topic Re: Capital One SavorOne? Apply or Wait? in Credit Cards

Capital One SavorOne? Apply or Wait?

tschaet — Sun, 20 Feb 2022 23:48:02 GMT

I am currently working on rebuilding my credit. I am repaying a closed credit card from a CU, but I currently have two open credit cards: one with Discover and one with Capital One. The usage on them has historically been high, but is coming down slowly. I also have an auto loan through Capital One.

Capital One sent me an email that I am pre-qualified for the Savor One card with them. I'm not sure how I "qualify" given the state of my credit currently, but should I attempt to get the approval on this or hold off for a bit? Obviously it would help spread my utilization out with an increase in my credit limit, but I am not sure if it's worth taking risk of a denial and hard inquiry at the moment. Thoughts?

Re: Capital One SavorOne? Apply or Wait?

OmarGB9 — Sun, 20 Feb 2022 23:48:33 GMT

To be honest, if the scores in your signature are current, they're rather low, and I believe their Savor card has slightly stricter UW requirements. The email they sent is most likely just marketing.

I'd personally hold off for a while until scores are at least 660+. I'd focus on addressing any negatives and paying down your current open cards first.

Re: Capital One SavorOne? Apply or Wait?

tschaet — Sun, 20 Feb 2022 23:49:29 GMT

@OmarGB9 wrote:
To be honest, if the scores in your signature are current, they're rather low, and I believe their Savor card has slightly stricter UW requirements. The email they sent is most likely just marketing.

I'd personally hold off for a while until scores are at least 660+. I'd focus on addressing any negatives and paying down your current open cards first.

Thanks! Yeah, I was thinking that as well. I went and did the pre-approval on their website after I got the email and it did show as one I was pre-approved for, but I don't think I should take the chance...not just yet.

Re: Capital One SavorOne? Apply or Wait?

OmarGB9 — Mon, 21 Feb 2022 00:33:05 GMT

No problem! And yea, especially since Capital One pulls ALL 3 bureaus.

Re: Capital One SavorOne? Apply or Wait?

TheBoondocks — Tue, 22 Feb 2022 18:05:36 GMT

- Time since most recent account opening is too short

- Length of time accounts have been established

- Too many inquiries last 12 months

- Lack of recent installment loan information

Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not

Re: Capital One SavorOne? Apply or Wait?

FinStar — Tue, 22 Feb 2022 18:33:28 GMT

@TheBoondocks wrote:
- Time since most recent account opening is too short
- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information

Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not

I don't think there's going to be much difference as far as the results with their core cards. I would venture the Walmart MC could have less stringent UW criteria, but if that's the case, then this would be a tell-tale sign that if you try their core cards (since you had contemplated doing so from your other thread) it may prove to be a futile effort.

Re: Capital One SavorOne? Apply or Wait?

tschaet — Wed, 23 Feb 2022 12:18:16 GMT

@FinStar wrote:
@TheBoondocks wrote:
- Time since most recent account opening is too short
- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information

Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not
I don't think there's going to be much difference as far as the results with their core cards. I would venture the Walmart MC could have less stringent UW criteria, but if that's the case, then this would be a tell-tale sign that if you try their core cards (since you had contemplated doing so from your other thread) it may prove to be a futile effort.

What does UW mean?

Re: Capital One SavorOne? Apply or Wait?

OmarGB9 — Wed, 23 Feb 2022 12:32:51 GMT

@tschaet wrote:
@FinStar wrote:
@TheBoondocks wrote:
- Time since most recent account opening is too short
- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information

Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not
I don't think there's going to be much difference as far as the results with their core cards. I would venture the Walmart MC could have less stringent UW criteria, but if that's the case, then this would be a tell-tale sign that if you try their core cards (since you had contemplated doing so from your other thread) it may prove to be a futile effort.
What does UW mean?

Underwriting

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

Re: Capital One SavorOne? Apply or Wait?

tschaet — Wed, 23 Feb 2022 12:34:01 GMT

Thank you

Re: Capital One SavorOne? Apply or Wait?

LADave — Thu, 24 Feb 2022 20:04:14 GMT

@TheBoondocks wrote:
- Time since most recent account opening is too short
- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information

Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not

Thanks for the tip - this seems like a nice tool to see why Capital One might deny an application for other (non-Walmart) cards.

Re: Capital One SavorOne? Apply or Wait?

RehabbingANDBlabbing — Fri, 25 Feb 2022 04:38:25 GMT

So I can tell you from experience, you should probably wait. My husband got an offer for the Savor One like this in his email. He did in fact get the card, even though his scores weren't that great. BUT, the problem is that the initial limit was $1,000. We have had the card and used it a lot for nearly 2 years and they have only increased the limit to $1,300. So I think it's likely you would get it if you got the email offer, but there wasn't a signup bonus with this offer and the card will be bucketed at a low limit, mostl likely for the life of the card.

Re: Capital One SavorOne? Apply or Wait?

Trini88 — Fri, 25 Feb 2022 04:45:16 GMT

@RehabbingANDBlabbing wrote:
So I can tell you from experience, you should probably wait. My husband got an offer for the Savor One like this in his email. He did in fact get the card, even though his scores weren't that great. BUT, the problem is that the initial limit was $1,000. We have had the card and used it a lot for nearly 2 years and they have only increased the limit to $1,300. So I think it's likely you would get it if you got the email offer, but there wasn't a signup bonus with this offer and the card will be bucketed at a low limit, mostl likely for the life of the card.

Yup, I got the email offer as well, applied and got the card. No sign up bonus 😑 🤣. Limit was whatever to me because this is my fast food/ internet bill card (so it's enough). But had I known there was no sign up bonus..... 😤