannie Mae, and most mortgages are written to conform to their standards. They're mortgage scores, and only rarely used by credit card lenders.

@LADave, I got what sounds like the same targeted offer a couple months ago. No $ SUB and only 9 months at 0% APR, plus a long-term APR at the high end of the range of the standard Savor One (it was lower than the APR of the Savor One for Good Credit, at least). My Platinum/Quicksilver had turned a year old a couple months before. Cap1 really hasn't shown me a lot of love -- my Quicksilver still has a CL of $300. So while I was glad to see some of the ice breaking, I have no confidence at all that I'd be accepted if I applied for the regular Savor One. My scores are higher than yours and I have far fewer inquiries, but my age of credit history is much younger (18 months).

Re: SavorOne targeted preapproval missing SUB

Anonymous — Mon, 24 Oct 2022 08:31:37 GMT

OP has some good limit cards like Disco and Active Cash(good income?), and 3yr history is another favorable omen but for the low scores. What limit will you get, Autograph was 1k, right? And if you get it even with sub, won't it interfere with your app for the supposed WF travel card in January or will you app later than that.

Re: SavorOne targeted preapproval missing SUB

citymunky — Mon, 24 Oct 2022 09:40:15 GMT

@Anonymalous

Why would Cap1 use FICO Scores required by Finnie Mae to issue a credit card?

Currently my EX3=668, EQ5=702 and TU4=706.

Re: SavorOne targeted preapproval missing SUB

Lou-natic — Mon, 24 Oct 2022 10:52:38 GMT

Newer scores cost more money to obtain from FICO. FICO 10 scores have been availavle for about 2 years now and no big lender is using them yet that I am aware of. It cost more and once financial institutions are locked into something there is a lot of "insitutional inertia" there and changing isn't something they're going to do on a whim.

Capital One is weird anyway.

Re: SavorOne targeted preapproval missing SUB

Anonymalous — Mon, 24 Oct 2022 13:29:27 GMT

@citymunky wrote:
@Anonymalous

Why would Cap1 use FICO Scores required by Finnie Mae to issue a credit card?

Currently my EX3=668, EQ5=702 and TU4=706.

Don't know, but it's well documented:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/6379773

If I had to guess, maybe it's because mortgage scores tend to be somewhat more conservative when it comes to things like utilization and certain derogatories.

Re: SavorOne targeted preapproval missing SUB

pip3man — Mon, 24 Oct 2022 13:38:55 GMT

I had the same thing happen to me. Applied directly for the SavorOne for Excellent credit and got counter-offered the Good credit version with a 0% APR for 15 months and no SUB. I just don't understand how credit score correlates with getting a sign up bonus for spending.Their rationale for this one, just don't make no sense.

Re: SavorOne targeted preapproval missing SUB

OmarGB9 — Mon, 24 Oct 2022 20:40:06 GMT

@citymunky wrote:
@Anonymalous

Why would Cap1 use FICO Scores required by Finnie Mae to issue a credit card?

Currently my EX3=668, EQ5=702 and TU4=706.

Because they can pretty much use whatever scoring model they want.

As for your question: it could go either way, IMO.

Re: SavorOne targeted preapproval missing SUB

nytokyobred79 — Tue, 25 Oct 2022 02:42:47 GMT

@citymunky I cold app'd and was approved for a Cap1 card this summer. I froze my EQ bc my EX and TU scores were higher. Got immediate approval with 2 bureaus. Granted my scores then were about 30-40 pts higher than today. Got highest APR offered but didn't care.
I was willing to take the risk of denial but everyone's situation is not the same.

Re: SavorOne targeted preapproval missing SUB

Zoostation1 — Thu, 27 Oct 2022 02:33:21 GMT

Capital one gave methat same targeted preapproval offer to me on a watered down Quicksilver rather than SavorOne. Doing the prequals via the normal website check I was only getting the for good credit version with no sub, no 0% and the highest rate. Did your offer also have a slightly better regular APR than the for good credit version? The APR offer I was getting when I logged into the website and via email was slightly better than the advertised for good credit no sub version but at the worst of the those with the sub. I ended up not taking the QS offer and later on ended up getting a no sub SavorOne with a $3k SL. I have lower scores than you, but at the time of my app was 0/6, 1/12 and 1/24 on EQ and TU. EX was 0/6, 2/12, 2/24.

