Prequalified then 7-10 day message (Cap1 2nd card)

[Anonymous]

Today I decided to check the prequalifier tool on Cap1's website. It said I prequalified for QS (no fee) w/0% interest for 9 mos, with the $150 bonus after spending $500. The 2nd card was for a Venture card no fee 1st year, with the 40,000 miles pts offer. While I was excited to see Venture pop up for the first time, the miles points really doesnt benefit me at this time.  

I applied for the recommended QS card w/bonus and received the 7-10 day message. I called but it was the automated system says my app is being reviewed, and no reps available until Monday. This likely means it is a "denial" and I just added 3 more inquiries for no reason, right? 

Not sure if this has anything to do with why I received the 7-10 day message...Last month I PC'd from unsecured Platinum to QS (no fee). Received a small credit limit increase on 9/26 from "credit steps." I use then PIF multiple times a month. Payments have always been on time. My highest statement has never exceeded $29. My QS balance as of today is $54. 

Kind of bummed. I've been ignoring other card offers until I applied for a 2nd Capital One bank card. Figured "new accounts" would be less damaging to my credit file if done at the same time. 

[Shooting-For-800]

Did you prequal give you a specific interest rate?

I was prequal for Venture and applied and got the 7-10-15 day message.

It was the weekend.

I called on Monday or Tuesday and was approved for $30k at 13.99% !

I thought I was declined.  I just about fell over.

I think they are just slowing down on instant approvals to make sure everything is ok.

Give them a call during the week.

[Anonymous]

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@Shooting-For-800 wrote:

Did you prequal give you a specific interest rate?

I was prequal for Venture and applied and got the 7-10-15 day message.

It was the weekend.

I called on Monday or Tuesday and was approved for $30k at 13.99% !

I thought I was declined.  I just about fell over.

I think they are just slowing down on instant approvals to make sure everything is ok.

Give them a call during the week.

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Wow! 30K limit! Congrats on your approval and limit. 

To answer your question, yes it did give me a specific interest rate. Keeping my fingers crossed and will contact them on Monday. 

Thanks for sharing your experience. I just love this board! 

[Anonymous]

Verification.

[stargazer25]

This is just speculation... possibly b/c you did the PC change maybe they don't like seeing a pc change especially on a credit steps card and opening a new card. I know they won't let you open 2 new cards any sooner than 6 months apart. I might be wrong. Someone correct me if I am.

[Anonymous]

Just to update...I called this morning. Was told my application is still processing and I would receive a call in 1-2 business days.

Does this mean it's usually a "verification" thing? 

[Gidgetmom]

Sounds like a verification thing to me.  YMMV.  My thinking is...they wouldn't bother to call if you were denied; they would just send out the dreaded letter.  Sending good luck your way!

[Anonymous]

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@Anonymous wrote:

Just to update...I called this morning. Was told my application is still processing and I would receive a call in 1-2 business days.

Does this mean it's usually a "verification" thing? 

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Didn't I say VERIFICATION?

[Anonymous]

I apped for the Venture when I prequalified last month and it gave me the 7-10 days.  Got a call a few days later verifiying that it was me who submitted and 2 days later I called to check on the status and was approved $15,000.  Had low utilization scores from high 600 to low 700 and a few inquires and new accounts.  

That message doesn't always mean it is denied!  

Good luck!

[Anonymous]

Similarly, when I applied for my QS1, which was PCed to QS and combined into the Venture, I received the 7-10 day messaage. Got a call in a few hours for verification. Called the next or so to learn I was approved. So definitely could be an approval.