Cap 1 Pre-qualification reliability?

[Lucifer]

Part of why I am saying that above - She is going to end up canceling the credit one.

This next card will be her oldest.   If her oldest card will be a decent card she is forever happy to have - big bonus.    SOME of us whom shall remain nameless (COUGHluciferCOUGH) have oldest cards that we do not like and only keep for the age but didn't have the patience to wait for something a little better......

[HeavenOhio]

Apply for the Quicksilver. It's a good offer for someone with eight months of credit card history. Don't concern yourself with APR. As mentioned, balances shouldn't be revolved on rewards cards anyway.

Once the new QS is in hand, I'd go ahead and close Credit One. Once the closed Credit One card reaches its 13th month in age, she can grab a Discover card.

[FireMedic1]

Get what you can for now. This wait for better cards isnt going to happen with 1 secured card anytime soon. Rebuilders/Builders cant be that choosy. Cap1 has been a bit flaky on their pre-quals. Where it used to be a real soild. They say yes, then denied. It may be better to get the Plat. Then upgrade to the regular QS in 3 months afterwards. JMO. APR ignore. Use it and PIF and that will help for the better cards down the road.

[expatCanuck]

@JNA1 

One last thought -- in our experience, the Cap1 prequal is solid IF ONE HAS SUFFICIENT INCOME.

(Sorry for shouting.)

Mrs. E was prequal'd based on her ~800 scores, but was denied based on income.

In fact, I'd think that this applies to ANY prequal -- unless that prequal asks for income data.

[CreditCuriosity]

yes they have two versions of v1, qs and savor one one with bonus and one without bonuses and intro rates.  Appears what she has.  They came out about a month or so ago.  Not advertised on their site unless you do pre-qual then the different terms comes up also some people get those terms on credit karma for "average credit"

I am also pre-qualified for those, but have 800ish score I assume they are offering me those terms to skip my churning style so they dont have to pay bonus or 0% intro apr.  

[pinkandgrey]

They probably are reliable, but I don't know that I would pull the trigger yet. That APR and that card likely means that you'd be bucketed with a low SL starter card. It probably wouldn't grow too much for you. If you desperately need a card just to build credit, then go ahead. But if not, I would hold out for something better.

Congrats on the prequal though! 

Good luck!

[Anonymous]

I got a similar pre-qual for the Savor1 (no sign-up bonus, higher than advertised interest). 

SL is only $500 though, but it will build. And if it doesn't, it will still build her history to let her get in with other lenders. My total SL is now $46,300 - $800 of it is Capital One. 

Honestly, with no bad marks, no lates and low utilization it is REALLY easy to build a good history and score very quickly. I had no US credit history in September 2018. Mine would be higher if I hadn't done a lot of hard pulls.

[JNA1]

Thanks for all of the opinions and advice! We’ll talk it over and decide what to do. I think regardless we’ll leave the Credit One open for the full year, as suggested. As of now, she has just one HP on her record, which is the one on Experian when she got the Credit One card, so the triple pull wouldn’t be a deal breaker for the Cap 1 if we decide to do that.

[JNA1]

So after doing some thinking and talking to a CSR yesterday, we decided to pull the trigger on it. The CSR said it was a Quicksilver, but with less intro benefits, lower SL’s, and higher APR, but should grow with responsible use in time and she said we could request lower APR with age and responsible use.
We thought about it and since we’ll be axing the Credit One in a few months after it’s a year old, this will keep a Visa in our arsenal for Costco and a few restaurants we frequent that don’t take my Discover card (and they’ll won’t take my new AMEX either). I’m pretty sure my next card will be a Mastercard, so I didn’t want us to be without a Visa again.

She was approved for $1500, which is about what I expected, so I’m cool with that for now. We’re done with side for a while, and we’re going to see if we can make this fella grow!

[OmarGB9]

Congrats on DW's approval! Cap One is great, though as others pointed out, she may be "bucketed" and the card may not grow too much.

Although, being that it's a regular QS, and not a QS1 may mean better chances at growth!