Edit: proofread some typos. I was either too tired or had a few beers in the original post

Re: SavorOne targeted preapproval missing SUB

LADave — Tue, 25 Oct 2022 17:58:59 GMT

@Anonymous wrote:
OP has some good limit cards like Disco and Active Cash(good income?), and 3yr history is another favorable omen but for the low scores. What limit will you get, Autograph was 1k, right? And if you get it even with sub, won't it interfere with your app for the supposed WF travel card in January or will you app later than that.

You're right about all of that. I believe the biggest weight on my scores is a recent auto loan from late April (although the effect of that has been decreasing). I applied for the Discover card before the auto loan hit. The WF Autograph SL was a disappointment, but I still consider it a win since I was able to transfer some of my CL from my Active Cash to the Autograph, and WF had already given me a $1200 CLI to the Active Cash a few weeks earlier. So I had actually got $2,200 in new credit with them.

My goal isn't necessairly to get a WF card, but to get a premium travel card by spring 2023 (~6 months from now). Since WF is rumored to be introducing a premium travel card by then, I'd like to increase my odds of getting one. I feel that having the additional months of positive use/payment history on both my Autograph and Active Cash cards would also help with an approval. And I'm anticipating that the points I earn on Autograph might be multipliable for redemption on any premium travel card WF introduces. But since there are no confirmed (or even rumored) details about the card, it's not my preference.

My preference is to get a Capital One Venture X card. The benefits are confirmed (and I like them), and while the AF is high, it can also be justified since I can easily get at least as much value out of the card as I'd spend on the AF. The current SUB is doable and pretty generous. And the points on SavorOne can be redeemed as "miles" on the Venture X, sometimes for more than face value with transfer partners.

The issue is that I have with applying for Venture X now is that I have not been pre-approved for a Venture card (they don't give pre-approvals for Venture X). And since the minimum on the Venture X is higher than any card I've had up until now ($10K), I'm a little hesitant to do even a YOLO application.

I also suspect that having 6 months of positive use/payment history on a SavorOne card would help my chances of getting approved for a Venture X card in 6 months (Capital One only approves new cards 6 months apart), especially as I also pay down my other cards and not apply for anything else in the meantime.

But if I'm getting the SavorOne, I'd much rather get it with the SUB and additional months at 0% APR.

Re: SavorOne targeted preapproval missing SUB

LADave — Tue, 25 Oct 2022 17:54:06 GMT

@pip3man wrote:
I had the same thing happen to me. Applied directly for the SavorOne for Excellent credit and got counter-offered the Good credit version with a 0% APR for 15 months and no SUB. I just don't understand how credit score correlates with getting a sign up bonus for spending.Their rationale for this one, just don't make no sense.

Just to verify — was that after you got a targeted pre-approval for SavorOne with 9 months at 0% and no SUB? If it was, you still came out ahead of what C1 originally offered you, assuming the APR was lower than for "good credit" on their website. What was the SL that you received?

@Zoostation1 wrote:
Capital gaver did that same targeted preapproval offer to me on a watered down Quicksilver rather than SavorOne. Doing the prequals via the normal website check I was only getting the for good credit version with no sub, no 0% and the highest rate. Did your offer also have a slightly better regular APR than the for good credit version?

It was slightly better, at 27.74% APR after 9 months at 0% (the "good credit" version is 28.49% and no 0% introductory period). The highest APR for the "excellent credit" version is 27.99%.

It's also possible they simply haven't updated the APR on the pre-approval page in a few months. But if it's accurate, it might be an "excellent credit" SavorOne without the SUB, or a hybrid between the two.

Or it might be a "good credit" version with a 0% period, and a slightly lower APR afterwards.

I have no idea if or how these different flavors of SavorOne fit into Cap One's "buckets."

Re: SavorOne targeted preapproval missing SUB

Anonymous — Wed, 26 Oct 2022 20:43:46 GMT

Yeah Savor card and Venture card could be a powerful combo!

If you really want it just get it, what's a measly sub

Re: SavorOne targeted preapproval missing SUB

LADave — Wed, 26 Oct 2022 22:44:32 GMT

@Anonymous wrote:
Yeah Savor card and Venture card could be a powerful combo!

If you really want it just get it, what's a measly sub

Well, 200 bucks is 200 bucks! LOL 😂 But I see what you're saying.