SavorOne targeted preapproval missing SUB

[Lou-natic]

Newer scores cost more money to obtain from FICO. FICO 10 scores have been availavle for about 2 years now and no big lender is using them yet that I am aware of. It cost more and once financial institutions are locked into something there is a lot of "insitutional inertia" there and changing isn't something they're going to do on a whim.

Capital One is weird anyway.

[Anonymalous]

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@citymunky wrote:

@Anonymalous 

Why would Cap1 use FICO Scores required by Finnie Mae to issue a credit card?

Currently my EX3=668, EQ5=702 and TU4=706.

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Don't know, but it's well documented:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Which-Report-Will-They-Pull-Part-2/td-p/63797...

If I had to guess, maybe it's because mortgage scores tend to be somewhat more conservative when it comes to things like utilization and certain derogatories.

[pip3man]

I had the same thing happen to me. Applied directly for the SavorOne for Excellent credit and got counter-offered the Good credit version with a 0% APR for 15 months and no SUB. I just don't understand how credit score correlates with getting a sign up bonus for spending.Their rationale for this one, just don't make no sense.

[OmarGB9]

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@citymunky wrote:

@Anonymalous 

Why would Cap1 use FICO Scores required by Finnie Mae to issue a credit card?

Currently my EX3=668, EQ5=702 and TU4=706.

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Because they can pretty much use whatever scoring model they want.

As for your question: it could go either way, IMO.

[nytokyobred79]

@citymunky I cold app'd and was approved for a Cap1 card this summer. I froze my EQ bc my EX and TU scores were higher. Got immediate approval with 2 bureaus. Granted my scores then were about 30-40 pts higher than today. Got highest APR offered but didn't care. 
I was willing to take the risk of denial but everyone's situation is not the same. 

[Zoostation1]

Capital one gave methat same targeted preapproval offer to me on a watered down Quicksilver rather than SavorOne.  Doing the prequals via the normal website check I was only getting the for good credit version with no sub, no 0% and the highest rate.  Did your offer also have a slightly better regular APR than the for good credit version?  The APR offer I was getting when I logged into the website and via email was slightly better than the advertised for good credit no sub version but at the worst of the those with the sub.  I ended up not taking the QS offer and later on ended up getting a no sub SavorOne with a $3k SL.  I have lower scores than you, but at the time of my app was 0/6, 1/12 and 1/24 on EQ and TU.  EX was 0/6, 2/12, 2/24. 

Edit: proofread some typos.  I was either too tired or had a few beers in the original post

[LADave]

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@Anonymous wrote:

OP has some good limit cards like Disco and Active Cash(good income?), and 3yr history is another favorable omen but for the low scores. What limit will you get, Autograph was 1k, right? And if you get it even with sub, won't it interfere with your app for the supposed WF travel card in January or will you app later than that.

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You're right about all of that. I believe the biggest weight on my scores is a recent auto loan from late April (although the effect of that has been decreasing). I applied for the Discover card before the auto loan hit. The WF Autograph SL was a disappointment, but I still consider it a win since I was able to transfer some of my CL from my Active Cash to the Autograph, and WF had already given me a $1200 CLI to the Active Cash a few weeks earlier. So I had actually got $2,200 in new credit with them.

My goal isn't necessairly to get a WF card, but to get a premium travel card by spring 2023 (~6 months from now). Since WF is rumored to be introducing a premium travel card by then, I'd like to increase my odds of getting one. I feel that having the additional months of positive use/payment history on both my Autograph and Active Cash cards would also help with an approval. And I'm anticipating that the points I earn on Autograph might be multipliable for redemption on any premium travel card WF introduces. But since there are no confirmed (or even rumored) details about the card, it's not my preference.

My preference is to get a Capital One Venture X card. The benefits are confirmed (and I like them), and while the AF is high, it can also be justified since I can easily get at least as much value out of the card as I'd spend on the AF. The current SUB is doable and pretty generous. And the points on SavorOne can be redeemed as "miles" on the Venture X, sometimes for more than face value with transfer partners.

The issue is that I have with applying for Venture X now is that I have not been pre-approved for a Venture card (they don't give pre-approvals for Venture X). And since the minimum on the Venture X is higher than any card I've had up until now ($10K), I'm a little hesitant to do even a YOLO application.

I also suspect that having 6 months of positive use/payment history on a SavorOne card would help my chances of getting approved for a Venture X card in 6 months (Capital One only approves new cards 6 months apart), especially as I also pay down my other cards and not apply for anything else in the meantime.

But if I'm getting the SavorOne, I'd much rather get it with the SUB and additional months at 0% APR.

[LADave]

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@pip3man wrote:

I had the same thing happen to me. Applied directly for the SavorOne for Excellent credit and got counter-offered the Good credit version with a 0% APR for 15 months and no SUB. I just don't understand how credit score correlates with getting a sign up bonus for spending.Their rationale for this one, just don't make no sense.

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Just to verify — was that after you got a targeted pre-approval for SavorOne with 9 months at 0% and no SUB? If it was, you still came out ahead of what C1 originally offered you, assuming the APR was lower than for "good credit" on their website. What was the SL that you received?

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@Zoostation1 wrote:

Capital gaver did that same targeted preapproval offer to me on a watered down Quicksilver rather than SavorOne.  Doing the prequals via the normal website check I was only getting the for good credit version with no sub, no 0% and the highest rate.  Did your offer also have a slightly better regular APR than the for good credit version?   

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It was slightly better, at 27.74% APR after 9 months at 0% (the "good credit" version is 28.49% and no 0% introductory period). The highest APR for the "excellent credit" version is 27.99%.

It's also possible they simply haven't updated the APR on the pre-approval page in a few months. But if it's accurate, it might be an "excellent credit" SavorOne without the SUB, or a hybrid between the two.

Or it might be a "good credit" version with a 0% period, and a slightly lower APR afterwards.

I have no idea if or how these different flavors of SavorOne fit into Cap One's "buckets."

[Anonymous]

Yeah Savor card and Venture card could be a powerful combo! 

If you really want it just get it, what's a measly sub 

[LADave]

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@Anonymous wrote:

Yeah Savor card and Venture card could be a powerful combo! 

If you really want it just get it, what's a measly sub 

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Well, 200 bucks is 200 bucks! LOL 😂 But I see what you're saying.