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I have been on this rebuilding journey for almost two years now. For almost one year, I've been getting pre-approvals for First Premier and Credit One and local banks that want to charge half the loan amount in finance fees. Today I got my first pre-approval for a card that is not subprime! Granted it's not Citi Bank or even Discover, but Capital One is a great lender and their BuyPower card is a World Elite Mastercard! So it has me wondering, do they really want to give me a card?! The letter has a firm APR and not a general range, which I read is a sign that they've soft pulled my credit and this is what they'd offer. I did not think my credit was at the point where I could get a WEMC yet, but I have been working on it and haven't checked my scores lately so who knows.
What do y'all think? Is this a real pre-approval, or are they just trying to get me along with everyone else to apply? I would love to finally enter Primeville!
My co-worker received one of those and they're pretty solid. Yes it's a WEMC but don't be fooled into thinking that will equate to a high credit limit. He was approved for $300 and yes, it did come as a WEMC...just a very low limit one. Check around the forum here and it's pretty common for those cards to be issued with limits ranging from $300-$750 initially. Some folks have gotten more but it's very few and far between. So to answer your question, yes, those are pretty solid pre-approvals...but don't go in with really high hopes.
@Loquat wrote:My co-worker received one of those and they're pretty solid. Yes it's a WEMC but don't be fooled into thinking that will equate to a high credit limit. He was approved for $300 and yes, it did come as a WEMC...just a very low limit one. Check around the forum here and it's pretty common for those cards to be issued with limits ranging from $300-$750 initially. Some folks have gotten more but it's very few and far between. So to answer your question, yes, those are pretty solid pre-approvals...but don't go in with really high hopes.
Ok, thanks! I wonder if Cap One does credit steps on their BuyPower cards as well? I don't need any more low limit cards. I finally got my other Cap One cards up in the thousands.
They do indeed do credit steps with this card...he's enrolled in it.
If you like GM cars & are planning on buying a new one in the future then get it. I got mine back in 12/15 & I wish I hadn't. My scores were around yours. I was also excited because of the World Elite thing. And I also got the pre-approved mailer. Plus I'm also rebuilding & Cap One has been good to me. After 18 months with Quicksilver One, I have a $6000 credit limit. So anyways, I got the Buypower Card & got a $300 limit. I used it a lot & paid it off several times a month. In the first 6 months, I probably put about 4k through it. I asked for a Credit Limit increase after the 3rd statement (like I did with the other Cap One card) and I got denied. I tried again at the 6 month mark after I opened it & I got denied again. The day after the 6th statement, they gave me an auto credit limit increase of (wait for it...) $200. It's now at $500. Wow!? They even sent me a letter congratulating me. I paid the damn thing off & now it sits in my sock drawer with no balance. I thinking of closing it once the hard pulls wears off in January. I really regret it. Heck, I don't even like GM cars. Oh yeah, their website is pretty crappy, too. They seem to be a different division of Cap One. It's a completely different website. I have the Cap One app on my phone which this card doesn't connect with. BuyPower my @#$#%!!! That's been my experience.
I have the BuyPower card. SL was $3000, went for cli after one year, got a whopping $750. Called, was told they'd have to do a manual approval, at which point I said "no thanks". Used it primarily for business expenses for a year, and have generated around $140 towards a new purchase. Its in my sock drawer now. There are better options, even from Cap One.
Thanks for the responses everyone! I think I'll pass on it. Obviously my scores and reports are improving, so I'll wait til Discover wants me ![]()
Started at $5k at 6-7 months went to $10k at 15 months went to $11k. I use it to automatically pay my monthly auto insurance and refill my starbucks card and EZ Pass. In less than 2 years I currently have $600 banked toward a 2018 truck (should be $1500+ by the time I use it for a new vehicle).
GM BuyPower card pays 5% back on anything toward a new GM Vehicle - very specific purpose, not designed to be a general spending card for points or cash back. Personally I have closed every Cap-1 card I ever had due to crappy Cap-1 front line service and high APR's compared to my other cards - it would take a lot to get me to ever consider opening any standard Cap-1 branded card today, but I find the BuyPower card very useful for MY purposes and while the $11k credit limit is on the lower side of most of my general spending cards, I pay in full every month and will never get close to using that limit so it's a non-factor.
There are lots of "prime" cards that open with low limits including AmEx, Citi, Chase and Barclays, especially with marginal FICO scores - if the benefits of this specific card are useful then consider it, if they are not than this isn't a card you should go for in my opinion (sure beats the Credit One, First Premier, et al offers). My Wife's Discover started at a $800 credit limit (currently $1200), her true TU score is 813 - she doesn't use it because of the low limit, but it'll grow.
BMW, Lexus, Mercedes, etc all offer branded cards - some are very specific as to rewards and others are lower limits starting out, most are not low APR cards - these are not general spend cards either (in most cases). Nitce cards are just that, specific purposes which may or may not fit your needs.
| Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |










this is way better move for you than applying for this crappy card. Your score will increase so does your limit![]()
@Anonymous wrote:Thanks for the responses everyone! I think I'll pass on it. Obviously my scores and reports are improving, so I'll wait til Discover wants me