Second Capital One?

[Anonymous]

So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

[JustMe77]

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@Anonymous wrote:

So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

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I wouldn't. Wait until you qualify for a better rewards card. How old are your closed and open accounts? What's your total credit limit and utilization?

[bichonmom]

Is it worth the 3 HP to you? That would be my primary objection to getting a new CC w/them.

I'd also call first to confirm what the offer is. I had an "offer" from them. I don't recall what they called it, but basically it was nothing more than an invitation to apply and get 3 HPs. There was no guarantee of approval based on the softs and credit history w/them. So to me, it wasn't worth it.

[traveler2005]

My DH has a cash rewards card, started off at 500, then increased to 750. They kept sending him pre approvals for another card, he declined, then we got an email stating that his cash rewards limit had been increased to 1750. I would hold off, maybe you'll  get another CLI  .

[LS2982]

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@Anonymous wrote:

So, when I logged into my Capital One account today they mentioned a "Pre Qualification" about a second Cap 1 account. I have a Platinum Classic account with a $1500 limit with them now. I entered my info into the pre qualification box and it said I was pre qualified for a Cash Rewards Platinum card... 19.8% with a $39 annual fee. My FICO (walmart) is a 650 and I am debating on weather or not i should apply.

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Is it worth 3 Hard INQ's for a toy limit that wont grow with you??

[Anonymous]

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@LS2982 wrote:

Is it worth 3 Hard INQ's for a toy limit that wont grow with you??

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 100% agreed, I would pass up this offer as it sounds like one of their sub prime card's with the 39AF.

[Smug]

Wait, I did the same thing about a year ago closed it, be cause now I have prime.

[pizzadude]

I would agree to wait either until approve you for a prime card that can actually grow your CL.

[nuggets321]

I would NOT (personally). Cap 1 doesnt seem to be of much assistance with anything. They are extremely tight when it comes to cli's or anything of the sort. In addition they want to charge you an AF ??? I have one of their cards that doesnt see the light of day other than maybe once/3 months..... even Discover (known to be very conservative) gave me 3k CL and I cant get a CLI from 750 from Cap1 and its my oldest card ? Eh, youre grown up, but I would say that there are much better opportunities out there for you.... just my 2cents....

[mAndrew1980]

I got the second Cap1 card and now I regret it. I have two toy cards with AF's, bad APR%'s, and horrible limits. It killed my AAoA and hurt my scores as well. It was a rebuilding mistake that I regret now.