topic Re: Why is it so difficult to get pre-approval from Credit One in Credit Cards

Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 13:18:35 GMT

I have been trying for months and I am unable to get pre-approval for Credit One Credit Card. I keep getting unable to pre-approve. I wonder if any of you tried to get pre-approval from Credit One Bank ?

Re: Why is it so difficult to get pre-approval from Credit One

dragontears — Thu, 13 Aug 2020 13:22:04 GMT

why do you want one? Don't you already have a bucket of secure cards and preach how you don't care about having more credit?

Re: Why is it so difficult to get pre-approval from Credit One

chiefone4u — Thu, 13 Aug 2020 13:32:19 GMT

@Red1Blue wrote:
I have been trying for months and I am unable to get pre-approval for Credit One Credit Card. I keep getting unable to pre-approve. I wonder if any of you tried to get pre-approval from Credit One Bank ?

Good morning!

With your scores I wonder if maybe your credit files are locked and/or you're not opted in for credit offers?

I closed my account with them this year (didn't like the monthly fee AND an annual fee the card I had came with).

The email me once a week and mail me twice a week telling me they miss me and will give me a $2,000 CL @Anonymous.96% with a $99 first year annual fee billed at $8.95 a month after the first year.

Credit Karma and Experian both show the card as pre-approved as also (CK Vantage is 615, Experian Fico8 is 650).

While Credit One has a time and place, many feel they are offering you a blessing in disguise by not offering you credit.

Re: Why is it so difficult to get pre-approval from Credit One

wasCB14 — Thu, 13 Aug 2020 13:33:50 GMT

They may be under the impression you'll soon lose interest in bottom feeder cards and want to close your account before they can make very much in fees.

Or maybe they're worried about aggressive credit seeking at a time of high unemployment.

Re: Why is it so difficult to get pre-approval from Credit One

gdale6 — Thu, 13 Aug 2020 13:38:36 GMT

I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....

Re: Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 14:26:44 GMT

@dragontears wrote:
why do you want one? Don't you already have a bucket of secure cards and preach how you don't care about having more credit?

I out grew from Credit One. I don't need that card. But I am curious why it never gives me pre-approval. Few more COs to clear before end of this year. Also some of my secured cards should graduate in the next few months. I am going to re-organize the secured cards and consolidate them into one or two. I keep wondering why I can never get pre-approval from Credit One.

Re: Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 14:29:14 GMT

@wasCB14 wrote:
They may be under the impression you'll soon lose interest in bottom feeder cards and want to close your account before they can make very much in fees.
Or maybe they're worried about aggressive credit seeking at a time of high unemployment.

I think it is the first statement. They might be thinking I'll be out of their league soon. Also I could never get pre-approval from Avant either. Either my credit is too bad for them or they dont like me any more.

Re: Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 14:30:15 GMT

@gdale6 wrote:
I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....

With 780 if they dont approve you, I have no chance with my low 600 scores.

Re: Why is it so difficult to get pre-approval from Credit One

wasCB14 — Thu, 13 Aug 2020 15:03:43 GMT

@Red1Blue wrote:
@gdale6 wrote:
I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....
With 780 if they dont approve you, I have no chance with my low 600 scores.

High credit scores aren't attractive in an applicant if many people with those scores get the card by mistake (confusing it for Capital One, maybe?), never put much spend on it, and end up calling to complain about the fees and quickly cancel. CSR salaries add up.

If someone pays his or her bills on time for a few years, it's easy to get a 780 while knowing remarkably little about credit.

Re: Why is it so difficult to get pre-approval from Credit One

BmoreBull — Thu, 13 Aug 2020 15:42:38 GMT

I have a credit one preapproved for $400 and a first premier for (up to) $2000. If i could give them to you, they'd be all yours. I have thankfully been able to avoid fee harvesters during my rebuild.

Re: Why is it so difficult to get pre-approval from Credit One

CreditCrusader — Thu, 13 Aug 2020 16:42:08 GMT

As someone with much knowledge relative to Credit One, I can tell you the following:

It is absurdly easy to be approved for their bottom-tier cards (i.e. $75 AF, 1%, monthly fee). You don't have to be pre-approved in advance to secure those cards.

However, their "upper tier" cards like Platinum Rewards and Amex co-brand are targeted to specific borrowers with specific income and credit profiles. My sister has the Platinum Rewards Visa ($95 AF, but 5% cash back for food/gas and 1% for everything else). She earns over six figures and has a decent profile, but nothing like some people here.

I think the mindset that prime borrowers will flee is a very real one with Credit One. Those folks aren't CO's customer target. The subprime/just beyond subprime borrowing pool is their target.

