Capital One Pre-Qual YES Actual Qual NO!?!

FICOrising · ‎12-03-2015

I went to Capital One's web site and filled out their Pre-Qualification form. It came back and showed I was "pre-qualified" for Venture with a 17.9% variable APR, Venture One with 0% APR until December 2016, and Quicksilver with 0% APR until September 2016 with EQ 650 TU 675 EX 669.

After reading a lot of posts on this MyFICO forum I read that since Capital One pulls all three reports, that a lot of people apply for each card back to back within minutes to take one set of hard pulls instead of multiple pull. I decided to give that a shot.

Venture and Venture One both returned with a message saying "We attempt to provide an application decision in 60 seconds or less. On occasion, system availablity affect out aboloty to make a credit decision or, in some cases, we need to collect additional information. Unfortunately, we need more time to look into this for you. Keep an eye out for additional details regarding your appliction via e-mail or mail withing 7-10 business days. Until we contact you, please do not submit another application."

Quicksilver's message was "Unfortunately, we weren't able to approve you for this card."

1. Is an online pre-qualification followed by rejection a few minutes later normal?

2. How many points will Capital One's hard pull(s) drop my scores?

On a side note, I applied for a Discover Card a few minutes after leaving the Capital One site frustrated and was approved for a card with a $12,000 limit!

UPDATE - December 16, 2015: Thanks for all the great comments. I found out some more information so I wanted to give an update for anybody else in the same situation. I finally got my what I thought was going to be a Capitol One rejection letter in the mail, but you guys that mentioned them just needing to have a few questions answered were right. Turns out they had an issue with my address that they needed to confirm.

After confirmation, I found out that I got both Venture One with a $10,000 limit and Venture with a $15,000 limit!

In terms of the hit to my scores, my Experian went from 669 to 670!

Thanks again for all the insight!

Anonymous · ‎12-03-2015

@FICOrising wrote:
I went to Capital One's web site and filled out their Pre-Qualification form. It came back and showed I was "pre-qualified" for Venture with a 17.9% variable APR, Venture One with 0% APR until December 2016, and Quicksilver with 0% APR until September 2016 with EQ 650 TU 675 EX 669.

After reading a lot of posts on this MyFICO forum I read that since Capital One pulls all three reports, that a lot of people apply for each card back to back within minutes to take one set of hard pulls instead of multiple pull. I decided to give that a shot.

Venture and Venture One both returned with a message saying "We attempt to provide an application decision in 60 seconds or less. On occasion, system availablity affect out aboloty to make a credit decision or, in some cases, we need to collect additional information. Unfortunately, we need more time to look into this for you. Keep an eye out for additional details regarding your appliction via e-mail or mail withing 7-10 business days. Until we contact you, please do not submit another application."

Quicksilver's message was "Unfortunately, we weren't able to approve you for this card."

1. Is an online pre-qualification followed by rejection a few minutes later normal?
2. How many points will Capital One's hard pull(s) drop my scores?

On a side note, I applied for a Discover Card a few minutes after leaving the Capital One site frustrated and was approved for a card with a $12,000 limit!

1. On the Venture and Venture One, they will probably require some kind of verification, whether it is income or identity. Probably since you submitted them all at once, they maybe questioning your identity to make sure it was you applying. Don't know why they rejected you for he Quicksilver. Might be something related to how much applications they accept on their products at the same time.

2. No one can predict how many points you will lose. Alot will depend on the your profile and whatever loss will probably rebound when your Discover Card reports since your UTI will improve. By the way, Congratulations on that approval.

Anonymous · ‎12-03-2015

I believe the QS was rejected because you applied for Venture and Venture One which makes two apps and it I am certain they only allow to app two with in 30 days. I could be wrong but as for the Two Venture sounds like verification so they might email or call.

Rebuilding69 · ‎12-03-2015

Yeah. They did the same to me pretty much, however they were nice enough to give me the QS. I apped for the QS then the Venture a couple minutes later, after it showed I was pre-qual'd for both. They gave me a double triple pull & gave me the QS & denied the Venture. I won't be apping for the Venture card again. Not going to do this triple pull nonsense anymore with them. I'll probably combine my Plat MC & QS1 in the future when they equal 5k+, then PC to a Venture type card if that's possible.

Think I'll just stick with NFCU from ehre on out. They have no problem extending credit to me, but Cap1 seems stingy to me lol.

Anonymous · ‎12-03-2015

As far as applying for multiple cards simutaneously on CapOne, my successful experience was to apply for one card from pre-qual site. After approval, I set that card up and only then applied for the second card from pre-qual, and was approved. I've never heard of applying for both simultaneously so hope it works out for you. GL!

Edit: Congrats on your Discover approval!!

Anonymous · ‎12-03-2015

Capital Ones prequal site is pure garbage, just FYI. A lot of folks have put in fake names and SSN and been "pre qualified".

But as the other posters said, I don't think this is the end of the road. People have qualified for Cap One with much worse scores. You'll be fine.

Anonymous · ‎12-03-2015

^ why do you keep saying it's pure garbage? it's irritating lol. garbage ones are discover, BofA, barclay... those are nonsense. but cap1 is pretty accurate. quit going around spreading your nonsense thinking and do some research.

Anonymous · ‎12-03-2015

Whoa there.

I recall at one time there were some truly bogus results coming out of the prequal. If it's changed, I stand corrected... Thanks for the information. :-)

someg33k · ‎12-03-2015

Yep Cap1 prequal is typically rock solid. Unlike nonsense at sites like BOA and Discover.

dstew201 · ‎12-03-2015

I heard Discover prequal is pretty accurate..... On the prequal page if you get the garnet colored card (congrats) then it's a go; if it's the blue (we recommend) then no go!

??????????????