Approval Odds for a Capital One SavorOne?

[Oops_I_Did_It_Again]

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@Anonymous wrote:

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@FinStar wrote:

Then again, you miss 100% of the shots you don't take. So, while it's understandable that you may still approach some things with caution, at some point, you have to rip the 🩹 off.  No risk, no reward.

Don't be afraid.

Apply.

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I agree but I think OP is right to be cautious about Capital One, because they do a tripple HP, and because their lending policies seem to be in a lot of 'flux'.   I don't think there is a compelling reason to go after Capital One if you have a 750 Fico score. There are other, easier to catch, tastier fish in the sea.

OP mentioned having 20% utilization.  Combined with a short history, that may be a handicap.  Depends mostly on your overall debt to income ratio, but if as you say it's convenient to pay off some of your debt and get down to 1%, your chances of being approved for cards would probably improve (Possibly a lot). 

I might offer a couple specific suggestions that take into account OP's interest in having a clearer idea of odds of approval

1. If you want to know exactly what you are going to get, try Goldman Sach's Apple card, Credit line and APR are provided as part of pre-approval process.  Stingy SLs but pretty easy to get a decent line of credit via CLIs (every six months or so).  If offer accepted, single HP TU.

2. Get a no fee savings account at Regions and check for offers, they provide the SL and starting APR.  Single HP TU.

3. Get a checking account at BofA (they have an account with a fee of about $7, with no overdraft protection), and wait for them to put a Cash Rewards (they now call Custom Cash Rewards or something) or some other goody in your "Special offer and deals for you" -- those are thought to be very solid offers.  You probably won't get an offer for a while (it took about 9 months in my case).  It's best to get your money's worth and use the account, for example to pay bills, so they can check out your cash flow.  Single HP EX.

4. (?) FNBO has a pre-approval page (search 'FNBO pre-approval' on this forum) that provides SL & APR, but this one still bears watching -- it's a new thing with them and there is some uncertainty about how solid their pre-approvals are. For me the jury is still out.  Single HP (EX?)

5. I was  5/24+ pretty quickly and before I knew about Chase's rule, but I think Chase pre-approvals are thought to be good ones.  Single or double pull, CB varies.

6. Assuming you have no previously unsatisfactory relationship issues and you can slenderize your utiliztion, I think you'd very easily be able to get American Express cards. Single HP EX, usually SPs for existing customers.

I guess that was more like my 10 bucks rather than my 2 cents!  Sorry if overly long.

[recoveringfrombk7]

If you choose to apply I would not do so with 20% utilization.  I think that's more worrisome to a lender, particularly with the pandemic and most programs winding down (rent moratorium, mortgage protection, stimulus checks, etc).  So if lenders are going to be sensitive to anything right now it's going to be carrying balances.  You didn't mention if it's just 20% across all cards (so a single card might be even higher), or if it's just a single card, or I missed it.

Hopefully, unless you have a 0% promo going on you aren't carrying balances beyond the grace period.  Most cards have obscenely high interest rates, particularly you mentioned a Target card.  Letting a balance post is obviously different than carrying a balance, but if you really want to put your best foot forward personally I'd get myself to AZEO and apply.  The gain is minor, but it is the very best you can appear when apping.  

Your 1 inquiry is not going to be what causes the denial.  You seem quite fixated on that, but compared to 20% uti it's nothing. 

[Anonymous]

Decided not to apply in the end.

Reason being Capital1 is weird and approving people with 640ish FICO scores with negatives and deniyng others with 800+ with a super clean profile. A triple pull to try is like eh. Also seems they like to bucket cards that will never see growth for whatever reasons they decide.

They also have never sent me a mailer for one with a SUB depsite what the prequal page said so that seems a bit inconsistent to me. I figured they would have already if they wanted me badly enough  

If they send me a mailer with a SUB I might come back to this othwise i'm out for now. 

[Horseshoez]

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@Anonymous wrote:

Decided not to apply in the end.

Reason being Capital1 is weird and approving people with 640ish FICO scores with negatives and deniyng others with 800+ with a super clean profile. A triple pull to try is like eh. Also seems they like to bucket cards that will never see growth for whatever reasons they decide.

They also have never sent me a mailer for one with a SUB depsite what the prequal page said so that seems a bit inconsistent to me. I figured they would have already if they wanted me badly enough  

If they send me a mailer with a SUB I might come back to this othwise i'm out for now. 

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Last week I got an alert on my CapOne account page as well as an E-Mail saying I was pre-approved for a SavorOne, with a SUB no less.  I'm actively gardening until late spring 2022, so I took a pass.