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How reliable is CapitalOne Prequalify. When I filled out the information, it said I am pre-qualified for their card. But I have 3 COs with CapOne. I did not apply. If I were to apply, would it be a hardpull and decline for the applicaition ? Or is CapOne forgiving me and let me back in to the door ? Any thoughts or previous experience.
Their prequalify is pretty reliable. How long ago did you burn them and for how much? Which cards did they show you were prequalified for? Did they offer SUBs? Keep in mind no matter what happens, if you pull the trigger it will be a hard pull from each bureau. They are generally quite forgiving, however.
@Ficoproblems247 wrote:Their prequalify is pretty reliable. How long ago did you burn them and for how much? Which cards did they show you were prequalified for? Did they offer SUBs? Keep in mind no matter what happens, if you pull the trigger it will be a hard pull from each bureau. They are generally quite forgiving, however.
I have 3 COs with them. $1736/ $3671 / $2532. I am not sure dates. I think COs are about a year ago. I am going to make settlement and pay them off any way so I can keep my report clean. The pre-approval they gave me is for I think the pre-approval is for Platinum and Quick Silver. One has no AF and other has AF of $29. I am going to hold off for now and pay off the COs and then apply. I have good secured cards now I am going to let them age and pull my scores up a little before i apply for any thing new.
Yeah I agree with your plan. They very well may approve you, but with the unpaid COs I'd be willing to bet it would be a card with a $300 limit that would never grow beyond $500-$700 or so. I wouldn't take 3 HPs for another 300 bucks when it sounds like you already have some other solid secured cards. The thing of it is though, once you've paid them off and your scores are a little higher, I'll bet you would have some awesome options with them again!
@Ficoproblems247 wrote:Yeah I agree with your plan. They very well may approve you, but with the unpaid COs I'd be willing to bet it would be a card with a $300 limit that would never grow beyond $500-$700 or so. I wouldn't take 3 HPs for another 300 bucks when it sounds like you already have some other solid secured cards. The thing of it is though, once you've paid them off and your scores are a little higher, I'll bet you would have some awesome options with them again!
Thanks. It does not make sense to take 3 Hard Inq hits for $300 Limit card that would not grow. It is interesting to know they pre-qualfied me. I am not sure it would be a decline once I pull the trigger.
In the last 8 months, I got my self very good secured cards both from Merrick / OpenSky and also couple of credit unions Affinity and SDFCU which are very good. Affinity and SDFCU might become unsecured after 12 months. For now my plan is to make settlements and payoff all the COs which might take me about 8-12 months. ( I have 3 daugthers in college and I have to help them financially. Otherwise, I could cleared my COs sooner ).
I'll revisit in 12-18 months from now and see what options are available for me.
good luck on your rebuild
That's crazy. I have 2 CO's that are over 2 years old that I'm working on paying at the moment and can't get the site to pre-qual me for anything. I wonder why it works for some but not for others.
@hpotterfan77 wrote:That's crazy. I have 2 CO's that are over 2 years old that I'm working on paying at the moment and can't get the site to pre-qual me for anything. I wonder why it works for some but not for others.
Yeah I kind of see it all over the place from different members. With my own personal experience, I burned them in '12-'13 or so. They approved me with a QS1 in May '15 with a 1k limit. That card is now a Ven1 with a 5k limit, and last week they approved me for a Savor with a 15k limit. They'll start to like you again, don't give up on them! They get a little smack talk around here on the forums (which I completely understand), but if you understand how they think a little bit, and are willing to give them decent spend, they'll roll out the red carpet for you when the time is right. Maybe not on the first card they approve you for after burning them, but show them you still want to be their customer and they'll give you the hook up! Good luck getting back in!
I had a charge off from 2018 for 1200, I settled for like 325. I was pre approved for a card like a week later. :/
Their prequal seems pretty reliable. I've always checked in the rates and fees section if it showed a solid apr before applying. Good luck!