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Capital One Preapproval

NeverTubetheGoose
Contributor

Capital One Preapproval

I'm doing my round of prequals today figuring it would be the same old thing. To my surprise, Cap1 says I'm prequaled for the Platinum MC, which is a new result. It has a set APR (26.99%), not a range. Should I pull the trigger and take the HP hit?

BK7 discharged 9/20/19 (lesson learned, some people aren't meant to be business owners and should stick to their day job, some people is me)




Capital Bank Secured: $1000 (7/1/19-12/18/19)
Credit One Platinum: $500 (10/8/19) CLIs $700 (1/16/20)
Ollo Platinum: $1500 (12/8/19) CLIs $1600 (1/16/20), $2100 (12/16/2020)
Merrick Platinum: $1100 (3/8/20) CLIs $2200 (10/6/20)
Mercury: $1500 (3/5/20)
NFCU nRewards Secured: $1500 (5/21/20) CLIs $3000 (6/19/20) $5000 (8/27/20) graduated to cashRewards (11/7/20)
NFCU cashRewards: $11,000 (11/7/20)
NFCU goRewards: $3000 (11/7/20)
Goal: the Fidelity Visa

Message 1 of 12
11 REPLIES 11
Loquat
Moderator

Re: Capital One Preapproval

I think the question should be do you want/need the card? The community can't really advise you of applying or not as we don't know your need or use for the card.
Message 2 of 12
AllZero
Super Contributor

Re: Capital One Preapproval

Congratulations on your offer! Looking at your signature, you have a nice selection of cards.

You'll have to determine if the squeeze is worth the juice. Personally, I would pass.
Message 3 of 12
FinStar
Moderator

Re: Capital One Preapproval

Personally, I wouldn't.  It appears you've acquired several accounts in the past 12 months.  What would this add, value-wise, to your existing line-up?  Is the following data current from your signature?

Capital Bank Secured: $1000 (7/1/19-12/18/19)
Credit One Platinum: $500 (10/8/19) CLIs $700 (1/16/20)
Ollo Platinum: $1500 (12/8/19) CLIs $1600 (1/16/20)
Merrick Platinum: $1100 (3/8/20) CLIs $2200 (10/6/20)
Mercury: $1500 (3/5/20)
NFCU nRewards Secured: $1500 (5/21/20) CLIs $3000 (6/19/20) $5000 (8/27/20) graduated to cashRewards (11/7/20)
NFCU cashRewards: $5000 (11/7/20)
NFCU goRewards: $9000 (11/7/20)

Message 4 of 12
NeverTubetheGoose
Contributor

Re: Capital One Preapproval

Thanks for the input so far. My goal is to get back in with Cap1, Disco and Chase. I would like to get rid of everything I have right now but the NFCU cards. I don't really need anything else but I would like to get some good rewards cards. My NFCU are my daily drivers, but I would be willing to change if I get something better. I pay the balances daily. All of the others I use to get a tank of gas once a month to keep them open.

BK7 discharged 9/20/19 (lesson learned, some people aren't meant to be business owners and should stick to their day job, some people is me)




Capital Bank Secured: $1000 (7/1/19-12/18/19)
Credit One Platinum: $500 (10/8/19) CLIs $700 (1/16/20)
Ollo Platinum: $1500 (12/8/19) CLIs $1600 (1/16/20), $2100 (12/16/2020)
Merrick Platinum: $1100 (3/8/20) CLIs $2200 (10/6/20)
Mercury: $1500 (3/5/20)
NFCU nRewards Secured: $1500 (5/21/20) CLIs $3000 (6/19/20) $5000 (8/27/20) graduated to cashRewards (11/7/20)
NFCU cashRewards: $11,000 (11/7/20)
NFCU goRewards: $3000 (11/7/20)
Goal: the Fidelity Visa

Message 5 of 12
DMcCall1988
Regular Contributor

Re: Capital One Preapproval

I personally would not considering the cards you currently have. It would also be 3 hard pulls for a card with no benefits and would likely also have a low credit limit that will not grow. 





