@MitchDeerfield wrote:I went to their pre-approval site and put in all my personal information. After a minute or so they gave me the good news. Congratulations, you've been approved for both the Savor One and Quicksilver cards, take your pick! I then started filling out the approved application and noticed in small print that I wasn't going to be getting the $200 bonus applying that way (I've never had a Cap One card before). That was an important reason for applying for the card.
I thought it was an honest error, and went to the main Cap One website where they were offering the $200 bonus and they confirmed it.
they told you no bonus in the pre-approval screen for a reason, they meant it.
they aren't like other banks where they strive to have all super-prime credit customers to give them $200 for you to never use their card again, they don't like to give bonuses to customers with credit profiles like yours, it's business, nothing personal.
but yeah the reasons aren't real, they can't put
"don't want to give the bonus to this guy who won't use our card after we give them $200"
other banks would be happy to give you $200 for you to never use their card again, as you saw, congrats!!
@MitchDeerfield Looks like you were preapproved for the "for good credit" version which is the no sub version that also has a slightly higher APR than the highest of the regular version. Did your preapproval say SavorOne or SavorOne for Good Credit? If your preapproval had the latter the denial you got applying for the regular version is to be expected. Effectively you wanted card A, were preapproved for card B, and applied for card A getting denied. Sure it sucks, but Capital one didn't lie to you unless your preapproval came back with the regular $200 sub version (before you submit everything on the preapproval soft pull it's in the fine print that you may be approved for a different version (I don't remember the exact verbiage, but it's in there). As a general rule, if you see the "for good credit" version of SavorOne or QS in your preapproval don't apply for one with the sub and waste the triple bureau pull. FWIW, I have the no sub SavorOne as at the time of approval I wasn't far enough long in my rebuild to qualify for the sub. Capital One is algorithm driven. CSRs don't have the ability to override those decisions either. If their algorithm doesn't see you as profitable it you'll either not be preapproved or in the case of SavorOne and Quicksilver, get preapproved for the no sub version. Cap One 's alfgorithm seems to favor those that carry a balance regularly, but aren't delinquent. They also will often approve if the algorithm determines you'll likely use the card heavily on a consistent basis. If you're a PIF every month type they want to be your main squeeze.
@MitchDeerfieldUnfortunately I don't think most issuers will tell you upfront exactly what they're looking for. 817 is an excellent score for sure, and when C1 says "for good credit" I wouldn't put a lot of stock into it. If they are only offering the no sub version there's something their algorithm doesn't like about your profile. It's not a knock on your profile it just means the algorithm doesn't see you as their target customer. I've been fortunate to have a mostly good experience with C1, but plenty of people don't (some with strong credit profiles, some with weaker).
