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Capital one prequalify tool

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cupofcoffee
New Contributor

Capital one prequalify tool

Hi everyone

 

I opened a 'quicksilver for good credit' in september to build history with capital one. I did apply for venture, but they needed a US driving license which i don't have. I tried the prequal tool and got offered the quicksilver so I took it. I checked the preapprovals in late november and was already getting prequalified for ventureone and savorone for good credit, so i took that as a good sign I was on the way up. I checked again today and got the message:

 

We reviewed your information and, unfortunately, we can't pre-approve you for a Capital One®  consumer credit card at this time.

Rest assured, the form you submitted was not a credit card application and your credit score was not affected.

You should receive a letter detailing the reasons why we couldn’t provide you with an offer within 7 to 10 business days.'

 

Has anyone else experienced this before? As far as I know, nothing has changed on my credit report since then except I made a large payment to capital one (statement balance of around $2900 out of 3k limit) and they received it successfully. Maybe the large payment has blocked the prequalification tool for a while? My credit history is around 3 years and my largest limit is a 10k chase sapphire preferred opened in april 2020. FICO credit score is around 720. Other cards are citi premier (3.5k opened in August), Apple card (2.1k opened april 2021) HSBC (1.2k march 2020) Amex gold (july 2019) Petal card (1.1k february 2019). It seems strange they started prequalifying me and now aren't showing anything. Thanks for looking!

Message 1 of 10
9 REPLIES 9
coldfusion
Community Leader
Mega Contributor

Re: Capital one prequalify tool

I'm going to guess that your Quicksilver had not yet reported that $2900 balance when you ran the prequalification tool in late November, since then has reported the $2900 balance, but hasn't yet reported again showing the updated $0 balance.

(3/2024)
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 10
cupofcoffee
New Contributor

Re: Capital one prequalify tool

ah that makes sense, thanks! I would have thought the prequal tool would be able to see the balance was paid off since it was a capital one card, but I guess it just checks the credit report.

Message 3 of 10
Brian_Earl_Spilner
Credit Mentor

Re: Capital one prequalify tool

You opened a card within the last 6 months. You're not eligible for a new card. The pre-approval in November was more than likely due to a delay internally or a glitch.

    
Message 4 of 10
SUPERSQUID
Valued Contributor

Re: Capital one prequalify tool


@cupofcoffee wrote:

Hi everyone

 

I opened a 'quicksilver for good credit' in september to build history with capital one. I did apply for venture, but they needed a US driving license which i don't have. I tried the prequal tool and got offered the quicksilver so I took it. I checked the preapprovals in late november and was already getting prequalified for ventureone and savorone for good credit, so i took that as a good sign I was on the way up. I checked again today and got the message:

 

We reviewed your information and, unfortunately, we can't pre-approve you for a Capital One®  consumer credit card at this time.

Rest assured, the form you submitted was not a credit card application and your credit score was not affected.

You should receive a letter detailing the reasons why we couldn’t provide you with an offer within 7 to 10 business days.'

 

Has anyone else experienced this before? As far as I know, nothing has changed on my credit report since then except I made a large payment to capital one (statement balance of around $2900 out of 3k limit) and they received it successfully. Maybe the large payment has blocked the prequalification tool for a while? My credit history is around 3 years and my largest limit is a 10k chase sapphire preferred opened in april 2020. FICO credit score is around 720. Other cards are citi premier (3.5k opened in August), Apple card (2.1k opened april 2021) HSBC (1.2k march 2020) Amex gold (july 2019) Petal card (1.1k february 2019). It seems strange they started prequalifying me and now aren't showing anything. Thanks for looking!


Since you opened up a card with them in september they are using one of their rules to not allow you another card until 6 months has elapsed since the first one. the letter will state the reason but i wouldnt be surprized if thats it.

Please let us know the reason they denied you when you get the letter.

 

 

Capital One application limits

Capital One has a single restriction on credit card applications, and that is a firm limit of one application every six months. The rule covers both personal and business credit card applications, and it doesn't matter whether you were approved for a card or not.

If you try applying for a capital one card and it hasn't been at least six months since your most recent application, Capital One will automatically deny the application. Fortunately, it won't run a hard credit inquiry on you, so this won't affect your credit score.

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 5 of 10
cupofcoffee
New Contributor

Re: Capital one prequalify tool

Since you opened up a card with them in september they are using one of their rules to not allow you another card until 6 months has elapsed since the first one. the letter will state the reason but i wouldnt be surprized if thats it.

Please let us know the reason they denied you when you get the letter.

 


Will do, thanks!

Message 6 of 10
cupofcoffee
New Contributor

Re: Capital one prequalify tool

I have got the letter, I forgot I tried a week ago as well and got the message but assumed it was because my latest statement balance payment was pending, so I guess I will get another letter. It says:

 

Here are the reasons why we couldn't match you with an offer:
Based on your Pre-Approval form information, there is a currently pending or recently
processed application with Capital One
Based on your Pre-Approval form information, there are too many new revolving accounts

 

so it was as you all thought, the 6 month rule. Glad to know I'll have a chance later!

Message 7 of 10
SUPERSQUID
Valued Contributor

Re: Capital one prequalify tool

They wont hold that against you after 6 months

{ BK7 DC 12/2019 } target 1600/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
closed-- reflex, applied bank, first digital, mission lane, ikea, fingerhut, big lots, valero gasoline, ollo, more to come
Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 8 of 10
Scottie2014
Valued Member

Re: Capital one prequalify tool

What if you cancel your most recent Cap1 card will you then qualify or still have to wait 6 months 

Message 9 of 10
OmarGB9
Community Leader
Super Contributor

Re: Capital one prequalify tool


@Scottie2014 wrote:

What if you cancel your most recent Cap1 card will you then qualify or still have to wait 6 months 


Still have to wait.


Last App: 1/10/2023
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Currently rebuilding as of 04/11/2019.

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Current FICO 8 scores:


Message 10 of 10
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