Victoria's Secret Pre Approval VS CareCredit

[Luxeedee]

I was updating my VS profile address. I have never had a card with them.  But once my info updated, they hit me with this "Congratulations You've Been PreApproved for the Victori's Secret Credit Card".  My problem is I don't want any hard pulls right now and I plan to apply for a Care Credit card in the next 2-3 months and I don't want this to kill my shot.  Is this actually a guaranteed card or is it just clever marketing and a hard pull is sure to follow?

[designated_knitter]

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@Luxeedee wrote:

I was updating my VS profile address. I have never had a card with them.  But once my info updated, they hit me with this "Congratulations You've Been PreApproved for the Victori's Secret Credit Card".  My problem is I don't want any hard pulls right now and I plan to apply for a Care Credit card in the next 2-3 months and I don't want this to kill my shot.  Is this actually a guaranteed card or is it just clever marketing and a hard pull is sure to follow?

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Data points differ on hard pull vs soft pull. However, I will say I've never had a Comenity "SCT" card like that result in a hard pull (and I keep my credit files on ice just to make sure!)

Comenity is the backer of Victoria's Secret.  Synchrony is the backer of Care Credit.  Did they tell you what your credit limit would be?  If so, I suspect it is a solid offer and would be a soft pull.  

That being said, Synchrony can be easily spooked and if you REALLY have your sites set on Care Credit and want to maximize your starting CL on that, I would not take the VS offer.  I would wait until you are approved for Care Credit and then, if you still have the itch for VS, then go for it.  

In my humble opinion, Care Credit is a much more useful card ... but I rarely buy lingerie!  I will always have medical and vet expenses!

Flipside, VS, backed by Comenity, might grow insanely fast if they are anything like overstock and the other shopping card trick cards.  Synchrony may be more cautious with the growth depending on your profile.

Just my humble thoughts... take their worth for what you paid for them... which is absolutely nothing!

[Luxeedee]

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@designated_knitter wrote:

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@Luxeedee wrote:

I was updating my VS profile address. I have never had a card with them.  But once my info updated, they hit me with this "Congratulations You've Been PreApproved for the Victori's Secret Credit Card".  My problem is I don't want any hard pulls right now and I plan to apply for a Care Credit card in the next 2-3 months and I don't want this to kill my shot.  Is this actually a guaranteed card or is it just clever marketing and a hard pull is sure to follow?

---

Data points differ on hard pull vs soft pull. However, I will say I've never had a Comenity "SCT" card like that result in a hard pull (and I keep my credit files on ice just to make sure!)

Comenity is the backer of Victoria's Secret.  Synchrony is the backer of Care Credit.  Did they tell you what your credit limit would be?  If so, I suspect it is a solid offer and would be a soft pull.  

That being said, Synchrony can be easily spooked and if you REALLY have your sites set on Care Credit and want to maximize your starting CL on that, I would not take the VS offer.  I would wait until you are approved for Care Credit and then, if you still have the itch for VS, then go for it.  

In my humble opinion, Care Credit is a much more useful card ... but I rarely buy lingerie!  I will always have medical and vet expenses!

Flipside, VS, backed by Comenity, might grow insanely fast if they are anything like overstock and the other shopping card trick cards.  Synchrony may be more cautious with the growth depending on your profile.

Just my humble thoughts... take their worth for what you paid for them... which is absolutely nothing!

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They did not specify my credit limit. Here is what they said:

Subject to final credit approval. The Victoria’s Secret Credit card is issue by Comenity Bank. For Important Rate, Fee and other Cost information. Terms and Conditions. We will set your credit limit based on all information available to us at the time of final approval. Your credit limit may be higher or lower than disclosed in this offer.

I agree with your points and that is why I am torn. I'd like a Comenity that will blossom but I need the CareCredit for lipo later this Summer.  I'm concerned I'm being penywise and pound foolish.  I didn't even apply.  I'm mad that they threw this Sophie's Choice on me tonight, the first night of Semi Annual Sale!

[rgd51]

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@Luxeedee wrote:

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@designated_knitter wrote:

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@Luxeedee wrote:

I was updating my VS profile address. I have never had a card with them.  But once my info updated, they hit me with this "Congratulations You've Been PreApproved for the Victori's Secret Credit Card".  My problem is I don't want any hard pulls right now and I plan to apply for a Care Credit card in the next 2-3 months and I don't want this to kill my shot.  Is this actually a guaranteed card or is it just clever marketing and a hard pull is sure to follow?

