How reliable is CapOne prequalification?

[Anonymous]

I got an email yesterday from CapOne with a link to see what cards I qualify for. I rarely do those prequals, but I was curious so I did, and up pops the CapOne Savor card as the first recommended card that I prequalify for.

Funny thing is, that's the card that I was just declined for a couple of weeks ago when I cold apped.

So should I call for reconsideration since CapOne's own system says I qualify? Should I just app again, through the link provided on the prequal?

Earlier this month, both DW and I applied for the CapOne Savor card and both got declined.

Getting declined is pretty rare outcome for us. Per CapOne's own CreditWise tool, my score is 800 and DW's is 830. Whenever filling out an app for either of us, I always report income of $150k, which is roughly correct for HHI. Each of us has a bunch of cards, around 1% total utilization spread pretty broadly. We exclusively PIF and almost exclusively let everything post to statement and PIF on the due date. I have two CapOne cards already; an old Platinum card that I got for a 0% 0 fee B/T ten years ago, and a QS which was a PC from a Venture card a couple of years ago. Wife has one CapOne card, a QS which was also a PC from a Venture card. Neither has seen significant usage since the conversion to QS (or for that matter since the Venture bonus was plundered).

The reasons given for both denials are:
· Based on your credit report from Equifax,too few or no revolving accounts have a balance
· Based on your credit report from Trans Union,there are too many new revolving accounts

As to new accounts, we are both 2 in 24 months, 1 in 12 months.

As we PIF, we have no balances that resolve (FWIW), but we each typically have about 6-8 cards a month that report a balance.

Thoughts?

Chris.

[Anonymous]

Although it’s never a 100% guarantee, Cap1 pre-approvals are pretty solid. I would use the link if you are going to reapply. I’m not sure if going the “recon” route on your recent denial will get the desired result.

[pinkandgrey]

They're USUALLY pretty good. Of course no guarantees, but the Cap1 prequals seem to be spot-on and updated pretty regularly.

[kdm31091]

Capital One doesn't recon like most banks do. They abide by the computer decision 99% of the time.

If you don't mind potentially wasting the HPs, you could apply again through the prequal, but the prequal is not necessarily using a "fresh" pull of your credit, so you could be denied for the same reasons as previously.

[Anonymous]

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@pinkandgrey wrote:
They're USUALLY pretty good. Of course no guarantees, but the Cap1 prequals seem to be spot-on and updated pretty regularly.

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Thanks for the info.  But looking at that prequalification site again, I realize I may have misunderstood.  This is what I see:

Hi, christopher. Looks like we can’t provide you with any pre-qualified results.  Any chance you’ve opted out of prescreened credit card offers? If so, no problem! You can still learn about and apply for any of our cards.

Based on your answers, we think you’ll like these cards.

And then it lists the Savor card.  So I take it I'm not really preapproved.

But what can this mean?  I've not chosen opt-out on any of the bureaus (AFAIK).  Is there an easy way to check that?

Chris.

[FinStar]

If you have not opted out, then what Capital One's pre-qualification tool is saying there are no pre-qualifed offers available. Meaning, if you apply, potentially the same results as before.

And, as mentioned upthread, Capital One isn't known for reconsiderations.

[risingup2day]

The only thing that comes to mind is them at Capital one will onlynissue you two cards. Co branded card and cards that capital one eventually took over so not count as well.

I myself would like to app for the savor, bonus is a factor, but I have two cards currently and did not want to a take a triple pull to confirm what I have read about Capital one 2 cars limit.

Anyone have any insight?