Why is it so difficult to get pre-approval from Credit One

[CreditCrusader]

As someone with much knowledge relative to Credit One, I can tell you the following:

It is absurdly easy to be approved for their bottom-tier cards (i.e. $75 AF, 1%, monthly fee). You don't have to be pre-approved in advance to secure those cards.

However, their "upper tier" cards like Platinum Rewards and Amex co-brand are targeted to specific borrowers with specific income and credit profiles. My sister has the Platinum Rewards Visa ($95 AF, but 5% cash back for food/gas and 1% for everything else). She earns over six figures and has a decent profile, but nothing like some people here.

I think the mindset that prime borrowers will flee is a very real one with Credit One. Those folks aren't CO's customer target. The subprime/just beyond subprime borrowing pool is their target.

[K-in-Boston]

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@gdale6 wrote:

I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....

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😂 Same with 800+ here.  They had no preapprovals for me and strangely I didn't start getting a lot of solicitations from them afterward.

[Red1Blue]

I feel like orphan not being able to get pre-approval for Credit One bank. I have 5 COs repoting. Tons of lates. My scores are meager low 600s. What is wrong with this picture. Whey they do not pre-approve me? I would think I am a perfect candidate for them make money out of me with fees and interest. I feel sad. They are hurting my feelings. ( I am only joking when I am making these statements. I still do not understand why they do not pre-approve me).

[Anonymous]

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@Red1Blue wrote:

I feel like orphan not being able to get pre-approval for Credit One bank. I have 5 COs repoting. Tons of lates. My scores are meager low 600s. What is wrong with this picture. Whey they do not pre-approve me? I would think I am a perfect candidate for them make money out of me with fees and interest. I feel sad. They are hurting my feelings. ( I am only joking when I am making these statements. I still do not understand why they do not pre-approve me).

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They probably think with 5 COs that you're more likely to cost them money than make them money. With the pandemic situation going on right now, even the most stable lenders like NFCU are adjusting their standards. Subprime is the first to tank when the economy does so it doesn't surprise me that Credit One would tighten up too. 

[Remedios]

@Red1Blue  occam's razor answer

They've deemed you too much of the risk. 

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too. 

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit. 

[Red1Blue]

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@Anonymous wrote:

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@Red1Blue wrote:

I feel like orphan not being able to get pre-approval for Credit One bank. I have 5 COs repoting. Tons of lates. My scores are meager low 600s. What is wrong with this picture. Whey they do not pre-approve me? I would think I am a perfect candidate for them make money out of me with fees and interest. I feel sad. They are hurting my feelings. ( I am only joking when I am making these statements. I still do not understand why they do not pre-approve me).

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They probably think with 5 COs that you're more likely to cost them money than make them money. With the pandemic situation going on right now, even the most stable lenders like NFCU are adjusting their standards. Subprime is the first to tank when the economy does so it doesn't surprise me that Credit One would tighten up too. 

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Last year this time I had 22 COs and 7 CAs. I got them all started cleaning up left with 5 COs more to go.  I get so many letters from First Premier, Surge and other bottom feeders asking me to apply. What market Credit One is trying to serve? You think I am in the bottom feeder rank or decent up coming rank?

[wasCB14]

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@Remedios wrote:

@Red1Blue  occam's razor answer

They've deemed you too much of the risk. 

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too. 

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit. 

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5/24

No more than 5 new accounts in the last 24 days.

[Red1Blue]

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@Remedios wrote:

@Red1Blue  occam's razor answer

They've deemed you too much of the risk. 

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too. 

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit. 

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Hi Remy, I know what you are saying. I do not need their card. I am just curious what they think that I am not qualified for. If I did not pay all the COs then they would approve it?

[coldfusion]

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@gdale6 wrote:

I did several years ago just for fun, was denied preapproval with a clean report and 780+ Fico. LOL.....

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I wouldn't suggest doing it for giggles and grins.   I did it once for fun, got preapproved, and got emailbombed for months afterward.

[Remedios]

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@Red1Blue wrote:

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@Remedios wrote:

@Red1Blue  occam's razor answer

They've deemed you too much of the risk. 

It may sound counterintuitive because they deal with an aspect of population that's either defaulted or has higher likelyhood of defaulting, they have a line in the sand, too. 

While you have paid some debt off, they can see on your CR that total amount on your COs was approaching 6 digits, you still have quite a bit, you got something like 15-20 cards in the last year, so it's quite simple to see why they would be reluctant at this time to extend you unsecured credit. 

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Hi Remy, I know what you are saying. I do not need their card. I am just curious what they think that I am not qualified for. If I did not pay all the COs then they would approve it?

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I think in your case, "when" is more of a function of time than anything else. 

While paying debt is commendable, there has to be a significant period of time from the last derog (once paid).

Lenders want to see "good behavior" before they extend credit, and different lenders have different ideas on what sufficient time means. 

They would approve eventually, but by that time you should be in a much better place and Credit One shouldn't be on your radar.