Capital One Limiting Pre-Quals

[Anonymous]

They started that within the last few weeks. Not sure why. 

[Ficoproblems247]

Not too late to the party, it's a new thing. Here is an earlier thread on it. 

https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-Limiting-Pre-Quals/m-p/5973914

[Anonymous]

Yeah I have a cap one qs and qs1 (qs my oldest card from a platinum PC) I'm gardening now and mostly focusing on Amex and chase if I do decide to apply.  I just like to check pre qual sites once a month to see if there is anything that could find a spot in my wallet for everyday use and just out of curiosity. Im not a big cap one fan anymore, just have been intrigued by the venture card ever since I got a couple mailers. Thanks for the info! 

[Anonymous]

CapOne makes their money off of the subprime market. I have a friend that works there and they have whole teams dedicated to subprime lending as that is their biggest profit center. They give you a small limit and let you max it out and once they make a decent amount off of you with interest they give you a cli knowing you'll max it out again and pay more interest. They only care that you can cover the interest for what is basically eternity. They know your util being high will limit your options and keep you coming back to them. This business model is good when times are good and they can afford their minimum payments. However, unfortunately these are the same people who had jobs impacted in large numbers by the virus meaning they can't make those minimum payments anymore which makes them way overextended on their balances. I have actually been told a big reason for opening up their prime cards and their big marketing  was to avoid being Bucketed as a sub prime lender. They run very different algorithms than other lenders in the way they base decisions. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

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I am not sure if there is already a thread on this, but Cap One is def up to something. Just last week it was this:

Found on DOC, but I can't post links....very strange...definutely a bait and switch....

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Personally never seen this before. Did you get the HP's before they gave you the counteroffer?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Going through my normal prequals that I do in the beginning of the month (gardening so I can’t apply, still fun though) and saw this. They only check for prequalifications on QS1, Plat, and Secured? Anyone else notice this before? I could’ve sworn it wasn’t there a few weeks ago, or maybe it’s customer-specific?

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I am not sure if there is already a thread on this, but Cap One is def up to something. Just last week it was this:

Found on DOC, but I can't post links....very strange...definutely a bait and switch....

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Personally never seen this before. Did you get the HP's before they gave you the counteroffer?

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Not my app, but it looks like a full app. The only difference between cards is no SUB offer. My thoughts are that they entice people with these SUB offers, but don't really want to hand them out right now (or who knows why), and will still offer you the card but with the contingency that there is no SUB.

[mrfufoppss]

Also Cap1 Have Different Versions of the Savor, Venture, Quiksilver (For Average Credit) if you dont Get the Sub and Apr Promo with the card Means they approved you for (Example) Venture Card (For Average Credit) I cancelled my Savor card in 6days because they Bait and Switched on me and my score was and are well above (Average) i actually took what they did a little personal because Cap1 was Not straight forward on the app the Sub etc was included when i applied but not when i got approved meanwhile i have a 45000 car loan with Cap1 4.0 interest rate 

the Bait and Switched Happend Last October for me

[mrfufoppss]

My Opinion As of April 1st Cap1 has tightend up for their Top Tier Cards or they are about to Restructure them

[Anonymous]

I can't imagine anyone changing card structures right now unless it's for the worst. Seems like a tightening up of requirements and way to get less people applying for what are considered CapOne's prime cards.