Credit One Bank

[Anonymous]

Every so often Credit One Bank Sends me Invites to PreQualify for one of there Bait Switch Cards. So when I am bored I will do a Pre Approval to see that these Jokers have to say. I enter all of my info to see if any offers are available for me in which I know I will be approved for something since my scores with EX: 770 TU:746 EQ:768. I will get to the point where they want you to complete the application where it will go from a Soft Pull to a Hard One and I dont need an inquiry especially from them. Whats amazing to me is ... in less than two weeks time .. a Rejection Letter will appear in the mail and state the reason I am being REJECTED is because my Fico score is 518?! I know that is a joke and my question to you is .. Is this a way for them to get you to CALL and inquire as to why is this ilegitimate score incorrect and at which time they will attempt to get you to actually apply for the card. I am not knocking anyone who has this card as I am sure it is a stepping stone to build/rebuild credit but to Blantainly lie is absurd.

[randomguy1]

---

@Anonymous wrote:

Every so often Credit One Bank Sends me Invites to PreQualify for one of there Bait Switch Cards. So when I am bored I will do a Pre Approval to see that these Jokers have to say. I enter all of my info to see if any offers are available for me in which I know I will be approved for something since my scores with EX: 770 TU:746 EQ:768. I will get to the point where they want you to complete the application where it will go from a Soft Pull to a Hard One and I dont need an inquiry especially from them. Whats amazing to me is ... in less than two weeks time .. a Rejection Letter will appear in the mail and state the reason I am being REJECTED is because my Fico score is 518?! I know that is a joke and my question to you is .. Is this a way for them to get you to CALL and inquire as to why is this ilegitimate score incorrect and at which time they will attempt to get you to actually apply for the card. I am not knocking anyone who has this card as I am sure it is a stepping stone to build/rebuild credit but to Blantainly lie is absurd.

---

Welcome to the forums.

They are not lying, creditors can use different credit scoring models.

https://www.myfico.com/credit-education/credit-scores/fico-score-versions

[Anonymous]

In my experience, Credit One will not accept applications from people with good credit. I'm not at your level, but I've been as high as 720 and am just under 700 right now. I just did a pre-qual on their site. How do you like the reason they gave me?

This will come as quite a surprise to all the prime lenders who managed to find it.

[FireMedic1]

@Anonymous  With the scores you have why even try the prequal? Whats the point? There are many we deal with in the rebuild sub forum who would be SOL w/o credit one to start with. And I've seen many get better cards after having the so called predator cards later down the road. So they do help people start/restart their journey and many success stories follow. Many dont come to the rebuild section where I spend most of my time. You may diss them here. But many are thankful they got something/anything being a Credit One or any other builder card to get the ball rolling. Who knows what score they use for pre-quals. Theres tons of versons out there.

[Anonymous]

When I was at the beginning of my rebuild (like 10 months ago) I couldn't get a prequal from Credit One. (I didn't want to actually get a card, but was curious about where I stood with them.) I got approved for an unsecured Discover IT before Credit One would deign to pre-approve me. 

I got my foot in the door with a secured Green Dot card (an OpenSky secured card would work just as well). No credit check and I am convinced they helped my score. I believe I "saved" money with Green Dot because except for the $39 annual fee, I never paid any other fees, no interest, nothing. Just looking at Credit One I can see that I'd probably be expected to pay more.

Credit One has helped people here, I have no doubt, but it's cheaper, in my opinion, to get a secured OpenSky and/or Green Dot and then move from there. 

[Meanmchine]

IIRC Credit One will pull your file but run it thru their own internal scoring. My denial letter stated that my score was 47. Fico8 at the time was 840+

[Anonymous]

When I was at the point in my opinion that my credit was rebuilt, I received an offer from Credit One. I applied just to see how much they would give me. I was turned down. At the time I had over $80K in CC lines. I compare Credit One to the Montgomery Wards and other catalogs that I receive offering me up to $1K in credit card. Now with over $170K in CC lines I see now reason to apply for credit with a potential $1K CL. I do realize that sometimes you take what you can get. I was there six years ago. Luckily, Capital One issued me a card with a very small CL and no fees.

[Iusedtolurk]

---

@Anonymous wrote:

Every so often Credit One Bank Sends me Invites to PreQualify for one of there Bait Switch Cards. So when I am bored I will do a Pre Approval to see that these Jokers have to say. I enter all of my info to see if any offers are available for me in which I know I will be approved for something since my scores with EX: 770 TU:746 EQ:768. I will get to the point where they want you to complete the application where it will go from a Soft Pull to a Hard One and I dont need an inquiry especially from them. Whats amazing to me is ... in less than two weeks time .. a Rejection Letter will appear in the mail and state the reason I am being REJECTED is because my Fico score is 518?! I know that is a joke and my question to you is .. Is this a way for them to get you to CALL and inquire as to why is this ilegitimate score incorrect and at which time they will attempt to get you to actually apply for the card. I am not knocking anyone who has this card as I am sure it is a stepping stone to build/rebuild credit but to Blantainly lie is absurd.

---

You have to start somewhere...

I know the popular consensus is creditone is crap but to those whose credit is crappier they can be a good thing. This short note is really for those whose credit really stinks. Mines did..low 500s due to life events. I started rebuilding with a capital one secured w/400$ 3 months later I got a pre-approved from creditone for 500$ one month later they auto increased it to 700$ 11 months later auto increased to 950$.

Also at 13 months they gave me another pre-approval for another cashback card 29$ annual fee sl 700 No HP (loved that). Now of course down this road I now realize I dislike the fees on the original creditone card and will close it in the near future. Never had a problem with them. Credit always restored day after payment. No issues. Gotta start somewhere and you have to pay the piper.

[silver_idle]

---

@Anonymous wrote:

Every so often Credit One Bank Sends me Invites to PreQualify for one of there Bait Switch Cards. So when I am bored I will do a Pre Approval to see that these Jokers have to say. I enter all of my info to see if any offers are available for me in which I know I will be approved for something since my scores with EX: 770 TU:746 EQ:768. I will get to the point where they want you to complete the application where it will go from a Soft Pull to a Hard One and I dont need an inquiry especially from them. Whats amazing to me is ... in less than two weeks time .. a Rejection Letter will appear in the mail and state the reason I am being REJECTED is because my Fico score is 518?! I know that is a joke and my question to you is .. Is this a way for them to get you to CALL and inquire as to why is this ilegitimate score incorrect and at which time they will attempt to get you to actually apply for the card. I am not knocking anyone who has this card as I am sure it is a stepping stone to build/rebuild credit but to Blantainly lie is absurd.

---

I dont know what scoring model they use but their scores are usually way off than fico scores. I would also state that if those scores are fako scores then you may want to pull your fico score to see what you have. To me, I think they are looking for people who have less than average credit since they would be able to make money off of them than someone with great credit. Just my opinion. Eg. I got bored one time and did a prequal and got rejected because of "No open accounts in your credit file" when I have 3 credit cards reported. It was a good laugh though and luckily no hp.

[AverageJoesCredit]

People with high 700's shouldnt even joke around with those prequals as they are way past the need and they wont get any approvals/ prequals , ymmv of course, why play with fire when ice ( Chase) is way cooler?