---

Data points differ on hard pull vs soft pull. However, I will say I've never had a Comenity "SCT" card like that result in a hard pull (and I keep my credit files on ice just to make sure!)

Comenity is the backer of Victoria's Secret.  Synchrony is the backer of Care Credit.  Did they tell you what your credit limit would be?  If so, I suspect it is a solid offer and would be a soft pull.  

That being said, Synchrony can be easily spooked and if you REALLY have your sites set on Care Credit and want to maximize your starting CL on that, I would not take the VS offer.  I would wait until you are approved for Care Credit and then, if you still have the itch for VS, then go for it.  

In my humble opinion, Care Credit is a much more useful card ... but I rarely buy lingerie!  I will always have medical and vet expenses!

Flipside, VS, backed by Comenity, might grow insanely fast if they are anything like overstock and the other shopping card trick cards.  Synchrony may be more cautious with the growth depending on your profile.

Just my humble thoughts... take their worth for what you paid for them... which is absolutely nothing!

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They did not specify my credit limit. Here is what they said:

Subject to final credit approval. The Victoria’s Secret Credit card is issue by Comenity Bank. For Important Rate, Fee and other Cost information. Terms and Conditions. We will set your credit limit based on all information available to us at the time of final approval. Your credit limit may be higher or lower than disclosed in this offer.

I agree with your points and that is why I am torn. I'd like a Comenity that will blossom but I need the CareCredit for lipo later this Summer.  I'm concerned I'm being penywise and pound foolish.  I didn't even apply.  I'm mad that they threw this Sophie's Choice on me tonight, the first night of Semi Annual Sale!

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Based on the way that is written for the VS I would bet it would be a hard pull especially if it is saying subject to approval. I don't have either of the cards you mentioned but the care credit one seems a lot more useful!

[Anonymous]

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@Luxeedee wrote:

I was updating my VS profile address. I have never had a card with them.  But once my info updated, they hit me with this "Congratulations You've Been PreApproved for the Victori's Secret Credit Card".  My problem is I don't want any hard pulls right now and I plan to apply for a Care Credit card in the next 2-3 months and I don't want this to kill my shot.  Is this actually a guaranteed card or is it just clever marketing and a hard pull is sure to follow?

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The SCT generally is not a HP. But HPs are not the issue, truly, when apping for credit, a new account will still show up well before you app for CareCredit. HPs are really overrated, it is new accounts that are the problem, and people seem to have them confused as which is worse.

It sounds like a HP if it does not say something like "congrats, you are pre-approved for a $500 credit limit!", or whatever. The limit is not a hard limit, either. Mine said $250, but I got $1k.

Mine has not grown an iota in the 18 months I have had it. It is still at $1k since approval and every CLI request has been denied. Maybe it grows for some, but it certainly has not at all for me.

If you want CareCredit, I would wait before bothering with VS, since that seems like more of a want vs a need with Care Credit.

[designated_knitter]

Plus, if you think about it -- the time you will really WANT Victoria's Secret is AFTER the Liposuction :-)

Patience, Grasshopper (says the woman who has basically NONE!)

[Luxeedee]

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@Anonymous wrote:

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The SCT generally is not a HP. But HPs are not the issue, truly, when apping for credit, a new account will still show up well before you app for CareCredit. HPs are really overrated, it is new accounts that are the problem, and people seem to have them confused as which is worse.

It sounds like a HP if it does not say something like "congrats, you are pre-approved for a $500 credit limit!", or whatever. The limit is not a hard limit, either. Mine said $250, but I got $1k.

Mine has not grown an iota in the 18 months I have had it. It is still at $1k since approval and every CLI request has been denied. Maybe it grows for some, but it certainly has not at all for me.

If you want CareCredit, I would wait before bothering with VS, since that seems like more of a want vs a need with Care Credit.

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I agree!  I got 2 new cards and I was so happy. My credit scores started at 740 and up.  Once I was approved, I dropped 40-60 points!  I was shocked.  I thought my scores would go up once I followed the CRA advice and thickened my file with more cards.  I have 3 now.  So I am paranoid.  My usage is below 5% on all my cards. 

So I hope I get my scores back in very good range before I apply with CareCredit.  I have some weeks to go. I'm preparing for my consultation, and setting a date for surgery.  It should be about $6000 and I'd like to put at least some on the card. 

