How legit is Capital One Pre-approval?

[driftingnorthpole]

So I'm in the beginning of a credit rebuild path, with a score of 580 (3 collections, paid), a few 30/60 day lates (last 2019), and an apocolyptic student loan default situation (now in rehab). Essential the only thing that's "Open" in my portfolio is my mortgage. No cards, no loans, no car payments. DTI is 20%-ish and salary is very good. I'm really trying to not have to do the Opensky thing, or Self, or any of the other predatory lenders just to start building up a good history of tradelines. Capitalone prequals me for 3 of their cards, including the secure one, but I'm afraid to apply for the secured one based on possible denial and hit that a hard pull will do to my already low score. Not really looking to explain my finance history, I own my mistakes, just trying to look forward and improve.

It's hard to rebuild credit when you don't even know if you qual for a secure card! I'm not sure I want to go the opensky route, I see a lot of good reviews on this site, but other research suggests the chances are high (25%) that getting a opensky card will do more damage than good (e.g take your deposit, never send card, charge 35$ annual fee, then say it's late, also hear that payments take days or weeks to "clear" ACH, thereby making payment late, even if you paid before due date). OS just doesn't seem like worth the risk, and I'm boiling it down to: roll the dice on Capitol or Discover secure, or wait a few more years and keep paying cash for everything while my derogs age. 

[Ficoproblems247]

Which 3 cards did they show you? If I were to guess, was it the Platinum, QuicksilverOne, and Secured? 

[Anonymous]

Capital One's prequalify tool is very solid. If you're seeing cards there you will most likely be approved instantly for them. It may not be the limit you want, but you'll most likely get the card. Just expect to get multiple hard pulls after you hit the accept button. They wont just pull from one credit bureau, it's usually two minimum and in some instances it can be

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@driftingnorthpole wrote:

So I'm in the beginning of a credit rebuild path, with a score of 580 (3 collections, paid), a few 30/60 day lates (last 2019), and an apocolyptic student loan default situation (now in rehab). Essential the only thing that's "Open" in my portfolio is my mortgage. No cards, no loans, no car payments. DTI is 20%-ish and salary is very good. I'm really trying to not have to do the Opensky thing, or Self, or any of the other predatory lenders just to start building up a good history of tradelines. Capitalone prequals me for 3 of their cards, including the secure one, but I'm afraid to apply for the secured one based on possible denial and hit that a hard pull will do to my already low score. Not really looking to explain my finance history, I own my mistakes, just trying to look forward and improve.

It's hard to rebuild credit when you don't even know if you qual for a secure card! I'm not sure I want to go the opensky route, I see a lot of good reviews on this site, but other research suggests the chances are high (25%) that getting a opensky card will do more damage than good (e.g take your deposit, never send card, charge 35$ annual fee, then say it's late, also hear that payments take days or weeks to "clear" ACH, thereby making payment late, even if you paid before due date). OS just doesn't seem like worth the risk, and I'm boiling it down to: roll the dice on Capitol or Discover secure, or wait a few more years and keep paying cash for everything while my derogs age. 

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all three. Hope this helps and good luck with the rebuild. 

[Anonymous]

Everytime they have preapproved us and we have applied it has approved. Even worked with my 18 y/o son. But obviously with anything YMMV.                                                                                                                                                                                                                                                                                                                                                                                                                                                              

[Shooting-For-800]

Very legit.

I have been approved without prequal but never denied with prequal.

GL!

[mycreditscoreisfair]

I was originally denied a Capital One card late in 2020 when my score was around 565-570 and I had open collections. I went the OpenSky route and can say I've had no issues with them. I wouldn't even call them a predatory lender, with just a small $35 annual fee and no other fees outside of normal interest. Some lenders out there charge admin fees, monthly fees, immediate interest, etc. The first 2-3 payments took 4-5 days to clear but now it's always the next day. It's a very good card that does what it's designed to do, in my opinion.

After I opened the OpenSky account, I pre-qualified for the Capital One Platinum and got that in/around January 2021. Credit limit is on the smaller side ($750), but I found their preapproval to be accurate and I have no complaints with them either.

[kb2ehj]

Look into the State Department Federal Credit Union secured card.

Very low insterest rates if you want / need to carry a balance and they report to all 3 big CBs.

Plus side is they DO NOT do a credit check for the secured card only the non secured version.  Get the secured card and use it correctly for a year or so then try for the unsecured version or with another company at that point.  I've heard but not confirmed they also might graduate you after 9 - 12 months.

Mark