Capital One Secured Approval, Then Un-Secured Pre-Approval?

[Anonymous]

Good Morning, Everyone! I am new to this forum as well as rebuilding my credit, but have been a spectator on the forum for a while; it's helped a great deal!

Anyway, about 3-months ago, I was approved for a First Premier credit card with a CL of $400. I've used it and PIF before the statement cuts each month. Wanting to expands my credit, I applied for a Capital One Secured Platinum card which I was approved for with a CL of $200 with a $99 deposit. As soon as I had paid the $99 deposit and was told that the card was "on it's way", I received a letter in the mail a few days later stating that I was pre-approved for an un-secured card through Capital One; the letter had a reservation number and access code within.

I'd like to take advantage of an unsecured card through Capital One as well, but I don't want the pulls if the pre-approval is bogus. Any suggestions here? 

My FICO8 scores are reported as: Experian (614), Transunion (602) and Equifax (616). However, when I look in CreditWise through my secured Capital One account, it shows my credit score reported from Transunion is 582.

[Anonymous]

With those scores it's very likely you'd be approved. 

I'd recommend the Platinum unsecured, because it can be quickly and easily converted to a QuickSilver card with cash rewards. 

That said, if you want the card, there will be a hard pull. No way around it

[dave36021]

I would go for the unsecured Cap 1 not only can it be converted to a quicksilver it would more then likely be in the Credit Steps program and would get a CLI in 5 months or sooner. I would jump on the unsecured Cap1 and use ike you are the First Premier. I would get awayfrom First Premier as quick as you can and I am sure that others will agree with getting away from First Premier if you have the chance. both myself and my wife used the credit steps and got very nice CLI's higher then what were initally disclosed. I got a 1.5k increase instead of 200 and my wife got 1.8k and we did basicly what you are currently doing with First Premier using it and PIF or let a small balance report to show a low UTI %. Good luck

[Anonymous]

Thanks for the advice. I went ahead and processed the pre-approval and was approved for a Capital One Platinum card (unsecured) with a $500 CL.

[Anonymous]

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@Anonymous wrote:

Thanks for the advice. I went ahead and processed the pre-approval and was approved for a Capital One Platinum card (unsecured) with a $500 CL.

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Congrats! Now ... around 30 days, sometimes less, hop on chat and inquire about rewards. You should be able to Product Change the Platinum to a QuickSilver. 

Then, around the 63-65 day mark, request a Credit Limit Increase. With proper use and no missed payments you should get a $1K increase. 

[Anonymous]

Great, so in 30 days from the day that I was approved, chat with them above rewards and they'll offer to change my card from Platinum to QuickSilver?

Then, 63-65 days from the day that I was approved, request a CLI? Just wanted to make sure that I was correct on the timeline. Thanks for everything!

[RobertEG]

In the offer, did it state that it was being made based on a listing obtained from a CRA?

If so, then it is a "firm offer for credit" and not simply a general "pre-approval."

[Anonymous]

Not, it didn't mention anything like that, just simply stated that I was 'pre-appoved for this offer'. I was approved though.

[Anonymous]

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@Anonymous wrote:

Great, so in 30 days from the day that I was approved, chat with them above rewards and they'll offer to change my card from Platinum to QuickSilver?

Then, 63-65 days from the day that I was approved, request a CLI? Just wanted to make sure that I was correct on the timeline. Thanks for everything!

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Well, yes ... but the product change isn't a given. Generally speaking it works, but I don't want to say it's a definite. 

But yes, those dates are the general timeline. I got my product change around 25 days I think, and the CLI on day 65. 

[Anonymous]

The pre-credit steps CLI ranges from about 63 days to 75 days. It's a SP so you can keep trying