CAP1 buypowercard pre approval??

[Anonymous]

I just received a pre approval mailer for the Cap1 buypowercard. I am definitly interested but scared to apply because the last 2 pre approval or pre selected mailers I applied for I was denied. I also currently have a Cap1 secured and Cap1 QS1 and believe I have heard they only allow you to have 2 accts. Can anyone give some advice?

[Anonymous]

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@Anonymous wrote:

I just received a pre approval mailer for the Cap1 buypowercard. I am definitly interested but scared to apply because the last 2 pre approval or pre selected mailers I applied for I was denied. I also currently have a Cap1 secured and Cap1 QS1 and believe I have heard they only allow you to have 2 accts. Can anyone give some advice?

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The GM Buypower card is a seperate CO card, it will not conflict with actual CO cards. IMO the buypower is not that good of a card due to its SUPERLOW SL and the fact that they hardly ever do CLI. I would get my foot in with Penfed and let your relationship with them grow. CU's are the best way to go for great CL, and evertyhing else that you will ever need.

[creditguy]

The buypower card is only really useful if your going to purchase a GM card or if you want a WEMC. The SL's are hit or miss and have generally been on the lower end, like $300 low end. Of course you never know until you apply. I would not take the mailer to be a genuine pre approval though, many receive it and are denied approval. Unless it really appeals to you I'd probably take a pass and move on. If you do decide to apply it's only a single pull, usually EQ, instead of the dreaded triple pull other Cap One cards use, good luck.

[MrsCHX]

Ditto others. 

I like that it's a WEMC because as a rebuilder that's generally  not an option, but agreed that SL is probably going to be $300 or $500. I've seen a person or two get $1500.

Also, my BuyPower card is in credit steps but it is different from other Cap One cards. Basically a branded card backed by CO.

You have some decent scores right now though so if you want...go for it! I got approved with scores in the low 600s. ETA: I don't know which bureau was pulled but if it was EQ for me, that score was closer to 580 at time of approval.

[RonM21]

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@Anonymous wrote:

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@Anonymous wrote:

I just received a pre approval mailer for the Cap1 buypowercard. I am definitly interested but scared to apply because the last 2 pre approval or pre selected mailers I applied for I was denied. I also currently have a Cap1 secured and Cap1 QS1 and believe I have heard they only allow you to have 2 accts. Can anyone give some advice?

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The GM Buypower card is a seperate CO card, it will not conflict with actual CO cards. IMO the buypower is not that good of a card due to its SUPERLOW SL and the fact that they hardly ever do CLI. I would get my foot in with Penfed and let your relationship with them grow. CU's are the best way to go for great CL, and evertyhing else that you will ever need.

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+1

Agree with all of this.  The limits I've seen on this card tend to be very low, and I'm a huge fan of CU's for the same reasons.

[CountryLivin]

I have this card, and it was a preapproval......my SL was only $300, but I like the card and I use it often. I already have almost $300 on savings for a new GM car and I have only been using this card since February. I use it and pay it off often.

[UncleB]

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@creditguy wrote:
The buypower card is only really useful if your going to purchase a GM card or if you want a WEMC. The SL's are hit or miss and have generally been on the lower end, like $300 low end. Of course you never know until you apply. I would not take the mailer to be a genuine pre approval though, many receive it and are denied approval. Unless it really appeals to you I'd probably take a pass and move on. If you do decide to apply it's only a single pull, usually EQ, instead of the dreaded triple pull other Cap One cards use, good luck.

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+1 to all of the above...

I'll also add that the BuyPower card also isn't eligible to be combined with another Capital One card later on, if that's something that you think might be important. 

[Anonymous]

Thank for all of the great input. I did become a penfed member a few weeks ago and was denied the Promise card. It gets frustrating when ur denied bc u don't have enough accts but u can't obtain anymore decent ones! Lol...oh well. I'll play the waiting game and I know eventually my time will come. I had no clue that the Buypowercard had such a small SL...glad I asked....thanks again!