I have a secured Q1 with Capital One and I'm currently paying off a Capital One charge-off (5/12 months so far). the Charge-off is from 2019 and I settled for less (about 55%). Capital One has given me pre-approval on the Savor One card. I didn't ask for it. The offer is on my web account and phone app, plus they've sent me multiple emails about it. I went far enough into the application process to see the particulars, and it's a legit pre-approval with a set APR and not just a general marketing mailer. I want to get this card and close a secured card, but I don't need another inquiry on each report especially if it's a denial. Surely they know about the charge-off, and if they're working off an older report it would only be worse because I made the settlement deal at the end of June. I went to the preapproval site, and the offer doesn't show up there.
I have three other charge-offs that are paid, and two sizeable collections reporting, one of them is reporting as closed but still shows it as past due. My gut says all this, plus recent new accounts (opened June-August) means a denial, but I wonder why they have targeted me for the offer.
@crrredit wrote:
I have a secured Q1 with Capital One and I'm currently paying off a Capital One charge-off (5/12 months so far). the Charge-off is from 2019 and I settled for less (about 55%). Capital One has given me pre-approval on the Savor One card. I didn't ask for it. The offer is on my web account and phone app, plus they've sent me multiple emails about it. I went far enough into the application process to see the particulars, and it's a legit pre-approval with a set APR and not just a general marketing mailer. I want to get this card and close a secured card, but I don't need another inquiry on each report especially if it's a denial. Surely they know about the charge-off, and if they're working off an older report it would only be worse because I made the settlement deal at the end of June. I went to the preapproval site, and the offer doesn't show up there.
I have three other charge-offs that are paid, and two sizeable collections reporting, one of them is reporting as closed but still shows it as past due. My gut says all this, plus recent new accounts (opened June-August) means a denial, but I wonder why they have targeted me for the offer.
Honestly, because you aren't going to make more substanial progress in your rebuild until you pay off those collections and allow 1-2 years to pass with all of your recent account openings, why not try?
Have you tried the prequal and see if it comes up with a matching result for the Savor One?
Would you be okay with a $300 or $500 CL if that was what you were approved for?
@GZG wrote:
Have you tried the prequal and see if it comes up with a matching result for the Savor One?
Would you be okay with a $300 or $500 CL if that was what you were approved for?
Doesn't come up on the prequal site. Not sure if I want to mess with $300 SL. $500 SL would probably be OK.
@FinStar wrote:
The offer is likely for an account with a small limit, if approved. Though, keep in mind that they will still access all 3 CRAs if/when you decide to pull the trigger and it can still result in a denial. Though Capital One is known for being flexible and forgiving especially with any past transgressions and/or with a blemished profile, I would temper expectations on the outcome if you go for it.
Yeah, all that is why I'm not that pumped about applying. I have until Christmas Eve to accept. Probably better to hold off and not lower my AAoA. I am happy to see the offer being made though.
Capital One keeps extending the offer deadline on the Savor One. It started out as 12/24, got extended to 1/7, and now it's 1/31. UPDATE: Now extended to February 11. I get one or two emails about it every week. I wonder if it's a holiday push to get purchases put on the card or to capture BTs in January when people get their post-holiday statements. Post holiday season they've continued with the constant stream of marketing emails and blurbs when I sign into my online account or open the Cap One app. Later this month I'll hit the 6-month mark with my secured Cap One card. I'm going to check the prequal site to see if this or any other offers pop up.
I'm holding off because my Discover secured card is eligible to be graduated after my Jan 3 statement cuts. They've sent me an email letting me know they reviewed my report this month and said things are looking good so don't f it up. A new account and new inquiry at the last minute would probably f it up.