topic Re: Capital One Limiting Pre-Quals in Credit Cards

Capital One Limiting Pre-Quals

Anonymous — Sat, 04 Apr 2020 23:41:34 GMT

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

Re: Capital One Limiting Pre-Quals

Anonymous — Sat, 04 Apr 2020 23:47:17 GMT

That's interesting. I hadn't known that. I don't want any more capital one cards but I'm going to go check that out.

Re: Capital One Limiting Pre-Quals

Ficoproblems247 — Sat, 04 Apr 2020 23:48:55 GMT

Certainly does not seem customer specific to me and this is definitely new. I was running prequals left and right for the Savor before I applied and they were very useful in helping me decide when to actually pull the trigger. Also missing is the button to chose how you feel your credit ranking is. Very interesting.

Re: Capital One Limiting Pre-Quals

Anonymous — Sat, 04 Apr 2020 23:53:17 GMT

I'll be darn. I just went to the site and saw that.

Guess that means anyone wanting to apply for their higher tier cards have to just wing it and cold app.

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 00:00:50 GMT

Ok, so I'm not the only one. Good to know. That really is messed up on Cap1's part. While I understand they are helpful for those of us with bad/limited/no credit, they're already doing 3 HP's per app, they remove the card combination feature, bucket cards, and now expect people to cold app for higher tier cards. Not consumer friendly at all. I hope this is temporary, but knowing them, probably not.

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 00:04:02 GMT

Comfirmed. Same here. Before even typing name, address, etc. Wow I wonder why

Re: Capital One Limiting Pre-Quals

CreditCuriosity — Sun, 05 Apr 2020 00:13:49 GMT

They have been pounded due to various things recently thus probably going for most profitable cards through pre-qual they were at 102 stock now around 40ish a share. Believe it had something to do with oil industry or something. Had to do with something, but in some financial trouble and needed help if I recall an article or two i read.

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 00:14:11 GMT

Same here who knows if it's covid related but they just seem to keep getting worse and worse

@Anonymous wrote:
Comfirmed. Same here. Before even typing name, address, etc. Wow I wonder why

Re: Capital One Limiting Pre-Quals

wasCB14 — Sun, 05 Apr 2020 00:24:19 GMT

Cap1 makes more money from customers who don't know they have better options. Mailers and prequal offers for junk cards are a cheaper way to get customers than ~$500 SUBs.

They used to send me prequal offers for all kinds of garbage cards. When I actually applied for a card, they had no problem giving me a $20k Savor with only 2 HPs.

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 00:32:23 GMT

I guess they are tightening lending on their higher tiers, hate to see it. Definitely new though, I just took a dry run.

Re: Capital One Limiting Pre-Quals

kdm31091 — Sun, 05 Apr 2020 00:37:55 GMT

They have been tightening up underwriting on the higher tier cards for awhile now, so this move really doesn't surprise me too much.

Re: Capital One Limiting Pre-Quals

vic6string — Sun, 05 Apr 2020 02:27:13 GMT

@CreditCuriosity wrote:
They have been pounded due to various things recently thus probably going for most profitable cards through pre-qual they were at 102 stock now around 40ish a share. Believe it had something to do with oil industry or something. Had to do with something, but in some financial trouble and needed help if I recall an article or two i read.

I'm a Cap One stockholder, and I can tell you that the stock prices of every financial institution have gone way down due to the current state of the economy. If unemployment goes way up, bankruptcies go way up. If that happens, credit cards don't get paid, car loans don't get paid...pretty much everything a financial institution makes money on goes away. If the economy doesn't ramp back up soon and recover quickly, you will see not just Cap One, but every bank start becoming WAY more conservative. SUB's go down (or go away), credit limits shrink, lenders get pickier, etc.

Re: Capital One Limiting Pre-Quals

CreditCuriosity — Sun, 05 Apr 2020 02:50:25 GMT

@vic6string wrote:
@CreditCuriosity wrote:
They have been pounded due to various things recently thus probably going for most profitable cards through pre-qual they were at 102 stock now around 40ish a share. Believe it had something to do with oil industry or something. Had to do with something, but in some financial trouble and needed help if I recall an article or two i read.
I'm a Cap One stockholder, and I can tell you that the stock prices of every financial institution have gone way down due to the current state of the economy. If unemployment goes way up, bankruptcies go way up. If that happens, credit cards don't get paid, car loans don't get paid...pretty much everything a financial institution makes money on goes away. If the economy doesn't ramp back up soon and recover quickly, you will see not just Cap One, but every bank start becoming WAY more conservative. SUB's go down (or go away), credit limits shrink, lenders get pickier, etc.

