Cap One triple pulls

[Anonymous]

It seems to be standard for them to pull all 3 CB's.  They hit all 3 of mine when approved for a secure card last year.  Has anyone froze 2 of their reports when applying? and still approved?

[LS2982]

There was 1 member here who was able to get them to pul just TU and was approved for an average credit card, of course YMMV.

[Anonymous]

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@LS2982 wrote:
There was 1 member here who was able to get them to pul just TU and was approved for an average credit card, of course YMMV.

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I recall that post as well.

[Anonymous]

People make way too big of a deal about this. If you're apping for Cap One cards, you likely have worse things on your CR and a couple extra INQs is unlikely to make a difference. Yes, I know there are members with great credit who get their prime cards, but the typical applicant will be subprime/rebuilder.

[Anonymous]

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@Anonymous wrote:
People make way too big of a deal about this. If you're apping for Cap One cards, you likely have worse things on your CR and a couple extra INQs is unlikely to make a difference. Yes, I know there are members with great credit who get their prime cards, but the typical applicant will be subprime/rebuilder.

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I agree people make too big a deal about a few inquiries.

How do you know that the typical Capital One applicant is subprime/rebuilder.   Seen any data or just guessing?

[Anonymous]

That was their original business model. That's how they became big and blew up from nothing. They felt they had a better method to assess likelihood of default than other banks so they focused on customers who banks were denying credit to: subprime borrowers. They later branched out into prime cards but their core business is subprime.

[Open123]

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@Anonymous wrote:
People make way too big of a deal about this. If you're apping for Cap One cards, you likely have worse things on your CR and a couple extra INQs is unlikely to make a difference. Yes, I know there are members with great credit who get their prime cards, but the typical applicant will be subprime/rebuilder.

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Good point.

When I was rebuilding, I was much more concerned about actually getting "approved" than 3 hard pulls.  At that moment, if Cap One offered 6 hard pulls for a guranteed unsecured line of credit, I would have accepted instantly.

I know we rip Cap One, but I have deep admiration for their business model and foresight in creating a product to fit the underserved subprime market.  They've built a fianancial empire out of the 3 hard pulls on "high risk" borrowers.  Given their recent acquisitions, I'd say they'll be a top 3 bank in assets soon enough

[Anonymous]

It's all about a shift in perspective. After you rebuild, you feel entitled to things like rewards, no AF, low APR and high CL. But you forget that Cap One gave you credit when nobody else would.

[Anonymous]

I'm grateful fot CAp1 getting my foot in the door last year, but after hearing about stingy CLI's, low CL's, and high APR's, I closed my card before the AF hit.  

So the 3 pull rule applies to all of their cards? I can understand pulling 3 for someone with limited credit for a subprime card.  I wouldn't mind apping for one their prime cards down the road.

[AF_23]

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@Anonymous wrote:
That was their original business model. That's how they became big and blew up from nothing. They felt they had a better method to assess likelihood of default than other banks so they focused on customers who banks were denying credit to: subprime borrowers. They later branched out into prime cards but their core business is subprime.

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That core strategy/market will always stay there as well. That is something i dont understand. Useless customer service isnt based upon someones credit score. Everyone deserves to be treated right, regardless of their FICO score. They cant even treat customers right after they have been there long periods of time