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Credit One Prequel and stated credit score?

Contributor

Re: Credit One Denied and gave me a credit score?

Yeah that card is “bucketed” for around $5000. Capital One places cards in buckets depending on what your score was when you first got it.

So even though you have product changed (quicksilver to venture) over the years, in their internal system the card is still bucketed as a starter. With slow increases that cap out around $5000.

The good news is the card holder (you) is not bucketed. You could get a second Cap1 card with a really high limit. You can get one new card every 6 months. Lots of people on here have a Cap1 card with a $10,000 limit yet Cap1 refuses to increase the limits on their old card more than a few hundred dollars. It’s weird but that’s how their system works.
I just returned from financial hell. Don't go, the brochure is a lie.
Message 21 of 31
Established Member

Re: Credit One Denied and gave me a credit score?

FYI I think I had done a prequal with Discover before maybe a while back and well just did the soft prequal again and was pre-approved for 2 cards Both Discover it and I could choose eaither  one but man the APR was at 23% vs being anywhere from 14% to 25%? So even being at over 800 Fico with the Discover score card doesnt matter the APR that they want to give is almost like having bad credit lol

Message 22 of 31
Valued Contributor

Re: Credit One Denied and gave me a credit score?

I do the Credit One prequal every 90 days and always get denied for reasons that do not exist ( late payments when my reports are totally clean etc)  They also list my credit score as "47"

 

On the positive side, you can get a free copy of your TU report which I do  Smiley Happy

 

 




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>01/2019 CCT EX 804 TU 822 EQ 812
Thus will it come to pass. The Dying Leader will know the truth of the Opera House. The missing Three will give you the Five, who've come from the Home of the Thirteenth. You are the Harbinger of Death, Kara Thrace. You will lead them all to their End. End of line.
Message 23 of 31
Established Member

Re: Credit One Denied and gave me a credit score?


@Morpho wrote:

Btw many people suspect Credit One is happy people think they are Capital One

I'm ashamed to say that my very first impression when I recieved a pre-qual in the mail from them was that they were Capital One. A short moment of happiness, then it deflated two seconds later when I read it more carefully. While reading credit advice all over the net, I've seen it mentioned the similarities in name and design that could confuse someone who's not reading carefully. Just a glance at it, and it fooled me. I add this deception into the slimey bucket, too. It's a really cheap tactic to take advantage of people who have little or no experience with credit.

Starting Feb 8, 2019 || EX- 605 | TU- 613 | EQ- 613
Fingerhut $600 || Kohl's $300 || Victoria's Secret $250 || Discover It $500 || Cap1 Platinum $375
Total Credit $2025 || Target Utilization sub-30%
Message 24 of 31
New Contributor

Re: Credit One Prequel and stated credit score?

This got me curious as to how I would fair with credit1 so I ran the prequal and were denied as well. They pulled experian and came up with Key factors that adversely affected your credit score: 459
Experian fico 8 is 803
1 Lack sufficient real estate account information. I have zero so this is true
2 Balances relative to credit limits reported on revolving accounts. I owe $3838 on a total limit of $193,150, biggest utilization on single card is 3%
3 Number of auto trades. I have a total of 1
4 Delinquency reported on account.s I have zero
5 Number of inquiries. I have 4 on experian in last 12
Message 25 of 31
Valued Contributor

Re: Credit One Prequel and stated credit score?

The APR on Discover should NOT matter at all for two reasons.. (unless its the highest one they give)... On that...

1. Discover cards (if they are not secured) usually have a 12-15 month 0% APR offer on purchases......

2. Discover usually will re-consider your APR automatically once you unsecure... and if not, you can flat out ask for an APR reduction once the promo period expires... Know the credit market has changed a bit in the past few years but I got both.. The APR that I apped was higher than what i got after the 0% period expired.. and I got a perm reduction RIGHT after the promo expired AS WELL....

3. Theres that whole thing about transacting vs revolving but with a 0% offer.. Not really pertinent to this argument....

Usually after the promo expires, and then every 6 months for APR reductions... and you can also sometimes get a new 0% offer... 

Also from major banks 14-21% aprs are the norm even for an 800... your only finding the low aprs at CUs mostly or on older established accounts that are grandfathered in....

 

-J

 

 

 

Message 26 of 31
Established Member

Re: Credit One Prequel and stated credit score?


@joltdude wrote:

The APR on Discover should NOT matter at all for two reasons.. (unless its the highest one they give)... On that...

1. Discover cards (if they are not secured) usually have a 12-15 month 0% APR offer on purchases......

2. Discover usually will re-consider your APR automatically once you unsecure... and if not, you can flat out ask for an APR reduction once the promo period expires... Know the credit market has changed a bit in the past few years but I got both.. The APR that I apped was higher than what i got after the 0% period expired.. and I got a perm reduction RIGHT after the promo expired AS WELL....

3. Theres that whole thing about transacting vs revolving but with a 0% offer.. Not really pertinent to this argument....

Usually after the promo expires, and then every 6 months for APR reductions... and you can also sometimes get a new 0% offer... 

Also from major banks 14-21% aprs are the norm even for an 800... your only finding the low aprs at CUs mostly or on older established accounts that are grandfathered in....

 

-J

 

 

 


Yes you are RIGHT as I am looking for a 0% APR at the moment Discover would be my 1st choice to apply vs the banks

Message 27 of 31
Regular Contributor

Re: Credit One Prequel and stated credit score?

I regularly fill out Credit One prequalify page just for fun, just to keep track of when something in my score changes enough for them to pre-approve me. So far they haven't. I'm three months into my rebuilding and have been now approved for both Overstock and Walmart cards AND just now, an unsecured Discover It (with a SL of $800, woop woop!). But as far as Credit One is concerned, I'm still a leper. They list my Experian credit score as being in the mid-500s while it's now 636 (FICO). 

 

I'm not intending to ever go with Credit One (because I have Walmart and Discover it! Cat LOL ) but my credit is still iffy and I'd think I'd be in their target demographic. Oh well. How weird.

FICO8: Nov 20, 2018:
FICO8: Feb 14, 2019:
Goal for December 2019: FICO 640-700
  Walmart Store Card Discover IT Cash Back
Green Dot Secured Visa! Oooooh! Discover It Cash Back

Starting Score: 539
Current Score: 637
Goal Score: 760


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Message 28 of 31
New Contributor

Re: Credit One Prequel and stated credit score?

They have my credit score listed as much lower than it is & haven't updated my lower balance to the credit bureaus since Dec 26th
Message 29 of 31
Member

Re: Credit One Prequel and stated credit score?

Any credit card that makes you pay $25 for a CLI of $150 is not worthy of your 800 score. Screw the hard pull, you dodged a bullet.


Starting Score: 479
Current Score: 594
Goal Score: 750


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Message 30 of 31