Are Cap 1 pre-approvals legit?

[ACN323]

Hi all,

I checked today and was pre-approved for all of the Capital One cards. I'm interested in the SavorOne specifically and was wanting to replace my Apple Card with it. I did burn Cap1 back in 2017 for $3.7k total. I did PIF the charge off with them earlier this year. $670 of that amount was a seperate acct that went to PRA which I PIF as well. My experian fico 8 is currently 697, and I'm at 5% utilization. 

Are their pre-approvals legit? I just don't want to apply and be denied because of the past charge off etc. I was also playing around with the Auto Navigator the past few months and was pre-qualified for 60k as well. I don't plan on buying a car, but was interested in the rates I would potentially get etc. 

Any info would be greatly appreciated. 

[FinStar]

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@ACN323 wrote:

Hi all,

I checked today and was pre-approved for all of the Capital One cards. I'm interested in the SavorOne specifically and was wanting to replace my Apple Card with it. I did burn Cap1 back in 2017 for $3.7k total. I did PIF the charge off with them earlier this year. $670 of that amount was a seperate acct that went to PRA which I PIF as well. My experian fico 8 is currently 697, and I'm at 5% utilization. 

Are their pre-approvals legit? I just don't want to apply and be denied because of the past charge off etc. I was also playing around with the Auto Navigator the past few months and was pre-qualified for 60k as well. I don't plan on buying a car, but was interested in the rates I would potentially get etc. 

Any info would be greatly appreciated. 

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They're fairly reliable, just keep in mind there will be a triple whipple™️ effect when they access all 3 CRAs. Just temper expectations as far as the SL given your current cards/limits and scores.

[ACN323]

@FinStar yes, part of my hesitation is the potential for a crappy starting limit as well. Don't need another 1k SL. 

[FinStar]

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@ACN323 wrote:

@FinStar yes, part of my hesitation is the potential for a crappy starting limit as well. Don't need another 1k SL. 

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Right. So, potentially 1K-3K would be my guess, but more on the conservative side. And, while they can be a decent lender for the right individual or profile, it's definitely a challenge to grow their products over time.

[ACN323]

@FinStar so I've heard lol. 
My DH has had a platinum that has never gone past $700 limit. He has mid 700 fico's and no lates in last 10 years. 

[CreditPacMan]

I checked their pre-qualification site a month ago, and it said I was pre-qualified for the SavorOne. But I wanted the Savor for the 4%, and I ended up applying for it anyway and they approved it!

So I'd say the site is a good indication of your chances. IMO, SL depends on your other cards.. do you have other cards with high CL?

[ACN323]

@CreditPacManso great to hear! Congrats!

No, my highest limit is my Disco with 1.7k but that's my card I started my rebuild with. They literally just gave me a CLI for $700 a year after the card graduated. I mean my Amex Gold has allowed me to throw a few thousand on it in a billing cycle, but that's not a revolver. I'm kind of stuck with the 1k-1.5k limits, which I want to avoid in the future. 

Do you mind me asking, what SL you were approved for? Do you have any baddies? 

[SUPERSQUID]

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@ACN323 wrote:

Hi all,

I checked today and was pre-approved for all of the Capital One cards. I'm interested in the SavorOne specifically and was wanting to replace my Apple Card with it. I did burn Cap1 back in 2017 for $3.7k total. I did PIF the charge off with them earlier this year. $670 of that amount was a seperate acct that went to PRA which I PIF as well. My experian fico 8 is currently 697, and I'm at 5% utilization. 

Are their pre-approvals legit? I just don't want to apply and be denied because of the past charge off etc. I was also playing around with the Auto Navigator the past few months and was pre-qualified for 60k as well. I don't plan on buying a car, but was interested in the rates I would potentially get etc. 

Any info would be greatly appreciated. 

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I burned cap 1 for 4k-5k in bk7 12/2019 and they preapproved me in may for 300 platinum unsecured and gave me the card

[CreditPacMan]

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@ACN323 wrote:

@CreditPacManso great to hear! Congrats!

No, my highest limit is my Disco with 1.7k but that's my card I started my rebuild with. They literally just gave me a CLI for $700 a year after the card graduated. I mean my Amex Gold has allowed me to throw a few thousand on it in a billing cycle, but that's not a revolver. I'm kind of stuck with the 1k-1.5k limits, which I want to avoid in the future. 

Do you mind me asking, what SL you were approved for? Do you have any baddies? 

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For the Savor?

I was approved for $5k. This seems to be the limit Cap1 likes to hand out for high end cards. I will put some spend on it and request a CLI in 90 days.

I don't have any baddies, just been paying off a huge credit card debt for the past a year and half. 

[Anonymalous]

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@ACN323 wrote:

No, my highest limit is my Disco with 1.7k but that's my card I started my rebuild with. They literally just gave me a CLI for $700 a year after the card graduated. I mean my Amex Gold has allowed me to throw a few thousand on it in a billing cycle, but that's not a revolver. I'm kind of stuck with the 1k-1.5k limits, which I want to avoid in the future. 

You seem to have two conflicting desires. You want the SavorOne, but you also want a higher credit limit. Have you considered the alternative? If you get a card from an institution known for higher limits, you might not get exactly the card you want, but you'll have a better chance of getting a higher limit. You already have a relationship with AmEx with reasonable spend, so maybe one of their credit cards like Blue Cash Everyday. Or a credit union like NASA, PenFed, Navy, or something local.