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Chances of approval after pre-qual

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Regular Contributor

Chances of approval after pre-qual

I was going to pose the question in the CC forums, but then thought there might be more experience in this with my fellow rebuilders (move if needed, of course).

 

Anyway, I know there is the usual thousand variables, but how confident should one be after a pre-qual check of actual approval? I don't want to app for another month, as I just paid off a CO that's killing my util and I'm waiting for it to post. 

 

My EX is sitting at a 594, with TU and EQ even lower than that. After using the Capital One pre-qual, it came back with a Platinum unsecured. After BoA, it came back with several cards, including a few rewards cards. Surely my score ranges aren't high enough for these yet?

 

Anyway, just looking for a "it's a 50/50", or "almost always approved after pre-qual", or just some general idea. It just caught me by surprise.

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Regular Contributor

Re: Chances of approval after pre-qual

I should add that I need a 3rd card one way or the other, as I'm running with Credit One (12 months), and Indigo (8 months). My intention was to get a secured card pre-qual, but...

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Super Contributor

Re: Chances of approval after pre-qual

@Roward74075  Usually, Capital One's prequal site is pretty solid. They will triple hard pull all 3 bureaus if you apply. You may be approved, but based on your scores, it might be a low credit limit and you may be in credit steps.

 

BoA prequal site is for entertainment purposes only. It is not a prequal site, more like a recommendation to apply. Your scores are a tad low. I would not recommend applying with BoA. They will either HP on EX or TU, depending on your region.

Message 3 of 9
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Super Contributor

Re: Chances of approval after pre-qual

They have no obligation whatsoever pursuant to a prequalification. Some financial institutions pre-qualifications are stronger than others, but they have no requirement. On the other hand, a preapproval they are required to give it to you if nothing has changed since the SP’ed you.
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 4 of 9
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New Contributor

Re: Chances of approval after pre-qual

If you really must, your best chance is cap one. If you get denied, I would do the secured platinum -> unsecured upgrade route. BOA, I wouldn't even try. You will get a HP for nada. The best thing to do will be just sit on your 2 cards and work on your report. I think sometimes we tend to focus more on scores when it should be the other way. The score will come. And if you really need a 3rd like you say, is it because you are maxing out the 2 you have? 

Message 5 of 9
Valued Contributor

Re: Chances of approval after pre-qual


@Roward74075 wrote:

I was going to pose the question in the CC forums, but then thought there might be more experience in this with my fellow rebuilders (move if needed, of course).

 

Anyway, I know there is the usual thousand variables, but how confident should one be after a pre-qual check of actual approval? I don't want to app for another month, as I just paid off a CO that's killing my util and I'm waiting for it to post. 

 

My EX is sitting at a 594, with TU and EQ even lower than that. After using the Capital One pre-qual, it came back with a Platinum unsecured. After BoA, it came back with several cards, including a few rewards cards. Surely my score ranges aren't high enough for these yet?

 

Anyway, just looking for a "it's a 50/50", or "almost always approved after pre-qual", or just some general idea. It just caught me by surprise.


I got a $300 unsecured Cap Platinum with scores lower than yours. It is absolutely possible! It is on the steps program, where after 5 on-time payments I get a CLI to $500. Not great, but better than nothing, which exactly what I had! You can even do a PC to a QS w/ no AF to get 1.5% cash back after 3 or 4 months, possibly. I did after 3.5 months. It is a good card, I have no complaints with it!

 

Ignore BoA, just as other said above. There is a secured card, but I believe your scores may still be too low for that right now.

 

Also, some other options for card #3:

 

Discover secured: 2% CB at restaurants & gas, 1% everywhere else that you can PC to the 5% CB rotating categories after the first statement cuts. It also *can* graduate after 8 months. YMMV, but many have been pleased with it (and the possible CLI after graduation if you treat it right and keep rebuilding your credit!)

 

TD bank, I believe also has a highly recommended CB secured card.

 

US Bank Secured card: no rewards, but can possibly graduate after a year, if you ask and take a HP, and your scores are a minimum 640? 660? I have heard this can be PC'd once unsecured to the coveted cash+ rewards card.

 

Citi secured: another no- frills card that can unsecure, but can take 18 months+ not sure ifthis can be PC'd to anything.

 

I would keep searching the threads for great secured cards that can graduate, meaning it becomes unsecured, you get your deposit back, and possibly a nice CLI and/or option to PC it to a great card!

 

I did get my SO the Cap One secured, but with a bit of regret. It no longer graduates, so after it finishes the "steps program", that is all she wrote. No refund of the deposit until you close the card at this point. They may change the program down the road, but no one can say for sure. It may not be terrible, though, if it is, say only $49 deposit for a $200 CL and the steps increase kicks you up to $400 or $500. So it is only partially secured.