I agree I hold stocks with AMEX, etc. and been getting killed, but what i was talking about in particular was the following.. Whether it is the reason why the pre-qual is limited to their sub-prime market only is what has me scratching my head as you think they would want people less likely to default, but they can charge 25.x percent interest, etc.. Anyways situation i was referring to was.. Whether reason of the pre-qual being limited or not i have no idea.. Yes defaults are going to sky rocket whether it is with CC/mortgage/cars etc...there is no way around this sad truth.

https://www.reuters.com/article/us-health-coronavirus-capitalone-cftc-ex/exclusive-capital-one-got-cftc-waiver-after-oil-price-plunge-increased-swap-exposure-sources-idUSKBN21D1BC

Re: Capital One Limiting Pre-Quals

mrfufoppss — Sun, 05 Apr 2020 05:35:41 GMT

Im thinking Capital One Is Going thru some Major Changes on the Cards because my Capital one Secured card can get cashback credits thru Shopping portals Cap1 offer..that option just became available on the 3rd

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 06:58:15 GMT

@Anonymous wrote:
I guess they are tightening lending on their higher tiers, hate to see it. Definitely new though, I just took a dry run.

^^ I just checked pre-qual with in the last 48ish hours (sheesh, saying "24-72" hours a lot here lately) and that was not there.

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 13:19:15 GMT

I saw this yesterday as well. Last week I had been pre-qualified for Venture, Savor, and Savor One. I've been checking prequals weekly now more because there's nothing better to do than me looking for any particular card. I think it's kind of silly they'll only show you those three cards since they're the easiest to get. Not a very helpful pre-qualification tool.

Re: Capital One Limiting Pre-Quals

Ficoproblems247 — Sun, 05 Apr 2020 14:00:50 GMT

@Anonymous wrote:
I saw this yesterday as well. Last week I had been pre-qualified for Venture, Savor, and Savor One. I've been checking prequals weekly now more because there's nothing better to do than me looking for any particular card. I think it's kind of silly they'll only show you those three cards since they're the easiest to get. Not a very helpful pre-qualification tool.

Silly and not very helpful for us, yes, but Cap1 is driven by algorithms derived from unfathomable amounts of big data. There is most certainly a reason for this change, likely driven by the rapidly changing economic climate we are currently in. It makes sense to "the brain," so during these uncertain times that's where they'll be looking to for predictions of what their next steps should be. If "the brain" (big data) says to only display sub-prime cards, that's how they'll proceed.

Re: Capital One Limiting Pre-Quals

ecxpa — Sun, 05 Apr 2020 14:49:56 GMT

These type cards, the platinum and QS1 are the biggest money makers for Cap1; high interest rates no rewards, even though QS1 has rewards there's an AF. The economy right now actually make these cards attractive to some unfortunate individuals looking for a way to bridge things out and Cap1 knows it and will take every advantage. Look for tightening of credit and even CLD's in this environment it things don't improve pretty quickly!

Re: Capital One Limiting Pre-Quals

Anonymous — Sun, 05 Apr 2020 17:03:21 GMT

Same here, I went to the site and got the same as you did. just the 3 lower tier cards...Hmm.

Don't need one I already have 2 and a Co-brand. but it is interesting.

Re: Capital One Limiting Pre-Quals

KJinNC — Sun, 05 Apr 2020 21:27:58 GMT

I noticed this last night, also. Doesn't matter to me - Cap One has no cards I want, especially not for a triple pull. I just check any publicly available SP prequals to gauge where I am, even though it doesn't mean that much. fwiw, I got no prequal matches. I never have with C1.

Not sure why they're so popular. I don't hate them, but most of their cards aren't anything special in rewards, and they triple-pull. Though I did like their app and web site last year when I had one of their secured cards for a while.

I would not assume that big companies only ever make correct decisions. This same discussion occurred about Chase 5/24 and cobrand cards, "they have mountains of data and can't possibly be wrong." But big companies with mountains of data make mistakes all the time. Coca-Cola had mountains of data when it launched New Coke, Ford had mountains of data when it launched Edsel, etc. Product launches fail, market leaders fall to #2 or #3, and companies even go out of business. Why this should be different for banks and credit cards is a mystery to me. That said, I don't think changes to prequalifications are going to make or break any issuer.