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Capital 1 Prequal Offers

WannaBcreditNerd
Contributor

Capital 1 Prequal Offers

Good day,

I just filled out the credit prequall tool for capital one credit card prequal offers. They came back with three offers

Platinum Master was the first card.

Then they suggested Quicksilver

Then they also suggested a secured card

 

Each card had an apr rating.

If i could upload a image i would show how it looks.

 

Can you help me with what this means. I have a 628 score from discover.

Thank you.

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 1 of 18
17 REPLIES 17
FinStar
Moderator

Re: Capital 1 Prequal Offers

Well, the APRs are definitely going to be higher regardless of which card you select.  Is Discover the only CC that you have?  What's the limit on it?  

An item to keep in mind, if that matters to you, if you decide to pull the trigger with Capital One, there will be 3 Hard Pulls (one for each CRA) when the application is submitted.

Message 2 of 18
Ficoproblems247
Established Contributor

Re: Capital 1 Prequal Offers

I believe it is telling you that you are pre-qualified for any one of those three cards. If it were me, I would take the platinum, and I will explain why I say that. First, eliminate the secured card from the equation as there is no need since they are offering you two unsecured products. The QuicksilverOne (you referred to it as the QS, however it is actually the QS1 which is a different card) earns 1.5% cash back but comes with a $39 annual fee. Once you open a QuicksilverOne account, it is the most difficult out of all of their cards to ever change/upgrade to a better card, or one without a AF. The platinum card comes with no rewards, however it also has no AF. Quite a lot of people are successful with upgrading their Platinum cards to a regular Quicksilver (the version with no AF) in roughly the first 100-180 days their account is open. If you're looking at things in the long term, the Platinum likely has the best overall value. 

Your siggy says you currently have 3 cards. What are they and what are their current limits?

 

edited for spelling


FICO 8 Mar '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 3 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers

Platinum Mastercard
Primary Benefit
Get the credit you need with no annual fee.
Purchase APR
26.99% variable APR
Transfer Information
26.99% variable APR; No Transfer Fee
Annual Fee $0

We also suggest
Quicksilverone Rewards
Primary Benefit
Earn unlimited 1.5% cash back on every purchase, every day
Purchase APR
26.99% variable APR
Transfer Information
26.99% variable APR; No Transfer Fee
Annual Fee $39

Secured Mastercard
Primary Benefit
Refundable deposit of $49, $99 or $200 gets you a $200 initial credit line. Be automatically considered for a higher credit line in as little as 6 months
Purchase APR
26.99% variable APR
Transfer Information
26.99% variable APR; No Transfer Fee
Annual Fee $0

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 4 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@FinStar wrote:

Well, the APRs are definitely going to be higher regardless of which card you select.  Is Discover the only CC that you have?  What's the limit on it?  

An item to keep in mind, if that matters to you, if you decide to pull the trigger with Capital One, there will be 3 Hard Pulls (one for each CRA) when the application is submitted.


 

I do not have a discover credit card, I use their free service to get my credit score. I will app for discover in the near future,, I just do think discover will approve me yet. That is good info on the hard pulls. Will they pull three hard pulls even for a secure card?

 

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 5 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@Ficoproblems247 wrote:

I believe it is telling you that you are pre-qualified for any one of those three cards. If it were me, I would take the platinum, and I will explain why I say that. First, eliminate the secured card from the equation as there is no need since they are offering you two unsecured products. The QuicksilverOne (you referred to it as the QS, however it is actually the QS1 which is a different card) earns 1.5% cash back but comes with a $39 annual fee. Once you open a QuicksilverOne account, it is the most difficult out of all of their cards to ever change/upgrade to a better card, or one without a AF. The platinum card comes with no rewards, however it also has no AF. Quite a lot of people are successful with upgrading their Platinum cards to a regular Quicksilver (the version with no AF) in roughly the first 100-180 days their account is open. If you're looking at things in the long term, the Platinum likely has the best overall value. 

Your siggy says you currently have 3 cards. What are they and what are their current limits?

 

edited for spelling


Thank you for you insight, my goal is to have an unsecure card, it makes a lot of sense to have a card without the AF.  I am definitely in it for the marathon and growth. I believe in your statement that the Platinum card would be best for me. My question is how do I know if I have a good chance of getting approved. At the moment I have no hard credit pulls on my credit for 9 years, only soft .

