CAP 1 Pre-approved w/FICO < 600?

Discussion in 'Credit Talk' started by O2BDETFREE, Aug 22, 2003.


    O2BDETFREE Member

    I posted this on another thread intermingled with another subject so thought if anyone had any thought here.

    I received an offer from Cap 1 for a pre-approved $3,000 credit limit and was wondering if I should go for it. I have not gotten my FICO scores but I know based on one of the online pulls that they are probably below 600. I think it would be highly unlikely I would be approved so I would just end up with a hard.

    Why do they send these to people with low scores?Do the promotional inquiries only give them limited information and then when people apply, they pull a hard and deny them because they really see how crappy your credit is? It amazes me that I continue to get pre-approvals and I know my credit right now is not so great (soon to be better hopefully).

    Just curious if any one knows why they send these only to shoot us down.

    O2BDETFREE Member

    Okay - great grammar in that first sentence. What I meant to say was that I posted this in another thread with other questions and just got responses on the other subject. Just wanted to find out how the PPs work and whether I should try to get the card which is highly doubtful. I'm sure others of you must get a lot of these too.
  3. faztcobra

    faztcobra Well-Known Member

    It's part of the conspiracy. Inquiries help to knock your scores down. You get 3 hards so someone can charge you a higher interest rate. That's my best GUESS, but it's probably true.

    Are you scores low because of a couple of lates or low because of chargeoffs? If it's just lates, you might could get approved anyway.

    O2BDETFREE Member

    Scores are low due to charge-offs and the two paid judgements plus lots of late payments. I just can't believe how may pre-approved offers I get. Especially when I know I'll be declined.

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