topic Re: Cap 1 Pre-qualification reliability? in Credit Cards

Cap 1 Pre-qualification reliability?

JNA1 — Wed, 13 Nov 2019 04:51:44 GMT

We have been doing the prequal for my wife with very little success, and tonight Cap 1 showed her being qualified for a Cap 1 Quicksilver card. The prequal showed a 26.99% APR and no SUB offered, but it is still a decent card and she only has 8 months of credit history (in her entire life!😂)

We’ll pull the trigger if you guys think their prequals are reliable.

Re: Cap 1 Pre-qualification reliability?

stw715 — Wed, 13 Nov 2019 05:15:03 GMT

26.99% would indicate its actually QS1 and not QS (15.74~25.74%). If it's indeed a QS1, combine the $39 annual fee, triple pulls, potential of low starting limit and may not grow much? Probably should wait bit longer to obtain better cards.

Re: Cap 1 Pre-qualification reliability?

JNA1 — Wed, 13 Nov 2019 05:18:59 GMT

I thought it might be at first too, but it’s the Quicksilver, it just seems to be a less perky version.

******* , your results are in.
Congratulations! We think you’ll like this pre-qualified card offer(s). *
Quicksilver® Rewards Card

Apply Now

Primary Benefit
Earn unlimited 1.5% cash back on every purchase with the Capital One Quicksilver® Visa®.

Purchase APR
26.99% variable APR

Transfer Information
26.99% variable APR; No transfer fee

Annual Fee
$0

Re: Cap 1 Pre-qualification reliability?

stw715 — Wed, 13 Nov 2019 05:27:08 GMT

Then it's an solid prequal as it's customized offer for her but I would still wait to get better cards tho.

Re: Cap 1 Pre-qualification reliability?

JNA1 — Wed, 13 Nov 2019 05:38:30 GMT

She has a Credit One Visa that she got before we knew what kind of lender they were (although we’ve had no problems with them besides the fees so far). She’s had it 8 months. Would getting the QS now and axing the Credit One be a good idea since it’s only 8 months old?

Any card for her at this point is nothing we need besides building her credit. We use the Credit One card a time or two a month and then leave a small balance on it just because they fee you having a $0 balance. The APR doesn’t really matter to us because we’ll use it and PIF every month.

Re: Cap 1 Pre-qualification reliability?

Anonymous — Wed, 13 Nov 2019 06:43:54 GMT

As much as I dislike Credit One, I would just wait out the year. Once it hits one year cancel. Aging for credit cards is by month. So if she got the card October 7th, it would reach one year of age on September 1st of the next year. Cancel on the 2nd before they hit you with an annual fee.

As for waiting to get better cards...she could wait a million years and not get better cards. What I am trying to say is; take the Cap1 QS offer. Triple pull is irrelevant to someone with one card. Take the offer and use it to grow her credit. Thats kind of what its there for. Has she tried the Discover prequal site? Thats another solid card to build credit.

Re: Cap 1 Pre-qualification reliability?

AverageJoesCredit — Wed, 13 Nov 2019 11:53:29 GMT

On a rewards card, the apr should be irrelevant, even though its nice to have low apr. Solid card for anyone , for a builder, priceless. I say go for it. I bet you'll both say 1.5 more than 26.99

Re: Cap 1 Pre-qualification reliability?

JNA1 — Wed, 13 Nov 2019 12:04:41 GMT

I agree with that I’d rather wait for a better offer (better SUB, 0% intro, and better APR) but the way we are using her cards, it doesn’t hurt us to take this one. In fact, I’m thinking go ahead and get it and start letting it age since it is a keeper card. We did do the Discover prequal and she is pre approved for the Secured and Chrome (Gas and Restaurants) card. We considered that one to use as a daily driver for the first year cash back match, but I feel like her limit will be so low that it will be a hassle to use it the way we do a DD (we cycle $4000+ min monthly) so I rather wait until she qualifies for the It Cash Back card later on and 2% and 10% for the first year, like we’re doing mine now. We may do the It Miles card for her when the time comes instead, as well.

I just kinda feel like I went the wrong way initially going with the Credit One card (I would gone with a secured Discover if I had to do over) but I think this Quicksilver gives me a chance to get her a good, keeper card early on in her journey, even though it is a less than ideal offer.

Re: Cap 1 Pre-qualification reliability?

JNA1 — Wed, 13 Nov 2019 12:18:04 GMT

Just as another point of reference, we’ve done the prequals on all the sites I know about and the QS and the Disco offers are the only good cards that have had any offers. Chase, Citi, BB&T, BBVA, AMEX, and Apple all basically say not yet.

Her scores aren’t terrible (680’s FICO and low 700’s VS 3.0), but like I said, it’s a razor thin file with only the one Credit One Card in it ever. It’s a great start I think though for only 8 mos of exposure.

There are some other sub prime cards she is pre-approved for though - Deserve, and First Progress keeps sending her mailers.

Re: Cap 1 Pre-qualification reliability?

Lucifer — Wed, 13 Nov 2019 13:19:01 GMT

Look at it from this perspective.....

Is it better than what she has - oh heck yea.

Will she be happy (at this moment) she got it - certainly.

