cancel
Showing results for 
Search instead for 
Did you mean: 

BuyPower pre-approval - Are they for real???

tag
Anonymous
Not applicable

BuyPower pre-approval - Are they for real???

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!

Message 1 of 10
9 REPLIES 9
Loquat
Moderator Emeritus

Re: BuyPower pre-approval - Are they for real???

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.  

Message 2 of 10
Anonymous
Not applicable

Re: BuyPower pre-approval - Are they for real???


@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.

Message 3 of 10
Loquat
Moderator Emeritus

Re: BuyPower pre-approval - Are they for real???

They do indeed do credit steps with this card...he's enrolled in it.  

Message 4 of 10
kmr2012
New Member

Re: BuyPower pre-approval - Are they for real???

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.

Message 5 of 10
Viva-LV
Frequent Contributor

Re: BuyPower pre-approval - Are they for real???

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.

Am Ex | BOA | Chase | Citi | Disc | PenFed | USB | 400K Club
Message 6 of 10
Anonymous
Not applicable

Re: BuyPower pre-approval - Are they for real???

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 Smiley Happy

Message 7 of 10
pipeguy
Senior Contributor

Re: BuyPower pre-approval - Are they for real???

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.

 

Message 8 of 10
RonM21
Valued Contributor

Re: BuyPower pre-approval - Are they for real???

Nothing wrong with passing on it, if you think you aren't ready or don't need it yet. Smart move as you want to do what is good for your personal situation first.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 9 of 10
Anonymous
Not applicable

Re: BuyPower pre-approval - Are they for real???

this is way better move for you than applying for this crappy card.  Your score will increase so does your limitSmiley Happy


@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 Smiley Happy


 

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.