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Hi Guys,
I am trying to rebuild and I have a BofA secured and was recently approved for a VS via the SCT for $150. I just did the C1 pre qualify site and it tells me no offers due to too many inquiries.
Does this sound like a deal breaker? Should I not apply? Or go through anyway? I was under the impression that their platinum card was for rebuilding. I have about 10-15 inqs on each bureau. I had to purchase a car last year and then I refinanced it for a better rate. I also applied for a couple cards before learning about how to rebuild.
Any ideas are appreciated 😁
IMO, I'd hold off, especially at this stage of your credit journey.
While the Platinum card is geared toward builders or rebuilders, if the pre-qualified results identified potential factors that could likely yield a denial if you pursued it without the pre-approval, why subject your CRs to additional inquiries? It'll result in 3 HPs (one per CRA).
@Creditjunky37 wrote:Hi Guys,
I am trying to rebuild and I have a BofA secured and was recently approved for a VS via the SCT for $150. I just did the C1 pre qualify site and it tells me no offers due to too many inquiries.
Does this sound like a deal breaker? Should I not apply? Or go through anyway? I was under the impression that their platinum card was for rebuilding. I have about 10-15 inqs on each bureau. I had to purchase a car last year and then I refinanced it for a better rate. I also applied for a couple cards before learning about how to rebuild.Any ideas are appreciated 😁
Capital One's prequal site is relatively solid. If no offers, I would not recommend a cold application. Perhaps, give it time and let your accounts age for a spell. Then, revisit the Capital One site in a month or two or three or longer.
I echo what was highlighted above. A 3 HP on a most likely denied card, a bucketed one to boot. Not a wise decision IMO. Start building history with current cards.
Its important to remember... Building credit is a marathon, not a sprint. Good luck!!
@Creditjunky37 wrote:Hi Guys,
I am trying to rebuild and I have a BofA secured and was recently approved for a VS via the SCT for $150. I just did the C1 pre qualify site and it tells me no offers due to too many inquiries.
Does this sound like a deal breaker? Should I not apply? Or go through anyway? I was under the impression that their platinum card was for rebuilding. I have about 10-15 inqs on each bureau. I had to purchase a car last year and then I refinanced it for a better rate. I also applied for a couple cards before learning about how to rebuild.Any ideas are appreciated 😁
Coming straight from experience, I was told I was preapproved through CK so I went to prequalify & it said no offers. A week later 8/5/20 I apped cold turkey & was denied lol. Fast forward to 1/15/21 I get an email to check again & I pre-qualified for 3 cards. I applied & got accepted for the platinum. I did try to double dip & get the QS on the same HP but was told you can't have two cards in a 6 month period. Just wait a few months & try again. Are any of your inquiries due to fall off soon?
Most DPs since the pandemic started have now pointed to Cap1 being more sensitive to new accounts opened within the last 6 months. I would keep trying their pre-approval site once you hit the six month mark since opening your most recent revolving account. I definitely agree with the other wise words posted by the other folks up-thread about not burning 3 HPs for an almost garanteed denial.
Thank you everyone for you knowledge, I will wait and continue to check the site for a preapproval before applying.
@Creditjunky37, while you pass the time, let your profile age and decide on things down the road, you can also check out the following link which provides a list of lenders who have SP pre-qualifications: