Just got an offer for a Capital One, should I?

[Changingmantra]

Was this an unsolicited offer, or did you submit an application online?  If it ware unsolicited, it might be better to just go to their website and do their prequalifying offer.  Who knows, you might even prequality for a slightly better card.

[llecs]

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RLL1171 wrote:
I have been seeing that alot lately, in reference to BOA offer 99/500. What exactly is that? Is it a secured card in which you pay 99 for a 500 CL?

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Yes. It is offered as a counter-offer only if you are denied for an unsecured CC from BofA. You deposit $99 and they'll give you a $500 CL CC. After 9-12 months, they will unsecure it and refund the $99.

[Anonymous]

Do you know why you were denied?

[Anonymous]

I haven't been denied for anything yet because I haven't applied. i am scrutinizing everything before i apply for anything. I am protecting my scores as bestt as I can.

[Anonymous]

I could have told you that! Crap 1 did the same thing to me. I got "pre-approved" and was denied, after they pulled all 3 CR's. 

[Anonymous]

Changingmantra, this was an unsolicited offer. I should have waited.

[Anonymous]

tonnie39, not as of yet. They are sending me somthing in the mail.

[USC08]

Anyone know if you apply for a Capital One under their "Excellent Credit" Tier cards and don't get approved, will they approved you for the next available tier card which is "Good Credit" and so on???

[Anonymous]

There is a commission involved when you apply for a credit card. Like those people that stand in the airport concourses that solicit the passengers to apply for the card, i asked one of them how much do they get. i was tol the company gets $125.00 per app. Then they split the reward for getting you to apply wheter you get approved or not. It is a business! And now that you have a hard inquiy it drops your score then when you do get approved they charge you with a higher interest rate. In ewssence you are feeding the monster.

My bank WAMU keeps hounding me about this pre-approved card. So the next time I asked how much am I pre-approved for and they stated they had to run my credit first. I then retorted, then "I am not pre-approved then!!" The bank person then stated correct. They get a comission somehow or a bonus. Beware of pre-approvals! It is not like it used to be, they are fishing for a catch.