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Credit one pre approved letter in mail help

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Regular Contributor

Credit one pre approved letter in mail help

Hello everyone!

Today i got a letter in the mail from Credit One Bank. A pre-approved letter for up to $1,500 credit limit. ($300 min)

$0 enrollment fee, $0 over limit fees. 23.90% fee (yes i know this is high but ihave been slowly climbing back up the credit score)

$75 first year $99 after (billed at $8.25 a month)  plus $19 annuually for auth. user.

 

Offer expires Aug/2014.

I have never had a card with them. Currently have a few through comenity and 1 secured card through cap.one.

653 score (checked with TU a week ago)

 

Only info it is asking for is my birthday, full social #, phone #, annual income

 

Another credit line would be helpful and even better as it is not a store card or secured card however i do not want to be denied.

If anyone has receieved the same letter and "did" apply, i would love to know if you were actually pre-approved and you recieved a card. Also credit limit (if you dont mind sharing)

 

Thank you

 

Message 1 of 12
11 REPLIES 11
Community Leader
Super Contributor

Re: Credit one pre approved letter in mail help

Don't take it if you can help it. I would wait and apply for another card thru cap one. How long have you had the other cards? What's your total util?

Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 2 of 12
Mega Contributor

Re: Credit one pre approved letter in mail help


@pizza1 wrote:
Don't take it if you can help it. I would wait and apply for another card thru cap one. How long have you had the other cards? What's your total util?

+1

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 3 of 12
Regular Contributor

Re: Credit one pre approved letter in mail help

Current cards i have...

 

All of my credit cards are new (jan/feb 2014)  100% on time payments.

All together on cards is $1,500. Currently using 23%. Will be making my payments this friday so that will be lower.

I will also be adding $200 to my cap one card so that will increase to $1,700 on all cards.

 

I would rather not have a hard inq. (i think i have 2 from this year, 1 from 2013)

I have read a ton of reviews, some say run while others were ok with the high fees (in return they got the credit help they needed)

 

Message 4 of 12
Epic Contributor

Re: Credit one pre approved letter in mail help

I would not take this, your score is to good for them!

Check the pre-qual for a Barclay Card

Message 5 of 12
Regular Contributor

Re: Credit one pre approved letter in mail help

My credit has always been very low so to hear that it is now to good puts a big Smiley Happy on my face! lol

 

For now i think this offer will go to the trash and i will just stick with increasing my cap one card to give it a decent limit. I think on 1-2 of my other cards are due for a cli so we'll see how that goes.

 

Thank you everyone!

Message 6 of 12
Community Leader
Super Contributor

Re: Credit one pre approved letter in mail help

I think you be good for Barclays! I got approved 6months after a bK with a score of TU 635, and major derogs!! But I also have a thick file, but major derogs!!! Lol!! Try the Barclays prequal site, they always want to see 6 months of history and payments first, which you have!! They are awesome to recon with as well. If you do the prequal site and you see at the top in big letters a "congratulations" you're preapproved or pre qualified for this particular card, take it! They are spot on on the preapprovals! Good luck

