Cap 1 Prepproval - Secured Platinum and Quicksilver One?

[PerArduaAdAstra]

Helping a friend bounce back from BK and following the 24 month to 700 plan.

He has had a NFCU secured for about 9 months and we're looking to move onto the first unsecured card step.

Capital One bought a debt from another creditor pre-BK and it was charged off in the BK. But he is receiving the following pre-quals from Cap 1 currently:

Quicksilver Rewards - Variable APR

Quicksilver One - Fixed APR

Secured Platinum

What's odd to me is that they are offering him a Fixed APR preapproval on a much more difficult card to get than the Platinum or the Quicksilver cash rewards. And only a secured version of the Platinum.

Is it worth taking a shot at the Quicksilver One even though he's only being offered a secured Platinum and a Variable APR Quicksilver rewards?

From what I understand, Cap 1 preapproval is supposed to be very solid with Fixed APR. But I just can't make sense of why lesser cards would be a secured and variable APR offer, while the harder card would be a solid prequal.

Thanks in advance for your help.

TL;DR  - Debt got sold to Cap 1 pre BK. 9 months post BK with secured NFCU card. Will Cap 1 approve prequalified Quicksilver One even though they are only offering secured Platinum?

[Ficoproblems247]

You have the cards backward. QS1 is considered a sub-prime card, and is being shown with a fixed APR, as it is only offered with one APR for any and all applicants. It does not matter if your credit score is a 580 or an 850, you will be granted the lovely rate of 26.99% APR if you apply for the QS1, along with an AF for a 1.5% CB card. The regular QS is showing a variable interest rate because they consider it to be one of their prime cards, and will be offered at an interest rate that is dependent upon the applicants credit profile. It has the same 1.5% CB rewards as the QS1, along with no AF. If your have your heart set on applying for Cap1 and taking 3 HPs in the process, I would go for the standard QS, NOT the QS1. To be fair, Cap1 is great for rebuilding as long as you have tempered expectations. It is possible they will end up with a card that does not grow and increase as their profile improves, however doing business with them to fuel a rebuild is a far better experience than having to turn to the other more predatory lenders out there. 

[OmarGB9]

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@Ficoproblems247 wrote:

You have the cards backward. QS1 is considered a sub-prime card, and is being shown with a fixed APR, as it is only offered with one APR for any and all applicants. It does not matter if your credit score is a 580 or an 850, you will be granted the lovely rate of 26.99% APR if you apply for the QS1, along with an AF for a 1.5% CB card. The regular QS is showing a variable interest rate because they consider it to be one of their prime cards, and will be offered at an interest rate that is dependent upon the applicants credit profile. It has the same 1.5% CB rewards as the QS1, along with no AF. If your have your heart set on applying for Cap1 and taking 3 HPs in the process, I would go for the standard QS, NOT the QS1. To be fair, Cap1 is great for rebuilding as long as you have tempered expectations. It is possible they will end up with a card that does not grow and increase as their profile improves, however doing business with them to fuel a rebuild is a far better experience than having to turn to the other more predatory lenders out there. 

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Agreed, the QS One is their lower tier offering and the QS Rewards with no AF is their "prime" card. It may be worth rolling the dice to try to help the rebuild along.