Re: Why is it so difficult to get pre-approval from Credit One

K-in-Boston — Thu, 13 Aug 2020 16:45:41 GMT

@gdale6 wrote:
I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....

😂 Same with 800+ here. They had no preapprovals for me and strangely I didn't start getting a lot of solicitations from them afterward.

Re: Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 17:40:46 GMT

I feel like orphan not being able to get pre-approval for Credit One bank. I have 5 COs repoting. Tons of lates. My scores are meager low 600s. What is wrong with this picture. Whey they do not pre-approve me? I would think I am a perfect candidate for them make money out of me with fees and interest. I feel sad. They are hurting my feelings. ( I am only joking when I am making these statements. I still do not understand why they do not pre-approve me).

Re: Why is it so difficult to get pre-approval from Credit One

Anonymous — Thu, 13 Aug 2020 17:45:02 GMT

@Red1Blue wrote:
I feel like orphan not being able to get pre-approval for Credit One bank. I have 5 COs repoting. Tons of lates. My scores are meager low 600s. What is wrong with this picture. Whey they do not pre-approve me? I would think I am a perfect candidate for them make money out of me with fees and interest. I feel sad. They are hurting my feelings. ( I am only joking when I am making these statements. I still do not understand why they do not pre-approve me).

They probably think with 5 COs that you're more likely to cost them money than make them money. With the pandemic situation going on right now, even the most stable lenders like NFCU are adjusting their standards. Subprime is the first to tank when the economy does so it doesn't surprise me that Credit One would tighten up too.

Re: Why is it so difficult to get pre-approval from Credit One

Remedios — Thu, 13 Aug 2020 17:51:55 GMT

@Red1Blue occam's razor answer

They've deemed you too much of the risk.

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too.

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit.

Re: Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 17:53:39 GMT

@Anonymous wrote:
@Red1Blue wrote:
I feel like orphan not being able to get pre-approval for Credit One bank. I have 5 COs repoting. Tons of lates. My scores are meager low 600s. What is wrong with this picture. Whey they do not pre-approve me? I would think I am a perfect candidate for them make money out of me with fees and interest. I feel sad. They are hurting my feelings. ( I am only joking when I am making these statements. I still do not understand why they do not pre-approve me).
They probably think with 5 COs that you're more likely to cost them money than make them money. With the pandemic situation going on right now, even the most stable lenders like NFCU are adjusting their standards. Subprime is the first to tank when the economy does so it doesn't surprise me that Credit One would tighten up too.

Last year this time I had 22 COs and 7 CAs. I got them all started cleaning up left with 5 COs more to go. I get so many letters from First Premier, Surge and other bottom feeders asking me to apply. What market Credit One is trying to serve? You think I am in the bottom feeder rank or decent up coming rank?

Re: Why is it so difficult to get pre-approval from Credit One

wasCB14 — Thu, 13 Aug 2020 17:54:54 GMT

@Remedios wrote:
@Red1Blue occam's razor answer
They've deemed you too much of the risk.

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too.

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit.

5/24

No more than 5 new accounts in the last 24 days.

Re: Why is it so difficult to get pre-approval from Credit One

Red1Blue — Thu, 13 Aug 2020 17:56:01 GMT

@Remedios wrote:
@Red1Blue occam's razor answer
They've deemed you too much of the risk.

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too.

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit.

Hi Remy, I know what you are saying. I do not need their card. I am just curious what they think that I am not qualified for. If I did not pay all the COs then they would approve it?

Re: Why is it so difficult to get pre-approval from Credit One

coldfusion — Thu, 13 Aug 2020 18:06:48 GMT

@gdale6 wrote:
I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....

I wouldn't suggest doing it for giggles and grins. I did it once for fun, got preapproved, and got emailbombed for months afterward.

Re: Why is it so difficult to get pre-approval from Credit One

Remedios — Thu, 13 Aug 2020 19:42:11 GMT

@Red1Blue wrote:
@Remedios wrote:
@Red1Blue occam's razor answer
They've deemed you too much of the risk.

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too.

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit.

Hi Remy, I know what you are saying. I do not need their card. I am just curious what they think that I am not qualified for. If I did not pay all the COs then they would approve it?

I think in your case, "when" is more of a function of time than anything else.

While paying debt is commendable, there has to be a significant period of time from the last derog (once paid).

Lenders want to see "good behavior" before they extend credit, and different lenders have different ideas on what sufficient time means.

They would approve eventually, but by that time you should be in a much better place and Credit One shouldn't be on your radar.