[designated_knitter]

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@Luxeedee wrote:

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@Anonymous wrote:

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The SCT generally is not a HP. But HPs are not the issue, truly, when apping for credit, a new account will still show up well before you app for CareCredit. HPs are really overrated, it is new accounts that are the problem, and people seem to have them confused as which is worse.

It sounds like a HP if it does not say something like "congrats, you are pre-approved for a $500 credit limit!", or whatever. The limit is not a hard limit, either. Mine said $250, but I got $1k.

Mine has not grown an iota in the 18 months I have had it. It is still at $1k since approval and every CLI request has been denied. Maybe it grows for some, but it certainly has not at all for me.

If you want CareCredit, I would wait before bothering with VS, since that seems like more of a want vs a need with Care Credit.

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I agree!  I got 2 new cards and I was so happy. My credit scores started at 740 and up.  Once I was approved, I dropped 40-60 points!  I was shocked.  I thought my scores would go up once I followed the CRA advice and thickened my file with more cards.  I have 3 now.  So I am paranoid.  My usage is below 5% on all my cards. 

So I hope I get my scores back in very good range before I apply with CareCredit.  I have some weeks to go. I'm preparing for my consultation, and setting a date for surgery.  It should be about $6000 and I'd like to put at least some on the card. 

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You are doing the right thing... wait 3 months and you should start getting those points back.  You have the optimal number of cards for Fico purposes.  And when you get back to 740s, I'm quite sure Victoria will be ready and waiting for you... and by then you'll probably realize you've moved past her and don't need her anymore :-)

Good luck with your procedures this summer!!!  

[Anonymous]

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@Luxeedee wrote:

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@Anonymous wrote:

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The SCT generally is not a HP. But HPs are not the issue, truly, when apping for credit, a new account will still show up well before you app for CareCredit. HPs are really overrated, it is new accounts that are the problem, and people seem to have them confused as which is worse.

It sounds like a HP if it does not say something like "congrats, you are pre-approved for a $500 credit limit!", or whatever. The limit is not a hard limit, either. Mine said $250, but I got $1k.

Mine has not grown an iota in the 18 months I have had it. It is still at $1k since approval and every CLI request has been denied. Maybe it grows for some, but it certainly has not at all for me.

If you want CareCredit, I would wait before bothering with VS, since that seems like more of a want vs a need with Care Credit.

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I agree!  I got 2 new cards and I was so happy. My credit scores started at 740 and up.  Once I was approved, I dropped 40-60 points!  I was shocked.  I thought my scores would go up once I followed the CRA advice and thickened my file with more cards.  I have 3 now.  So I am paranoid.  My usage is below 5% on all my cards. 

So I hope I get my scores back in very good range before I apply with CareCredit.  I have some weeks to go. I'm preparing for my consultation, and setting a date for surgery.  It should be about $6000 and I'd like to put at least some on the card. 

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My personal suggestion, with experience with both VS and CareCredit, is def wait on VS, but often people wait to get CareCredit until they actually use it. I suggest getting it at least 3 months before you need to use it.

With your scores being in the 700s, there is a good chance you will get what you need or you can recon a higher SL, but even at that, if you got a 6k limit and need 6k (often recons give you what you need, not taking util into account), that will put you at 100% util. At least it would be covered, that is priority one, and hopefully your provider can give you a 12-24 month, 0% promo along with it, but if you get it at least 3 months in advance, you could always grow the card further, need be.

My SO got CareCredit with 626 TU VS4.0 (the score Sync/CareCredit uses) and got a non-negotiable $1k SL when he needed $7k. Better than nothing, but definitely put a huge dent in our savings. The nice thing was, as his scores continued to improve and his relationship with Sync progressed nicely, every 3 months he was able to get a 3x CLI! I wish I had known this beforehand and had not waited, as we could have had the whole procedure covered had we planned a little better.

$1k > $3k > $9k

We have not asked for more since, but I believe limits go up to $20-$25k+. We always ask for max because they will counter with what they are willing to give.

So, even if you do wait or app beforehand, at least after 3 months, you should hopefully get a nice 3x CLI. Other DPs show the 3x CLI, as well, so it is not isolated.

The big score drops, I am not sure if you are talking Fico or VS, but as I mentioned, Sync uses VS 4.0, which is not accessible anywhere outside of Sync, which they give that score to you monthly in your account. It does not even compare to my SO's VS3.0 or Fico scores, so it will be hard to guess what it is, but if you are in the 700's, I would assume you would be fine. Sync and CareCredit both seem very generous and accommodating.

[designated_knitter]

Excellent point about getting it before you need it -- a lot like insurance!