Guaranteed approval

I would check the "important disclosure" brochure that came with the offer, if there is one.

I got a preapproved offer, brochure says it was offered because of "information we obtained from a CRA that indicates you meet our inital criteria to enjoy pre-approved status for a Platinum KMart MC from Capitol one".

also, in the fine print, it notes that offer is preapproved with minimum LOC of $200 and maximum of $1200. <<APR is pitiful 19.8% >>>

I am assuming, that if you return card or call acceptance 800 number, that you will not be generating a hard inquiry.

Anyone know from experience if this assumption is correct for a CAP1 KMart Platinum MC "preapproved offer" with above disclosures?

 

I received a C1 Guaranteed Approval MC Plat. They pulled a hard on me, before approved.

 

Dear Maggie & Gillian,

Under the old law if they sent a preapproved offer they had to issue the card. It had to be a genuine preapproved offer. But that changed. Now they can say preapproved because you meet our INTIAL criteria, which is the you are human and have a mailing address.

Once you actually apply there will be a hard inq.

Experts?

 

which is kinda BS because what the "pre approval" thing does is coaxes some folks into thinking that they will get a card, but in reality it's just a hard inquiry and a denial for some.

 

thanks for the input on the hard inquiry..if that's the case, I think I will probably pass for now.

Concentrate my efforts instead on getting my onerous library debt with Unique Collections resolved>>>>>

I hate being on that active library felon list.

 

Maggie,

I'm not sure if you just don't want a hard inquiry period, or if you just don't want one if you might get turned down. If the latter is the case, with those scores, just as long as you don't have any problems with C1 you should be approved with no problem.

 

to MindCrime

I guess I am still pondering whether it's a positive thing to open the account with Cap1. Please review my circumstaces in my thread "should I bite?" and let me know what you think...

I feel pretty comfortable about being approved, tho' I am not over confident...it just annoys me to get a hard inquiry for a supposedly "preapproved" card...

 

Re: to MindCrime

Maggie,

I personally think another cc would only help you. Actually, I think 2 more may help you. With your scores as they are, you may be able to be approved for the citi aadvantage cards. As far as Cap 1 goes, they are conservative with credit increases. But, if you do take the card, call before you activate it and tell them you are not happy at all with the loc. I did this and got an increase before I activated it. Then, about 3 months after that, I did a PFB to Mr. Miller at cap 1 and got another increase as well as an apr decrease.

At my 1 year anniversary, Mr. Cooke gave me a sizable increase with yet another apr decrease. I don't really think you can go wrong with Cap 1. Hope this helps.

 

Re: to MindCrime

Maggie,

I agree with everything LKH said.

Since you have a small portfolio of credit cards, a card or two will do you some good.

I've been with C1 since 10/00 and they've been great to me.

Like I said before, with your scores, I can't see you getting turned down. Even if the APR is a little high, you'll most likely get a 25-day grace period (think all C1 cards do) so youcan just charge a little to show activity and then in six months PFB Mr. Cooke and get the APR lowered and CL increased.

If you decide to go for it, good luck on getting the high CL.

 

which cards besides cap1 ?

Listed as 13BK Experian TU Equifax
Citi Financial *
SunTrust *
ANBCC- *
FIFTH THIRD BANK- Cincinnati, OH * * *
MBNA AMERICA BANK NA â??Newark, DE * *
National City Card *
Elan Financial Services * *
Crestar Bank *
Associates/CITI * *
Foleyâ??s * *
Dillards *
Beallâ??s *

 

Re: which cards besides cap1 ?

sorry, fat fingersm wasn't ready to send, but away it went...

given that the above accounts were part of the Chap13BK and are listed as zero balances, with filing date June 96/discharged date Dec 2001


what applications should I stay away from? don't want auto turndowns because of the 13BK...at this point, I am more afraid of that than I am the turndown due to scoring...

I am very concerned about applying to a company that was on my 13BK and getting turned down...won't CITI automatically deny since I had Associates CITI and CITI Financial both on the Chap13 ? same thing for anything related to MBNA?


how do I find a cross reference as to what company is related to what company DBA another name? I mean after all, who would have thought that CAP1 is the one offering the KMart Platinum?

I think you guys are right, that I need to get established with another card or two, and I think CAP1, with Mr. Cook, may be a first choice. Just don't know where to go as choice #2.

I didn't mean to snag the thread,since we're off the auto approvals, but appreciate the input.

Maybe my situation will apply to others in the same boat,

 

Re: which cards besides cap1 ?

Maggie,

Didn't see the Citi BK in your original post. I absolutely would not apply with them or anyone else you bk'ed on and that goes for even after the bk disappears from your report.

Not sure if C1 is bk friendly or not. Probably are. LKH would know better and since he suggested C1 as well, I'd say yes.

