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Capital 1 Prequal Offers

Ficoproblems247
Established Contributor

Re: Capital 1 Prequal Offers

If Cap1 offers you an alternative to the card you applied for it will not be another pull. As stated earlier, however, Cap1 will pull all 3 bureaus for an approval. They are one who won't necessarily shy away from approving you while you have COs reporting which is one of many reasons so many people use them for rebuilding purposes. I feel like Disco may only offer you a secured card at this point (but the only way to know is to check their prequal tool). If that is the case you have a couple options. Their secured card is one of the absolute best ones out there and can graduate to unsecured as early as 7 statements. Your other option is to wait until your reports update and keep trying their prequal site if you're turned down the first time. You won't make them upset by checking repeatedly as your profile improves. It's all up to you as to how fast you want to take things. NOW, keep in mind that you already have 3 revolving cards. Opening new accounts is not going to improve your credit. I understand and agree that the next logical step is to move on to unsecured cards and I think that is what you should slowly transition to, but don't fall into the trap of thinking more is better. For maximum FICO scoring you only need 3 revolving accounts, and 1 installment account open. As you are able to be approved for 3 unsecured cards, you may close out your secured cards. As your unsecured cards age and your negative items also age and/or fall off, you will finally be able to apply and be approved for the 'prime' cards that have rewards that fit your unique spend. It truly is a marathon. 


FICO 8 Mar '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 11 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@Ficoproblems247 wrote:

If Cap1 offers you an alternative to the card you applied for it will not be another pull. As stated earlier, however, Cap1 will pull all 3 bureaus for an approval. They are one who won't necessarily shy away from approving you while you have COs reporting which is one of many reasons so many people use them for rebuilding purposes. I feel like Disco may only offer you a secured card at this point (but the only way to know is to check their prequal tool). If that is the case you have a couple options. Their secured card is one of the absolute best ones out there and can graduate to unsecured as early as 7 statements. Your other option is to wait until your reports update and keep trying their prequal site if you're turned down the first time. You won't make them upset by checking repeatedly as your profile improves. It's all up to you as to how fast you want to take things. NOW, keep in mind that you already have 3 revolving cards. Opening new accounts is not going to improve your credit. I understand and agree that the next logical step is to move on to unsecured cards and I think that is what you should slowly transition to, but don't fall into the trap of thinking more is better. For maximum FICO scoring you only need 3 revolving accounts, and 1 installment account open. As you are able to be approved for 3 unsecured cards, you may close out your secured cards. As your unsecured cards age and your negative items also age and/or fall off, you will finally be able to apply and be approved for the 'prime' cards that have rewards that fit your unique spend. It truly is a marathon. 

 


That is such great news. I lucked up with getting three cards without a credit pull. I am now attempting to get a active loan. I am trying to find a company that will provide me a secure load without a hard credit pull if possible.

 

I do not mind getting a capital one, but boy do they hit you across the board. If they offer me the alternative card which could be secure, do they give issues with converting to unsecure with that cc?

Is there a certain threshold (credit score, time of having the secured cards) when to close my secure cards so they do not have a negative impact on my credit?

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 12 of 18
FinStar
Moderator

Re: Capital 1 Prequal Offers


@WannaBcreditNerd wrote:

@Ficoproblems247 wrote:

If Cap1 offers you an alternative to the card you applied for it will not be another pull. As stated earlier, however, Cap1 will pull all 3 bureaus for an approval.

 


That is such great news. I lucked up with getting three cards without a credit pull. I am now attempting to get a active loan. I am trying to find a company that will provide me a secure load without a hard credit pull if possible.

 

I do not mind getting a capital one, but boy do they hit you across the board. If they offer me the alternative card which could be secure, do they give issues with converting to unsecure with that cc?

Is there a certain threshold (credit score, time of having the secured cards) when to close my secure cards so they do not have a negative impact on my credit?


Just a point of clarification since it didn't seem to address it directly from the above response.  If you apply for a Capital One unsecured card, such as Platinum or Quicksilver One, if denied, they will not offer an alternative.  So, you can decide if you want to try the secured route or not with their card.

 

If you decide to apply for the secured card, and if approved, there's no timeframe when it will graduate or unsecure.  After a long period of the unsecured process coming to a halt, Capital One appears to have resumed unsecuring some individuals' cards, but not for everyone.   

Message 13 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers

Thank you for your response. That helps me with choosing to wait. I seen where others posted that they approve appers with co's on the credit but i should have asked if that was for secure cards or unsecure. Being that I have three secure cards at the time, I am really trying to focus on hitting the main stream. If I am approve for just one unsecure card from a major cc company I am hoping that it will have a positive chain reactions for other companies to approve me in the near future.

Do you have any experience with Cap1 approving with baddies for unsecure cards?


@FinStar wrote:

@WannaBcreditNerd wrote:

@Ficoproblems247 wrote:

If Cap1 offers you an alternative to the card you applied for it will not be another pull. As stated earlier, however, Cap1 will pull all 3 bureaus for an approval.