Scores held down by umpteen INQ & New accounts, and a paid off loan and new loan reporting.
~~~BK7 d/c-08/2013......my rebuild worked for me, but won't necessarily work for you.~~~
Message 7 of 12
Contributor

Re: Credit one pre approved letter in mail help

+1 I am about to cancel mine after less than 2 yrs. I hate that they force me to show a balance each month and with all the other cards out there w no annual fee I recommended tearing that offer up! They also charge for a cars design change lol nickel and dime you and with no rewards to balance it out? Run! Run far away from them

Starting Score:MyFico EQ 651 6/14
MyFico TU 676 7/14
MyFico EX 670 8/14
Current 3-bureau score watch 3/15:EQ 736 EX 687 TU 783
Message 8 of 12
Contributor

Re: Credit one pre approved letter in mail help

Sorry I forgot to mention the cli is worse than cap one. A pidly $250 cli whatever

Starting Score:MyFico EQ 651 6/14
MyFico TU 676 7/14
MyFico EX 670 8/14
Current 3-bureau score watch 3/15:EQ 736 EX 687 TU 783
Message 9 of 12
Regular Contributor

Re: Credit one pre approved letter in mail help


@stefnian0426 wrote:

Hello everyone!

Today i got a letter in the mail from Credit One Bank. A pre-approved letter for up to $1,500 credit limit. ($300 min)

$0 enrollment fee, $0 over limit fees. 23.90% fee (yes i know this is high but ihave been slowly climbing back up the credit score)

$75 first year $99 after (billed at $8.25 a month)  plus $19 annuually for auth. user.

 

Offer expires Aug/2014.

I have never had a card with them. Currently have a few through comenity and 1 secured card through cap.one.

653 score (checked with TU a week ago)

 

Only info it is asking for is my birthday, full social #, phone #, annual income

 

Another credit line would be helpful and even better as it is not a store card or secured card however i do not want to be denied.

If anyone has receieved the same letter and "did" apply, i would love to know if you were actually pre-approved and you recieved a card. Also credit limit (if you dont mind sharing)

 

Thank you

 


Hello stefnin0426....I'm new to the forums, but just noticed your post.  I actually have a credit one bank card and have had experience with them for several months now so I can tell you that they do help in raising your score and serving the purpose that they're there for, HOWEVER, my scores were 590, 604, and 612 when I obtained their card after only having a comenity bank pottery barn and victorias secret card for about 6 months neither of which was really helping much with my scores:/  Anyway...long story short had the scores above in november 2013 when i took the credit one prequal offer (btw...if they send you a prequal its guaranteed approval from what rep told me) with no enrollment fees and my offer was for $25 AF the first year so I thought that would be worth it to build my credit up enough to get a better card and dump them before the next AF was due.  Fast forward to April when I received a Pre-Approval in the mail from BOA!!  I couldn't believe it and didn't even think it was true so i called them up and told them i didn't want to app if there wasn't a chance and only based on vague criteria but the rep assured me i'd more than likely get it and if i did it over the phone he'd push it harder so i went for it and BAM...BOA Platinum Plus Mastercard with CL of $1.5K!!!  I was sooo stoked!!  So  got that card and decided to apply for the Capital One QuicksilverOne card since CK said my odds were good and yep another approval, but measley $300 CL.  Oh well it was another account anyway.  After that I decided to chk my scores to go for some better prime cards.  My scores were 625,650, 680.  So I went for the Barclays Rewards Mastercard and got it!!  $1.3K CL...needless to say that gave me app fever and over the last 2 wks I have went buck wild lol.  Went for the Chase Freedom approved $1K, went for the AMEX Everyday Card approved $1.2K, went for Citi Bank Dividend Platinum approved $1.8K, and my last was last night I bit the bullet and went for Discover IT and got the dreaded 5-7 day message.  Called the backdoor number and answered a few questions (mainly pertaining to my recent inquiries) and BAM....$2.5K CL!!!  I do need to mention that in between May and Now my scores went up quite a bit as of July 8th the were EQ:665  TU:680  EX:730.  So I'm sure thats the reason I got the prime cards, BUT your numbers aren't far from that.

 

Basically I am saying that you should try for a better card with your fair numbers, but if you can't get ANY luv then go for the Credit One card...it will do what it is supposed to!!  But use it just for that...a stepping stone and ditch it first chance you get after you've milked the benefits from it!!  But I honestly think you have a great shot at the Capital One QuicksilverOne card as its targeted more towards fair scores and they have a credit steps program that if your scores are too bad they will put you in which still helps to raise scores...I also agree with the other poster that you've got a pretty fair chance with Barclay Rewards Mastercard too!  Those 2 are prob the easiest to get so try those first...if you don't get approved recon (always always recon) if still  no approval then I would def. recommend trying the Credit One Card....it worked wonders for me as you can see from all my recent approvals!

 

GOOD LUCK IN YOUR CREDIT JOURNEY!!!

 

 




Message 10 of 12