NFCU SSL Builder Loan $3,010 @ 2.25% on 60 months. Immediately paid down to 8% loan utilization. I'm letting it ride until the last payment on 7/26/2025!
Message 6 of 12
silver_idle
Established Contributor

Re: Capital One Preapproval

Although you would qualify for one of their prime cards (eg the ones thats has "for Good Credit" in the title of the card would be a starter), like everyone else stated you should hold off. You do have to many credit cards currently in the last 12 months so adding another really wouldnt help and really would make your profile look bad especially if youre still rebuilding. Capital One also does a triple pull on your reports. Let the majority of your accounts age to atleast 12 months as well as any inquiries before applying and also factor in what youre looking to get out of the card vs just having another card in your pocket. Eg, you could look into closing non preferable cards like credit one, a secured cards that wont graduate, subprime cards with [high] annual fees, etc (though dont close them all at once but only time if possible). Just my opinion anyway. If youre rebuilding, take things slow and figure out what youre looking to get out of the card(s) youre applying for.

Message 7 of 12
NeverTubetheGoose
Contributor

Re: Capital One Preapproval

Thanks for the advice everyone. I'm going to hold off for now. The only AF card I have is CreditOne. I'm going to cancel that next Sept when the AF is due but I don't plan on using it anymore. I don't have any secured cards anymore. I don't carry balances so APR doesn't make much difference to me. I think I'm only going to use the NFCU cards since they give me the best rewards and let the others close as they want to. Once the inquiries fall off, I'll revisit the other cards. My goals are a good cash back card (I think my cashRewards card covers that), a good travel rewards card and the Fidelity Visa.

BK7 discharged 9/20/19 (lesson learned, some people aren't meant to be business owners and should stick to their day job, some people is me)




Capital Bank Secured: $1000 (7/1/19-12/18/19)
Credit One Platinum: $500 (10/8/19) CLIs $700 (1/16/20)
Ollo Platinum: $1500 (12/8/19) CLIs $1600 (1/16/20), $2100 (12/16/2020)
Merrick Platinum: $1100 (3/8/20) CLIs $2200 (10/6/20)
Mercury: $1500 (3/5/20)
NFCU nRewards Secured: $1500 (5/21/20) CLIs $3000 (6/19/20) $5000 (8/27/20) graduated to cashRewards (11/7/20)
NFCU cashRewards: $11,000 (11/7/20)
NFCU goRewards: $3000 (11/7/20)
Goal: the Fidelity Visa

Message 8 of 12
MisterWives
Regular Contributor

Re: Capital One Preapproval




@FinStar wrote:

Personally, I wouldn't.  It appears you've acquired several accounts in the past 12 months.  What would this add, value-wise, to your existing line-up?  Is the following data current from your signature?

Capital Bank Secured: $1000 (7/1/19-12/18/19)
Credit One Platinum: $500 (10/8/19) CLIs $700 (1/16/20)
Ollo Platinum: $1500 (12/8/19) CLIs $1600 (1/16/20)
Merrick Platinum: $1100 (3/8/20) CLIs $2200 (10/6/20)
Mercury: $1500 (3/5/20)
NFCU nRewards Secured: $1500 (5/21/20) CLIs $3000 (6/19/20) $5000 (8/27/20) graduated to cashRewards (11/7/20)
NFCU cashRewards: $5000 (11/7/20)
NFCU goRewards: $9000 (11/7/20)


Why is your signature the same as @NeverTubetheGoose?

Categories: Grocery - 5% Discover IT | Restaurant/Dining - 3% PNC Rewards | Wholesale/Costco - 5% Chase Freedom | Everything - 1.5% PSECU




Wants: U.S. Bank Cash+ (5% Categories), Venmo Credit Card (3% Wholesale), AOD Visa Signature (3% Everything, Unsure of now), Penfed Cash Back Rewards (1.5% Everything (2% w/ Checking))
Message 9 of 12
Slabenstein
Established Contributor

Re: Capital One Preapproval


@MisterWives wrote:



@FinStar wrote:

Personally, I wouldn't.  It appears you've acquired several accounts in the past 12 months.  What would this add, value-wise, to your existing line-up?  Is the following data current from your signature?

Capital Bank Secured: $1000 (7/1/19-12/18/19)
Credit One Platinum: $500 (10/8/19) CLIs $700 (1/16/20)
Ollo Platinum: $1500 (12/8/19) CLIs $1600 (1/16/20)
Merrick Platinum: $1100 (3/8/20) CLIs $2200 (10/6/20)
Mercury: $1500 (3/5/20)
NFCU nRewards Secured: $1500 (5/21/20) CLIs $3000 (6/19/20) $5000 (8/27/20) graduated to cashRewards (11/7/20)
NFCU cashRewards: $5000 (11/7/20)
NFCU goRewards: $9000 (11/7/20)


Why is your signature the same as @NeverTubetheGoose?


That's not @FinStar's signature.  It's a quote of the OP's sig to confirm that it's up to date.


Message 10 of 12
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