You could also (if you're a member) go to a CU and get a loan through them, or c.c. If they won't opt for an unsecured loan, go for a secured one. Just make sure it is not reported as such.

 

Re: which cards besides cap1 ?

Great advice MindCrime,

But I've noticed that CU's are as tuff as banks these days. Have a list of "less than perfect credit" friendly CU's?

Please Advise,

 

Re: which cards besides cap1 ?

Thanks Butch.

I don't have a list or even an idea of which CU's are more "less than perfect credit" friendly than others. Maybe someone else on the board can suggest a few.

I would think if someone who was a long-term member of a CU or if they belonged to a CU that has specific guildlines for membership, they may/should be able to obtain a loan or credit card easier than a new member at a CU that accepts anyone who lives in IE: Orange County, CA.

Since Maggie has high scores she shouldn't have a problem getting a credit card from her bank, but as I said, if you have the funds and they're only willing to go secured, but report unsecured, it may be a good deal. Just make sure they report to all 3 every 30 days. Another good thing is the interest on secured loans through a CU (probably banks as well) are very low, like 2.25% give or take.

 

looking towards credit unions

I am going to explore creditunionsonline.com further and do some more checking to see which ones are local that may have membership qualifications that I can meet.

Though I have never taught in public schools, I am TX certified & there is one for teachers that has a branch close to my house. There are also 2 or 3 CU's listed that are for alumnae of my University. Plus several in the Metroplex that look like they have fairly liberal memberships, you know you have to live 8 miles within a branch of the Post Office, etc...and the branches are within 4 or 5 miles of my home.

There may be some other ones that I can qualify for, tho' I have not fully esought outxamined memberships that qualify you if blonde and a SmartA at heart.

I think I may make a few discreet calls tomorrow and ask them upfront about BK's and see what credit cards are issued to their membership. I will not tell them too much, but will try to make friends with the rep to get an honest answer to an honest question. Again, no point if going with their CU if they use cc company that I had BK accounts with before <<there were 8, but Cap1 was not on the list, LOL>>

I can hope that the Teacher's CU is BK friendly>>>>poor underpaid and little appreciated teachers probably have a few previous BK's on their CR's.

If I set up a savings account at a CU now, and put $75-$100 a month in it, maybe that will get me a decent APR rate 4-5 months from now on a cc, and a decent APR for the car loan I hope to get next spring, when the 13BK and associated tradelines age off.

What do you think? A better plan than going for a Cap1 card now? or should I do this in addition to going for the cap1 ?? <<remember the offer is for a KMART Plat, not a reg CAP1 PLAT>>


LKH & MindCrime, & anyone else who wants to throw in your past experience, your thoughts?

 

Re: looking towards credit unions

I would do both. Maybe make the CU an installment loan, and of course the C1 card is a c.c. and that way you have a nice mix. BTW, just because it's a kmart plat. does not mean you can't use it elsewhere, I believe a small portion (usually $100 or $200 dollars can only be used at kmart)

 

Re: looking towards credit unions

For some reason, I thought getting one that was labelled as KMART wasn't as desirable as a plain one' CAP1 Platinum.

Wasn't sure I understood the reasoning. Maybe it only applied if you had several CAP1 cards that you were trying to get rolled into one with a better APR and larger LOC.

Cap1 pulls soft inquiry on TU each month, like clockwork. My score right now is 643. I am waiting on my mortgage update to post from "several lates" to "open/never late."

And I have a dispute that will cut my installment debt in half: TU has my Sallie Mae loan of 6K listed twice, same account number, one with $6153 Balance and one with $6200 balance.

Would it be better to wait for those corrections and deletions and see if maybe Cap1 will send me a better offer APR and LOC ??.

 

Re: looking towards credit unions

Maggie, I really think you are making this more difficult than it needs to be. You need to establish more credit. You have an offer for a plat card. If it was me, I would apply for it. You can also investigate the credit unions and if you find one and you want to apply there, then do that also. I really don't think adding 2 new accts when you have so few is going to hurt you. And, if you also decide to do the loan deal, well, the more the merrier.

 

Re: looking towards credit unions

Well as far as 'more desirable' would go, I have a C1 MC Plat. card with a go-to of 14.9%, so it's not the most "desirable" card C1 offers, but I sure love it!

I suggest you go ahead and apply for the pre-approved C1 offer. As you as have no issues with them you'll be approved, and most likely for more than the baseline $200 limit. Remember, you also have 0%APR for 6 months which is nice, and by the time that runs out, you can PFB Mr. Cooke and request a lower APR (IE from 19.8% to 15%) AND a cr line increase.

As far as the offers getting better, I don't know. I got an offer from C1 for the MC plat card, mailed it in and it disappeared. Few weeks later got an offer for the same card same terms, didn't get better (since they may have thought I was "holding out" for a better deal).