 


That is such great news. I lucked up with getting three cards without a credit pull. I am now attempting to get a active loan. I am trying to find a company that will provide me a secure load without a hard credit pull if possible.

 

I do not mind getting a capital one, but boy do they hit you across the board. If they offer me the alternative card which could be secure, do they give issues with converting to unsecure with that cc?

Is there a certain threshold (credit score, time of having the secured cards) when to close my secure cards so they do not have a negative impact on my credit?


Just a point of clarification since it didn't seem to address it directly from the above response.  If you apply for a Capital One unsecured card, such as Platinum or Quicksilver One, if denied, they will not offer an alternative.  So, you can decide if you want to try the secured route or not with their card.

 

If you decide to apply for the secured card, and if approved, there's no timeframe when it will graduate or unsecure.  After a long period of the unsecured process coming to a halt, Capital One appears to have resumed unsecuring some individuals' cards, but not for everyone.   


 

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 14 of 18
Caprisun987
Frequent Contributor

Re: Capital 1 Prequal Offers


@WannaBcreditNerd wrote:

Thank you for your response. That helps me with choosing to wait. I seen where others posted that they approve appers with co's on the credit but i should have asked if that was for secure cards or unsecure. Being that I have three secure cards at the time, I am really trying to focus on hitting the main stream. If I am approve for just one unsecure card from a major cc company I am hoping that it will have a positive chain reactions for other companies to approve me in the near future.

Do you have any experience with Cap1 approving with baddies for unsecure cards?


@FinStar wrote:

@WannaBcreditNerd wrote:

@Ficoproblems247 wrote:

If Cap1 offers you an alternative to the card you applied for it will not be another pull. As stated earlier, however, Cap1 will pull all 3 bureaus for an approval.

 


That is such great news. I lucked up with getting three cards without a credit pull. I am now attempting to get a active loan. I am trying to find a company that will provide me a secure load without a hard credit pull if possible.

 

I do not mind getting a capital one, but boy do they hit you across the board. If they offer me the alternative card which could be secure, do they give issues with converting to unsecure with that cc?

Is there a certain threshold (credit score, time of having the secured cards) when to close my secure cards so they do not have a negative impact on my credit?


Just a point of clarification since it didn't seem to address it directly from the above response.  If you apply for a Capital One unsecured card, such as Platinum or Quicksilver One, if denied, they will not offer an alternative.  So, you can decide if you want to try the secured route or not with their card.

 

If you decide to apply for the secured card, and if approved, there's no timeframe when it will graduate or unsecure.  After a long period of the unsecured process coming to a halt, Capital One appears to have resumed unsecuring some individuals' cards, but not for everyone.   


 


@WannaBcreditNerd Capital One will likely approve you for one of their 3 subprime cards with an active C/O reporting (The platinum, QS1, or the secured platinum). Sometimes they will even approve you with one of their own active C/O's reporting as long as its older than 2 years I believe.

 

If you didn't qualify for one of those three cards, the prequal tool wouldn't return any results at all.

 

Also, you can look up a shared secured loan with a credit union. Those are typically offered without a hard pull, but be careful to check if the credit union requires a hard pull for new members.

 

Last thing, you do have 3 revolvers already. Capital One can be a great tool for rebuilding, but it might be better to wait and see if you can get in with Discover.

 

Anyways good luck with your rebuild!

Message 15 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@Caprisun987 wrote:

@WannaBcreditNerd wrote:

Thank you for your response. That helps me with choosing to wait. I seen where others posted that they approve appers with co's on the credit but i should have asked if that was for secure cards or unsecure. Being that I have three secure cards at the time, I am really trying to focus on hitting the main stream. If I am approve for just one unsecure card from a major cc company I am hoping that it will have a positive chain reactions for other companies to approve me in the near future.

Do you have any experience with Cap1 approving with baddies for unsecure cards?


@FinStar wrote:

@WannaBcreditNerd wrote:

@Ficoproblems247 wrote:

If Cap1 offers you an alternative to the card you applied for it will not be another pull. As stated earlier, however, Cap1 will pull all 3 bureaus for an approval.

 


That is such great news. I lucked up with getting three cards without a credit pull. I am now attempting to get a active loan. I am trying to find a company that will provide me a secure load without a hard credit pull if possible.

 

I do not mind getting a capital one, but boy do they hit you across the board. If they offer me the alternative card which could be secure, do they give issues with converting to unsecure with that cc?

Is there a certain threshold (credit score, time of having the secured cards) when to close my secure cards so they do not have a negative impact on my credit?


Just a point of clarification since it didn't seem to address it directly from the above response.  If you apply for a Capital One unsecured card, such as Platinum or Quicksilver One, if denied, they will not offer an alternative.  So, you can decide if you want to try the secured route or not with their card.

 

If you decide to apply for the secured card, and if approved, there's no timeframe when it will graduate or unsecure.  After a long period of the unsecured process coming to a halt, Capital One appears to have resumed unsecuring some individuals' cards, but not for everyone.   


