HELP - How accurate is pre-qualifying for cards on their sites??

[Anonymous]

Hi -  I have been in rebuilding mode for several years and am in need of a good credit card with decent limit.  My Fico Scores are hovering at the 700 level, with one being 695 and one being like 704, etc . . .  I have one derogatory legal item on my reports which is paid and is several years old and have most things now paid way down.  I seem to prequalify for a Venture Travel card or a Chase card, etc . . .  but I'm terrified to apply and ding my report with a rejection - which will mess everything up.  How accurate are these "prequalifying" tools on the credit card sites????  I'm not sure what they see in the soft pull.  Any help is appreciated!!

[Anonymous]

Capital One and Chase are very promising!!!  If you pre-qualify, chances are great you will be approved unless something drastic has recently taken you credit down.

[Anonymous]

Chase prequal is usually accurate, unless you are over 5 new accounts in the last 24 months, or your profile changed drastically after the soft pull.

[Anonymous]

With scores around 700 and prequal showing good, you should be fine. As for 1 or 2 inquiries ruining everything, it doesn't sound like your credit is that fragile. How many inquiries do you currently have in the lst 6 months and 24 months?

[rmduhon]

Cap1 prequals are usually very accurate. Don't know about Chase. But it's not a guaranteed approval.

[Anonymous]

How many Inq are presently reporting...if you don't mind me asking...

[Anonymous]

I'm nt sure how to see inquiries for 2 years.  MyFico shows like 4 and I think Credit Karma was 4-6 - but not sure of time frame.  I knw an inquiry only dings the report a litte but my concern is that I'm bordering between 695-710 and I don't know if Capitol One or others have a 700 cut off.  I'll probably work on this one more month and then take a chance if I still see to Pre Qualify.  Thank you for the replies!

[Anonymous]

Also - my credit has been fragile for a while.  It recently jumped up due to paying several things way down so I'm not sure if they also look at how long someone has been in 700 range.  It may have been higher but I stupidly closed a few accounts that were in good standing not realizing that was not a good thing to do becauset I wanted a good credit card, not 6 crappy ones.  I will try the Prequal thing in about a month and come back to this thread to update if it worked or not.

[Anonymous]

Chase is very caught up in number of inq  in past 24 months and number of cards in past 24 months ie 5.  You will need to count them.   We have been waiting at our house to get down to 5.  I have heard once you get the first Chase card the other Chase cards come easy.  Capital 1 has many different cards.  Some are easy to get others not so.

Have you thought about Discover?  The are great too.   

[Anonymous]

If that's the case then the number of cards may hold me back.  I'm sure I've had at lease 5-6 new accounts in past 2 years- and I closed the smaller high interest ones.  Oh well -- live and learn.  I already have a smaller Cap One (Quick Silver) with a 1250 limit that has been a building card so I think they could be my best try -- I'd like the Venture Card.