In 5 years will she wish she waited out past the first full year of the Credit One card and made a better step up into the credit card worl - YUP !

Wait a bit - get a better offer.

Re: Cap 1 Pre-qualification reliability?

Lucifer — Wed, 13 Nov 2019 13:21:06 GMT

Part of why I am saying that above - She is going to end up canceling the credit one.

This next card will be her oldest. If her oldest card will be a decent card she is forever happy to have - big bonus. SOME of us whom shall remain nameless (COUGHluciferCOUGH) have oldest cards that we do not like and only keep for the age but didn't have the patience to wait for something a little better......

Re: Cap 1 Pre-qualification reliability?

HeavenOhio — Wed, 13 Nov 2019 14:55:39 GMT

Apply for the Quicksilver. It's a good offer for someone with eight months of credit card history. Don't concern yourself with APR. As mentioned, balances shouldn't be revolved on rewards cards anyway.

Once the new QS is in hand, I'd go ahead and close Credit One. Once the closed Credit One card reaches its 13th month in age, she can grab a Discover card.

Re: Cap 1 Pre-qualification reliability?

FireMedic1 — Wed, 13 Nov 2019 15:05:10 GMT

Get what you can for now. This wait for better cards isnt going to happen with 1 secured card anytime soon. Rebuilders/Builders cant be that choosy. Cap1 has been a bit flaky on their pre-quals. Where it used to be a real soild. They say yes, then denied. It may be better to get the Plat. Then upgrade to the regular QS in 3 months afterwards. JMO. APR ignore. Use it and PIF and that will help for the better cards down the road.

Re: Cap 1 Pre-qualification reliability?

expatCanuck — Wed, 13 Nov 2019 15:39:50 GMT

@JNA1

One last thought -- in our experience, the Cap1 prequal is solid IF ONE HAS SUFFICIENT INCOME.

(Sorry for shouting.)

Mrs. E was prequal'd based on her ~800 scores, but was denied based on income.

In fact, I'd think that this applies to ANY prequal -- unless that prequal asks for income data.

Re: Cap 1 Pre-qualification reliability?

CreditCuriosity — Wed, 13 Nov 2019 15:44:14 GMT

yes they have two versions of v1, qs and savor one one with bonus and one without bonuses and intro rates. Appears what she has. They came out about a month or so ago. Not advertised on their site unless you do pre-qual then the different terms comes up also some people get those terms on credit karma for "average credit"

I am also pre-qualified for those, but have 800ish score I assume they are offering me those terms to skip my churning style so they dont have to pay bonus or 0% intro apr.

Re: Cap 1 Pre-qualification reliability?

pinkandgrey — Wed, 13 Nov 2019 15:47:23 GMT

They probably are reliable, but I don't know that I would pull the trigger yet. That APR and that card likely means that you'd be bucketed with a low SL starter card. It probably wouldn't grow too much for you. If you desperately need a card just to build credit, then go ahead. But if not, I would hold out for something better.

Congrats on the prequal though!

Good luck!

Re: Cap 1 Pre-qualification reliability?

Anonymous — Wed, 13 Nov 2019 16:04:32 GMT

I got a similar pre-qual for the Savor1 (no sign-up bonus, higher than advertised interest).

SL is only $500 though, but it will build. And if it doesn't, it will still build her history to let her get in with other lenders. My total SL is now $46,300 - $800 of it is Capital One.

Honestly, with no bad marks, no lates and low utilization it is REALLY easy to build a good history and score very quickly. I had no US credit history in September 2018. Mine would be higher if I hadn't done a lot of hard pulls.

Re: Cap 1 Pre-qualification reliability?

JNA1 — Wed, 13 Nov 2019 17:10:04 GMT

Thanks for all of the opinions and advice! We’ll talk it over and decide what to do. I think regardless we’ll leave the Credit One open for the full year, as suggested. As of now, she has just one HP on her record, which is the one on Experian when she got the Credit One card, so the triple pull wouldn’t be a deal breaker for the Cap 1 if we decide to do that.

Re: Cap 1 Pre-qualification reliability?

JNA1 — Thu, 14 Nov 2019 16:38:36 GMT

So after doing some thinking and talking to a CSR yesterday, we decided to pull the trigger on it. The CSR said it was a Quicksilver, but with less intro benefits, lower SL’s, and higher APR, but should grow with responsible use in time and she said we could request lower APR with age and responsible use.
We thought about it and since we’ll be axing the Credit One in a few months after it’s a year old, this will keep a Visa in our arsenal for Costco and a few restaurants we frequent that don’t take my Discover card (and they’ll won’t take my new AMEX either). I’m pretty sure my next card will be a Mastercard, so I didn’t want us to be without a Visa again.

She was approved for $1500, which is about what I expected, so I’m cool with that for now. We’re done with side for a while, and we’re going to see if we can make this fella grow!

Re: Cap 1 Pre-qualification reliability?

OmarGB9 — Thu, 14 Nov 2019 16:32:17 GMT

Congrats on DW's approval! Cap One is great, though as others pointed out, she may be "bucketed" and the card may not grow too much.

Although, being that it's a regular QS, and not a QS1 may mean better chances at growth!