Crap 1 .."pre-approved" shell game...

Anonymous · ‎05-26-2007

Ok, so like I get this "PRE_APPROVED" CC offer from CAP 1. for a CL of $3,000. HUMMMMM??

EX:601

TU:610

EQ:560

I do have an Auto loan with Cap 1 (17%) for about 8 months now. Maybe they are rewarding me for my on time, no late payments. I have a Orchard bank $300. And a secured BofA $1,000 secured. That's it! Neg> 6 baddies to fall off between 8- 12 months.

So, I call the "800", speak to Ms. Thannng, she tells me yes that it IS a preapproved Card and she will need to do a credit pull.....HUH?

How can It be a Pre-Approved card, and she needs to do a credit pull? So I agree to submit the application ONLY if it is a SOFT pull. I ask her again, please check if it is a hard or soft pull. I am put on hold. She comes back, says I have been pre-approved, and It IS a soft pull, and I will know in 60 seconds if I am approved......HUH?

I had a gut feelin about this, but I submitted...60 seconds goes by and I am told that I will get a written notification in two weeks.... CLICK, LINE IS DEAD.....Hummm, that usually is a BIG NOOOOOO.......

A few days later, I get a credit alert, Multiple Inquires from CRAP 1......AGGGGGGGGGHHHHHH!!!!

Is there anything I can do? Someone smack me DOPE SLAP!

MidnightVoice · ‎05-26-2007

pre-approved is not the same as qualified

I sorted that one out when I was looking at refinancing. Real, final qualification required hard pulls, and resulted in an offer that was good for 3 months.

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Tuscani · ‎05-26-2007

Not much you can do.. As already noted.. pre-approved means nothing. And as you found out.. CAP1 is Inq happy and will pull all three for ANYTHING.

MidnightVoice · ‎05-26-2007

Tuscani wrote

And as you found out.. CAP1 is Inq happy and will pull all three for ANYTHING.

Remids me of Cingular......

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Tuscani · ‎05-26-2007

MidnightVoice wrote:

Tuscani wrote

And as you found out.. CAP1 is Inq happy and will pull all three for ANYTHING.

Remids me of Cingular......

HAHAHAH! You are never letting that go are you.

MidnightVoice · ‎05-26-2007

Tuscani wrote:

MidnightVoice wrote:

Tuscani wrote

And as you found out.. CAP1 is Inq happy and will pull all three for ANYTHING.

Remids me of Cingular......

HAHAHAH! You are never letting that go are you.

Not until September 13th of this year

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎05-26-2007

Years ago I was told that INQ's that do not result in a credit offer are treated different is scoring than INQ's that do.

Does this still hold true?

I do know that removing INQ's that do not result in a credit offer are easier to remove

MidnightVoice · ‎05-26-2007

I think they all count. The FICO computer is looking for people who are "looking for credit". They know seperately about what you actually get. The inq from my mortgage company (I didn't move after all) and from Cingular (phone, no credit) are still on my CRs

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

Anonymous · ‎05-26-2007

I get pre-approvals from Cap1 all the time, over years. To this day, I have never been excepted. I am starting to think someone is doing it to get jollies. I stopped applying.

Anonymous · ‎05-26-2007

More like the credit Gods are looking over you :-)

When I ran into the no electricity, no phone, and no mail for over a month because of hurricanes,... Cap 1 is my only creditor that dinged me for a 30 day late. Late fees I can handle but reporting it late was uncalled for IMHO. Washington Mutual actually gave me an extra 90 day grace period on my cc and mortgage.

Guess what's NOT in my wallet!?!

Message Edited by Felicity on 05-26-2007 02:50 PM