Pre-qual for Capital One Savor with average credit—try or look elsewhere?

[SlimHades]

I am in the process of rebuilding my credit, with FICO 8 EX 641 / EQ 679 / TU 688. I'm the authorized user on a Chase Freedom card with 10+ years of perfect payment, and have two derogs: small collections accounts from AT&T and Progressive, which have both been paid off and closed. That's pretty much all that's on my three reports, so my records are a little thin.

I tried Capital One's pre-auth tool, and to my suprise it offered me the Savor, and also suggested the QS and SavorOne (which would be my preference). I'm wondering if this is because my VantageScores are much higher (789 EQ & TU) since they don't ding you as hard for closed collections accounts.

I also have history with CO in that I opened a card with them in 2003, paid as agreed, and closed it in 2005.

Should I take a shot on the SavorOne or QuickSilver or is that a sure denial? Do I need to go all the way down to secured, or is there something in between for someone at my level?

[Anonymous]

I would not base your credit worthiness on your Vantage scores.

I personally believe you should go with the Quicksilver One or Platinum because, from what you provided, you don't have any revolving accounts in your name. The AU Chase account could be helping you in getting pre-qualified offers, but come application time, you may get denied the Savor (a top-tier Capital One card). 

In short, I would start off small and work your way up.

Hopefully, others with more authority than I will chime in soon.

[wingennis]

QS is a decent card.  I know from painful life experience that sometimes you have to take what you can get but I avoided the QS1, its annual fee, and the difficulty getting it to PC.  Sometimes they don't grown no matter how much we do.  My oldest card is a C1 co-brand with an annual fee.  No CLI, no product change  If I had know then what I know know, I would have started with a Discover secured or something similar.  If you prequalify for the Savor, you have some good options ahead of you!

[CreditCuriosity]

If you are pre-approved from their site it is pretty much a golden ticket.. Cap1 what they consider excellent credit isn't "excellent" credit by other lenders standards such as BofA or Citi, etc...  You should be good to go with any of the cards they pre-qualified you with.. People with 800+ scores that have alot of credit on the other hand get denied as Cap1 doesn't want bonus chasers or people with ample credit and see a person say with 660 FICO scores as more profitable in swipe fees and they are betting those demographics are more likely to carry a balance and make more $.  Just my 2 cents

[FireMedic1]

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@CreditCuriosity wrote:

If you are pre-approved from their site it is pretty much a golden ticket.. Cap1 what they consider excellent credit isn't "excellent" credit by other lenders standards such as BofA or Citi, etc...  You should be good to go with any of the cards they pre-qualified you with.. People with 800+ scores that have alot of credit on the other hand get denied as Cap1 doesn't want bonus chasers or people with ample credit and see a person say with 660 FICO scores as more profitable in swipe fees and they are betting those demographics are more likely to carry a balance and make more $.  Just my 2 cents

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+1 When I got the Venture, QS, and then Savor all approved at 10K I was at 700-710 and less than 2 yrs out of BK. BUT! Things were much different in 2015-16 than it is now. CCC's have tightened up the purse strings.

[SlimHades]

Hello everyone, and thanks for your varied responses. I just pulled the trigger on the SavorOne and got turned down, with the dreaded 7-10 day response in the offing. If that offers anything illuminating, I’ll update here.

In the meantime, I’m debating between applying for a Chase card, going for CO’s secured option, or waiting to see what their response entails. (I’m mentioning Chase because of my history with them, but I prequalified for zip with them.)

[FireMedic1]

There's always the Disco Pre-Qual......just saying. No triple pull.

[SlimHades]

Well, that was interesting: They said I was only pre-approved for the Discover it secured card.

[FireMedic1]

Cap1 pre-qual's are usually pretty solid as CC said. Odd. They have made that Savor/1 card a tough cookie. Maybe the 7-10 day message might be a verification thing. Who knows. Check other posters 7-10 day message thread 

Might be good news

If you go secured. Go to Discover before Cap1. They graduate a lot sooner and more predictable than Cap1. You wont be bucketed. JMO

[CreditCuriosity]

7-10 day with cap1 usually isnt a denail but a verification.  Cap1 is different than most lenders with regards to that message.  Let us know the outcome, pretty sure you might be suprised.  Cap1 has no problem with INSTANT DENIALS