Capital One preqaulify

[tjdutch]

I'm not sure how much water this thing holds, I was offered a secured credit card with an average score of 630, my average now is like 550 because of high util.  89%. It is now offering me a standard platinum, and says i'm also preqaulified for a no hassle cash back card, i want to apply but am weary of taking another 3 inquires as i hear they get a report from all 3 bureaus.  should i wait till next month and pay down my current cards and get my score back into the 600's? 

[JayRizzo]

Capital One tiers of credit card categories are not like traditional where you must be over a certail score, so there's no benefit in waiting an additional month -- doesn't mean you'll get a higher limit since you're borderline 600.  I believe top tier is 700+ (don't remember... it's been so long ago).   We just had this same discussion day before yesterday where a member wants to apply but weary.  It's standard for Capital One to pull all 3 credit bureaus, but you will definitely get a card -- even if it's a counter-offer for their secured card, you will get a card so there's no inquiry wasted.

[RebelSon]

I think you should wait until next month. 550s and 600s are totally different.

With a 550 you probaby won't quailfy  for a card over $500-$700.

With a 600+ you can get something well over $1000.

I'm not saying you will, but if I were you I'd wait until I get my util down a bit.

[Anonymous]

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@RebelSon wrote:

I think you should wait until next month. 550s and 600s are totally different.

With a 550 you probaby won't quailfy  for a card over $500-$700.

With a 600+ you can get something well over $1000.

I'm not saying you will, but if I were you I'd wait until I get my util down a bit.

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I agree.  It's always best to polish yourself up a little before an app - especially when it's just one month and your utilization will be down significantly.

Remember, too, that creditors don't just look at FICO scores - they may also look at current card utilization when you app.

Best wishes when you app for that new card!

[tjdutch]

Yeah, thanks for the input everyone.  I think I'll wait till next month when I pay my cards down and get util. down to 10-20%.