Just received my pre-approved offer from Capital One, with 0%APR until April 2001. Now, the question is....Has anyone been turned down from Capital One after receiving such or any similar offer(s)? My credit is scratched with few negatives from 6 years ago and was wondering before I submit this if I have a chance or am I just putting another inquiry on my credit report. Any input or experience would be greatly appreciated. Kyla
"pre-approved" does NOT mean you are guaranteed the card, it only means you have met a few requirements for their card offer, after you submit the application they will look at your credit report and make a desicion based on that, Capital one is a sub-prime bank so they usually give you a chance even if you have some credit problems. Regards, Alex. --------------- Credit Problems? Let Us Help! http://www.Creditinsiders.com
Do you know for sure that Capital One is a Sub-Prime lender? Just because they issue secured cards does not equate Sub-Prime. Alex - Creditinsiders.com wrote: ------------------------------- "pre-approved" does NOT mean you are guaranteed the card, it only means you have met a few requirements for their card offer, after you submit the application they will look at your credit report and make a desicion based on that, Capital one is a sub-prime bank so they usually give you a chance even if you have some credit problems. Regards, Alex. --------------- Credit Problems? Let Us Help! http://www.Creditinsiders.com
If you have another card with Capitol One, and they send out another offer, most likely it was computer generated from a pool of names. That happened to me two years ago, and I was turned down for a Mastercard after I sent in the preappoved offer for one. They said they did not run a credit check, and they didn't either.
Capital One does NOT only issue credit to the sub-prime market. They have many prime customers as well. If you have had fair credit & your credit problems are in the past, they will likley issue a card to you. Good luck!
Be careful making comments like: Capital one is a sub-prime bank. They have just as many prime customers.
No, I do not have a Capital One card of any kind. The phrase they used were NOT "pre-approved or pre-selected," but "CHOSEN TO RECEIVE." A new phrase.
I've been both a sub-prime and a prime customer with Capital One. I must say they have been good to me. Still, I laugh just too damned hard every time I think of that $200 gold card they offered me recently. I've carried their Platinum card with a high limit for quite some time. Whatever the case, the first $200 card I received from them really helped me in establishing enough credit to qualify for their Platinum card.
Doris K. When I called Cap One with my huge SILVER $2300 limit, but great pymts - and dropping the fact I now had AMEX, they reduced my rate from 20.1 to 13.9%. That's as low as many normal cards. Im pleased.
RE: Doris K. Doris- Its LIBOR - London whatever exchange- you can see that it's not based on prime. I've seen other cards based on LIBOR - but either way I have already seen the new bill statement showing the 13.9 purchases. Any explanations will be appreciated. I used to have some Gold Visa or MC in the early 90s that used LIBOR rates. I don't remember any horrible differences or swings.