 


@WannaBcreditNerd Capital One will likely approve you for one of their 3 subprime cards with an active C/O reporting (The platinum, QS1, or the secured platinum). Sometimes they will even approve you with one of their own active C/O's reporting as long as its older than 2 years I believe.

 

If you didn't qualify for one of those three cards, the prequal tool wouldn't return any results at all.

Awesome, Cap1 returned three card offers, 1st was the platinum unsecure, 2nd was the QS1 unsecure but game with a suggestion, and the third offer was a secured card that also came with a suggestion.

 

Also, you can look up a shared secured loan with a credit union. Those are typically offered without a hard pull, but be careful to check if the credit union requires a hard pull for new members.

Ok perfect, I just opened three different credit union accounts, none of them used a hard pull to open up checking and savings accounts. They only checked checksystems. I will check into their shared loan accounts. Thank you.

 

Last thing, you do have 3 revolvers already. Capital One can be a great tool for rebuilding, but it might be better to wait and see if you can get in with Discover.

Ok good to know, once ready I will app for Discover hoping to get approved for a unsecured discover card. My credit scores are decent and  my utilization is low, but I still have the baddies. Hoping they are all reporting paid in the next 30 days.

 

Anyways good luck with your rebuild!


Thank you very much!

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 16 of 18
FinStar
Moderator

Re: Capital 1 Prequal Offers


@WannaBcreditNerd wrote:

@Caprisun987 wrote:

 


@WannaBcreditNerd Capital One will likely approve you for one of their 3 subprime cards with an active C/O reporting (The platinum, QS1, or the secured platinum). Sometimes they will even approve you with one of their own active C/O's reporting as long as its older than 2 years I believe.

 

If you didn't qualify for one of those three cards, the prequal tool wouldn't return any results at all.

Awesome, Cap1 returned three card offers, 1st was the platinum unsecure, 2nd was the QS1 unsecure but game with a suggestion, and the third offer was a secured card that also came with a suggestion.

 

Also, you can look up a shared secured loan with a credit union. Those are typically offered without a hard pull, but be careful to check if the credit union requires a hard pull for new members.

Ok perfect, I just opened three different credit union accounts, none of them used a hard pull to open up checking and savings accounts. They only checked checksystems. I will check into their shared loan accounts. Thank you.

 

Last thing, you do have 3 revolvers already. Capital One can be a great tool for rebuilding, but it might be better to wait and see if you can get in with Discover.

Ok good to know, once ready I will app for Discover hoping to get approved for a unsecured discover card. My credit scores are decent and  my utilization is low, but I still have the baddies. Hoping they are all reporting paid in the next 30 days.

 

Anyways good luck with your rebuild!


Thank you very much!


Just one thing to add in the event you decide to pull the trigger on Capital One.  If you go the unsecured route, I would suggest selecting the Platinum version vs. Quicksilver One.  

 

The reason being, it's easier to convert or upgrade to a much better product, like Quicksilver, for instance, than being stuck with something that you may not find as useful besides just building history and your profile.  At least with Quicksilver you can earn cashback.

Message 17 of 18
WannaBcreditNerd
Contributor

Re: Capital 1 Prequal Offers


@FinStar wrote:

@WannaBcreditNerd wrote:

@Caprisun987 wrote:

 


@WannaBcreditNerd Capital One will likely approve you for one of their 3 subprime cards with an active C/O reporting (The platinum, QS1, or the secured platinum). Sometimes they will even approve you with one of their own active C/O's reporting as long as its older than 2 years I believe.

 

If you didn't qualify for one of those three cards, the prequal tool wouldn't return any results at all.

Awesome, Cap1 returned three card offers, 1st was the platinum unsecure, 2nd was the QS1 unsecure but game with a suggestion, and the third offer was a secured card that also came with a suggestion.

 

Also, you can look up a shared secured loan with a credit union. Those are typically offered without a hard pull, but be careful to check if the credit union requires a hard pull for new members.

Ok perfect, I just opened three different credit union accounts, none of them used a hard pull to open up checking and savings accounts. They only checked checksystems. I will check into their shared loan accounts. Thank you.

 

Last thing, you do have 3 revolvers already. Capital One can be a great tool for rebuilding, but it might be better to wait and see if you can get in with Discover.

Ok good to know, once ready I will app for Discover hoping to get approved for a unsecured discover card. My credit scores are decent and  my utilization is low, but I still have the baddies. Hoping they are all reporting paid in the next 30 days.

 

Anyways good luck with your rebuild!


Thank you very much!


Just one thing to add in the event you decide to pull the trigger on Capital One.  If you go the unsecured route, I would suggest selecting the Platinum version vs. Quicksilver One.  

That is very helpful when my credit reports update shortly I will app for the Platinum. I am waiting for 5 collections to show paid or to show delete. That should happen in the next few weeks, one updated today.

 

The reason being, it's easier to convert or upgrade to a much better product, like Quicksilver, for instance, than being stuck with something that you may not find as useful besides just building history and your profile.  At least with Quicksilver you can earn cashback.

I like the thought of cashback. I use my cards for everything then pay them off. Thank you for your help.


 

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 18 of 18
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