I am currently working on rebuilding my credit. I am repaying a closed credit card from a CU, but I currently have two open credit cards: one with Discover and one with Capital One. The usage on them has historically been high, but is coming down slowly. I also have an auto loan through Capital One.
Capital One sent me an email that I am pre-qualified for the Savor One card with them. I'm not sure how I "qualify" given the state of my credit currently, but should I attempt to get the approval on this or hold off for a bit? Obviously it would help spread my utilization out with an increase in my credit limit, but I am not sure if it's worth taking risk of a denial and hard inquiry at the moment. Thoughts?
$1700
$2000
To be honest, if the scores in your signature are current, they're rather low, and I believe their Savor card has slightly stricter UW requirements. The email they sent is most likely just marketing.
I'd personally hold off for a while until scores are at least 660+. I'd focus on addressing any negatives and paying down your current open cards first.
@OmarGB9 wrote:To be honest, if the scores in your signature are current, they're rather low, and I believe their Savor card has slightly stricter UW requirements. The email they sent is most likely just marketing.
I'd personally hold off for a while until scores are at least 660+. I'd focus on addressing any negatives and paying down your current open cards first.
Thanks! Yeah, I was thinking that as well. I went and did the pre-approval on their website after I got the email and it did show as one I was pre-approved for, but I don't think I should take the chance...not just yet.
@FinStar wrote:
@TheBoondocks wrote:- Time since most recent account opening is too short
- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information
Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not
I don't think there's going to be much difference as far as the results with their core cards. I would venture the Walmart MC could have less stringent UW criteria, but if that's the case, then this would be a tell-tale sign that if you try their core cards (since you had contemplated doing so from your other thread) it may prove to be a futile effort.
What does UW mean?
@tschaet wrote:
@FinStar wrote:
@TheBoondocks wrote:- Time since most recent account opening is too short
- Length of time accounts have been established
- Too many inquiries last 12 months
- Lack of recent installment loan information
Tried to prequalify for walmart card, dont want it but see if it was different from the core cards and this is what I got. Not sure if the UW is the same or not
I don't think there's going to be much difference as far as the results with their core cards. I would venture the Walmart MC could have less stringent UW criteria, but if that's the case, then this would be a tell-tale sign that if you try their core cards (since you had contemplated doing so from your other thread) it may prove to be a futile effort.
What does UW mean?
Underwriting
https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23
Thank you 