 

I would research them thouroughly, pick one, and hit the garden to work on any remaining baddies and to continue to gaining positives on your credit report with what you have so when you are ready and your scores are better, you can get better credit products.

 

Good luck!

 




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 11•20 | EQ [F8 615] [F9 653] [EQ5 645] [VS3 657] | TU [F8 600] [F9 552] [TU4 563] [VS3 639] | EX [F8 587] [F9 573] [EX2 614] [VS3 631]
Goal Score: 680


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 11•20 | EQ [F8 602] [F9 540] [EQ5 599] [VS3 534] | TU [F8 631] [F9 587] [TU4 572] [VS3 640] [VS4 634] | EX [F8 651] [F9 614] [EX2 630] [VS3 657]
Goal Score: 680


Take the myFICO Fitness Challenge



Message 6 of 9
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Regular Contributor

Re: Chances of approval after pre-qual

Thank you all for the responses!

 

No, no real need for the 3rd card, other than playing around with AZEO as I rebuild...and to complete the 3+1 rebuilding kit I hear about. The 2 balances are 0/8.9. It's been 8 months since adding the 2nd card, so it seemed a good timeframe for 3rd.

 

Speaking of Capital One...will they counteroffer with a lower card on denial without an additional HP? Something like...naw on the Platinum, but here's a secured if you want it?

Message 7 of 9
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Valued Contributor

Re: Chances of approval after pre-qual


@Roward74075 wrote:

Thank you all for the responses!

 

No, no real need for the 3rd card, other than playing around with AZEO as I rebuild...and to complete the 3+1 rebuilding kit I hear about. The 2 balances are 0/8.9. It's been 8 months since adding the 2nd card, so it seemed a good timeframe for 3rd.

 

Speaking of Capital One...will they counteroffer with a lower card on denial without an additional HP? Something like...naw on the Platinum, but here's a secured if you want it?


I am not exactly sure. They pre-approved me for a platinum and QS1 and I got the platinum (didn't want the AF and it is much easier to PC than the QS1). They pre-approved my SO only for the secured and he got the secured.

 

Nothing is guaranteed, but the pre-approvals seem fairly solid. Do remember that it is a triple HP for any Cap One CC!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 11•20 | EQ [F8 615] [F9 653] [EQ5 645] [VS3 657] | TU [F8 600] [F9 552] [TU4 563] [VS3 639] | EX [F8 587] [F9 573] [EX2 614] [VS3 631]
Goal Score: 680


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 11•20 | EQ [F8 602] [F9 540] [EQ5 599] [VS3 534] | TU [F8 631] [F9 587] [TU4 572] [VS3 640] [VS4 634] | EX [F8 651] [F9 614] [EX2 630] [VS3 657]
Goal Score: 680


Take the myFICO Fitness Challenge



Message 8 of 9
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Frequent Contributor

Re: Chances of approval after pre-qual


@LaHossBoss wrote:

@Roward74075 wrote:

I was going to pose the question in the CC forums, but then thought there might be more experience in this with my fellow rebuilders (move if needed, of course).

 

Anyway, I know there is the usual thousand variables, but how confident should one be after a pre-qual check of actual approval? I don't want to app for another month, as I just paid off a CO that's killing my util and I'm waiting for it to post. 

 

My EX is sitting at a 594, with TU and EQ even lower than that. After using the Capital One pre-qual, it came back with a Platinum unsecured. After BoA, it came back with several cards, including a few rewards cards. Surely my score ranges aren't high enough for these yet?

 

Anyway, just looking for a "it's a 50/50", or "almost always approved after pre-qual", or just some general idea. It just caught me by surprise.


I got a $300 unsecured Cap Platinum with scores lower than yours. It is absolutely possible! It is on the steps program, where after 5 on-time payments I get a CLI to $500. Not great, but better than nothing, which exactly what I had! You can even do a PC to a QS w/ no AF to get 1.5% cash back after 3 or 4 months, possibly. I did after 3.5 months. It is a good card, I have no complaints with it!


My case is similar. I got my unsecured Cap One Platinum (now QuickSilver) when I had scores in the mid-500s. I've heard, but don't think there's any way to verify, that Cap One looks somewhat favorably on rebuilder profiles with long strings of on-time payments even if the score is low. (Favorably being relative of course -- in this case getting approved for an unsecured card rather than secured.) In my case, I had a long string of 'on-time' $0 payments on my student loans. At the time I was approved those student loans were my only active account -- everything else was closed or charged-off/in collections. This was pre-corona, of course, so YMMV.



EX 8: Nov 2020 - 660 | EQ 8: Nov 2020 - 655 | TU 8: Nov 2020 - 654
TCL: $6,850 | AAoA: 8.7 yrs | Util: <2%
Cleaning up the last of my charge-offs and collections!
Message 9 of 9
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