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Capital One pre Qual question

Creditjunky37
Established Member

Capital One pre Qual question

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 😁

7 REPLIES 7
FinStar
Moderator

Re: Capital One pre Qual question

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).

Message 2 of 8
AllZero
Super Contributor

Re: Capital One pre Qual question


@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.

Message 3 of 8
blindambition
Community Leader
Senior Contributor

Re: Capital One pre Qual question

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!!

Smiley Happy

Message 4 of 8
Dp23
Established Member

Re: Capital One pre Qual question


@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?

Message 5 of 8
Ficoproblems247
Established Contributor

Re: Capital One pre Qual question

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. 


FICO 8 Mar '21: EX 751 EQ 746 TU 743
"Friends don't let friends earn 1% cash back."
Message 6 of 8
Creditjunky37
Established Member

Re: Capital One pre Qual question

Thank you everyone for you knowledge, I will wait and continue to check the site for a preapproval before applying. 

Message 7 of 8
FinStar
Moderator

Re: Capital One pre Qual question

@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:

 

https://ficoforums.myfico.com/t5/General-Credit-Topics/List-of-Soft-pull-PREAPPROVALs-Updated-11-29-...

Message 8 of 8
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