Capital One - Pre-Approved Quicksilver - Inquiry?

[satio]

I've helped my youngest son to build his credit profile. 

About 18 months back he opened an Capital One account, $300 CL that went to $500 CL in 7 months and then $3500 when it got to about 12 months.

In addition to this single CC account he also has a auto loan with Wells Fargo (they gave him the best rate), he also has checking and savings there. 

He has an email offer from Cap1 that he is pre-approved to open a Quicksilver card.

Is this likely to include a hard inquiry as the time of application even with it being pre-approved? 

Any experience to share from others from such offers?

[difringe]

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@satio wrote:

I've helped my youngest son to build his credit profile. 

About 18 months back he opened an Capital One account, $300 CL that went to $500 CL in 7 months and then $3500 when it got to about 12 months.

In addition to this single CC account he also has a auto loan with Wells Fargo (they gave him the best rate), he also has checking and savings there. 

He has an email offer from Cap1 that he is pre-approved to open a Quicksilver card.

Is this likely to include a hard inquiry as the time of application even with it being pre-approved? 

Any experience to share from others from such offers?

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If he apps for a Capital One card, even with pre-approval, he'll get the triple whammy of a hard inquiry on each credit bureau.

[FinStar]

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@satio wrote:

I've helped my youngest son to build his credit profile. 

About 18 months back he opened an Capital One account, $300 CL that went to $500 CL in 7 months and then $3500 when it got to about 12 months.

In addition to this single CC account he also has a auto loan with Wells Fargo (they gave him the best rate), he also has checking and savings there. 

He has an email offer from Cap1 that he is pre-approved to open a Quicksilver card.

Is this likely to include a hard inquiry at the time of application even with it being pre-approved? 

Any experience to share from others from such offers?

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Yes, as mentioned upthread, 3 Hard Pulls (one for each of the CRAs).

[SUPERSQUID]

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@satio wrote:

I've helped my youngest son to build his credit profile. 

About 18 months back he opened an Capital One account, $300 CL that went to $500 CL in 7 months and then $3500 when it got to about 12 months.

In addition to this single CC account he also has a auto loan with Wells Fargo (they gave him the best rate), he also has checking and savings there. 

He has an email offer from Cap1 that he is pre-approved to open a Quicksilver card.

Is this likely to include a hard inquiry as the time of application even with it being pre-approved? 

Any experience to share from others from such offers?

---

You didnt mention what his present cap 1 card is. if its platinum perhaps he can upgrade to quicksilver without getting a second card and the 3 hard pulls.

Maybe he can consider a discover card. They have a prequalify page which will tell him if he qualifies and if he does and accepts the offer its only 1 hard pull.

[Trini88]

If his card is a Platinum, he can upgrade it into a Quicksilver without the triple pull. After that, if he has the same results as me and a few other people, if he product changed the Platinum to Quicksilver, his next preapproval a few days later should be a SavorOne.

[satio]

Thanks to all for the feedback.

I figured as much in terms of hard pull(s).

His current account is just their starter "platinum" I guess.... though he graduated nicely within a years time frame. A function of regular charges and paying in full each month I'm sure.

I have been looking at different options he could pursue since it has been 18 months from initial app, including helping him get a relationship started at NFCU with account opening there. Once he pumps a little each month into that savings I will recommend he app for perhaps a cash reward with them.

(I recently "encouraged" all my kids to open accounts at NFCU with $50 gift per head....waiting to see if I actually get any referral bonus $ promoted by NFCU).

Discover is certainly an option. Two of his older siblings have accounts with them.

Appreciate the feedback.

[UncleB]

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@satio wrote:

Thanks to all for the feedback.

I figured as much in terms of hard pull(s).

His current account is just their starter "platinum" I guess.... though he graduated nicely within a years time frame. A function of regular charges and paying in full each month I'm sure.

I have been looking at different options he could pursue since it has been 18 months from initial app, including helping him get a relationship started at NFCU with account opening there. Once he pumps a little each month into that savings I will recommend he app for perhaps a cash reward with them.

(I recently "encouraged" all my kids to open accounts at NFCU with $50 gift per head....waiting to see if I actually get any referral bonus $ promoted by NFCU).

Discover is certainly an option. Two of his older siblings have accounts with them.

Appreciate the feedback.

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For what it's worth, the upgrade from a Platinum to a Quicksilver should be easy-peasy, and he can even do it online.

Capital One updated their website a while back and removed the direct link, but if you know how to get there it's still possible to avoid calling.

While logged in to the account, have him go to the site URL and look at the very end... there's usually an equal sign.  Simply add /productupgrade after the equal sign (being sure to include the slash, and not changing anything else) and press enter/return, and that should take him to the option to upgrade.  Everything will remain the same (credit line, APR, etc.) but he'll be earning 1.5% on all his spend.