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  1. #1
    georgie is offline Newbie
    Join Date
    Apr 2003
    Posts
    5

    Pre-approved??? for Capital One?

    I got a pre-approval letter from Cap One. I only have an Orchard Bank card presently. Does pre-approval mean for sure I will get the card? I don't want them to pull a hard inquiry and then not be approved. We are getting ready to buy a home and I don't want any extra inquiries if I might not be approved. Thanks.

  2.  
  3. #2
    willgator is offline Senior Member
    Join Date
    Nov 2002
    Posts
    948

    Re: Pre-approved??? for Capital One?

    Originally posted by georgie
    I got a pre-approval letter from Cap One. I only have an Orchard Bank card presently. Does pre-approval mean for sure I will get the card? I don't want them to pull a hard inquiry and then not be approved. We are getting ready to buy a home and I don't want any extra inquiries if I might not be approved. Thanks.
    If your getting ready to buy a home I would wait until after closing before applying for any new credit and to answer your question it is not a guarantee
    www.artofcredit.com

  4. #3
    RichGuy is offline Senior Member
    Join Date
    Jul 2001
    Posts
    1,139

    Re: Pre-approved??? for Capital One?

    Any negative changes in your credit since preapproval could kill the deal. And Will is right, you should wait until after you buy the home.

    Believe me, there will plenty of other preapproved Capital One offers. You can afford to take time out to buy your home. And if a single inquiry could raise your interest rate on the mortgage, then it would be foolish to pay hundreds of extra dollars in interest per year just to get a $200 to $500 subprime card that (probably) has an excessive annual fee.

    About your chances of receiving the card after you apply for it, which will be after you obtain your mortgage: If you read the offer and find certain phrases, your chances are actually very good, although not 100%. Look for "preapproved...based on a report from..." and I don't remember the rest.

    I used to know the verbiage very well, because my initial wave of subprime cards in 1999-2000 were mostly preapproved. And none of them turned me down, because they were serious about issuing new cards and also because there were no new derogatory items on the reports they pulled.

  5. #4
    GEORGE is offline Senior Member
    Join Date
    Mar 2000
    Posts
    20,468

    Re: Pre-approved??? for Capital One?

    I have been denied "PRE-APPROVED" many times...and I NEVER HAD A "BADDIE"

    ...and what is TOTALLY STUPID is that they say "EXCESSIVE OBLIGATIONS" or some such GARBAGE...but I owe LESS now when they did the PRM inquiry!!!

  6. #5
    thetravele is offline Senior Member
    Join Date
    Jan 2003
    Posts
    339

    Re: Pre-approved??? for Capital One?

    DON'T APPLY FOR SUCK1!!!!!

    RUN AS FAST AS YOU CAN FROM THEM.

    THEY WILL SCREW YOU OVER SOONER OR LATER.

    Use this advise as if you don't "need" another credit card.
    TT

    ========================

    FICO, I dont give a damn about no FICO.

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