 

My three credit cards are all secure cards. 

1. Open sky $300

2. Assent Card $400

3. First Progress $500

 

I have zero balance on them at this time. I have used them on a regular basis since receiving them in June of and July of 2020. OpenSky offered me a second card but I declined it.

After 180 days will I need to re-app for the new card, or will capital one just offer it outright?

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 6 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@WannaBcreditNerd wrote:

@FinStar wrote:

Well, the APRs are definitely going to be higher regardless of which card you select.  Is Discover the only CC that you have?  What's the limit on it?  

An item to keep in mind, if that matters to you, if you decide to pull the trigger with Capital One, there will be 3 Hard Pulls (one for each CRA) when the application is submitted.


 

I do not have a discover credit card, I use their free service to get my credit score. I will app for discover in the near future,, I just do think discover will approve me yet. That is good info on the hard pulls. Will they pull three hard pulls even for a secure card?

 


Is there language in Pre-qualified offers or Pre-approvals that will let you know the chances of you getting approved for one of their offers?

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 7 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers

I meant to say I do not think discover will approve me for a cc at this time? I started with 15 baddies have now been aged off and disputed off for validation reasons. I am now left with 6 reemaining but paid one for delete two days ago, and will pay another one on friday so that will leave me for baddies. The one that I will pay on friday will not delete, but  i will pay anyways, it will remain on my credit for two more years.

I am hoping to establish 7 new unsecure major credit cards by the end of the year in addition to the 3 that I already have. I just do not know if I should keep the secure cards for age requirements, i am not being charge AF for any of them, and I do not really need the money from them.

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 8 of 18
Ficoproblems247
Established Contributor

Re: Capital 1 Prequal Offers

In this case Cap1 is a great non-predatory card to help you in your rebuild. I would hop on Discover's website and try their prequalify option to see if they have any offers for you. If you are indeed letting all 3 of your revolvers report in at a 0 balance, I would highly suggest letting one report with a small balance (ideally less than 9%), as you are currently receiving an "all zero" penalty on your FICO scores for not using any credit. This will give you a boost in your scores. I believe you have a very solid chance of being approved for that Cap1 platinum card as their prequals tend to be reliable. I believe Discover will let you try their prequalify site once per week too, which is pretty awesome! Those are two non-predatory lenders that will issue unsecured credit with scores in the range you're in. You are definitely borderline for Disco, but give their prequalify tool a spin and see how it comes back for you!


FICO 8 Mar '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 9 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@Ficoproblems247 wrote:

In this case Cap1 is a great non-predatory card to help you in your rebuild. I would hop on Discover's website and try their prequalify option to see if they have any offers for you. If you are indeed letting all 3 of your revolvers report in at a 0 balance, I would highly suggest letting one report with a small balance (ideally less than 9%), as you are currently receiving an "all zero" penalty on your FICO scores for not using any credit. This will give you a boost in your scores. I believe you have a very solid chance of being approved for that Cap1 platinum card as their prequals tend to be reliable. I believe Discover will let you try their prequalify site once per week too, which is pretty awesome! Those are two non-predatory lenders that will issue unsecured credit with scores in the range you're in. You are definitely borderline for Disco, but give their prequalify tool a spin and see how it comes back for you! 

 


Wow that is awesome info, so I made a mistake by keeping the balance that low. I will correct that in the near future. I was hoping that I would have a higher score with 0 utilization too funny that I will get a penalty for that. But i am learning and thank you. I will try discover to see how that will work and hopefully good news will come of it. So the prequal for capital one is pretty accurate. If I do not get approved for the platinum, will that automatically offer me the secure? If they do offer me the secure, will it cause them to run an additional hard pull?

Rebuild Started: 6/04/2020
Starting Credit 453
No Credit Cards: 6/04/20
Last App: 7/5/2020
3 Credit Cards as of 7/27/2020
Total Credit Limit: $1,200
Fico: 628 1/06/2021
No Hard Pulls as of 1/27/2021
Fico 8: EQ 633, EX 644, TU 634 1/24/2021
Fico 8: EQ 633, EX 644, TU 639 1/28/2021
Vantage AMX; 616 01/28/2021
Credit Score Goal: 720
Message 10 of 18
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