Shady Capital One CC Applications and Approvals

[CorpCrMgr1]

@MitchDeerfield I agree with you . It appears to be a bait and switch to me. Sorry that it happened.

[pizzadude]

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@MitchDeerfield wrote:

Do you actually work for Capital One?  Otherwise, your comments  make little sense.

The point is Capital One ran my credit once and said my credit was fine.  They checked it two minutes later and then said my credit was bad.  Obviously they were lying.

They never told me that they were worried that I wouldn't keep using the card.  They pretended that my credit rating had gone  down in a matter of minutes.  They were telling a lie, which is  apparently okay with you.   A good attorney could probably file charges against them for false advertising.

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Did you receive one or two triple pulls on your credit reports ?   I can understand your frustration if they pulled all of your reports twice but I don't think there's anything nefarious afoot with Cap1 here.   You were probably auto-declined on the second application as part of anti-fraud measures -- most creditors won't allow you to submit multiple applications within a certain timeframe.  

[MitchDeerfield]

I  was pre-approved the first time with a soft pull.  When you actually submit your application they do a hard pull.   

I know why I was rejected on the hard pull.  They asked me if I would be carrying a balance or doing a balance transfer, and I checked no.    CapOne only wants SUB customers who pay large fees so they pretended that my credit was bad.

[pizzadude]

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@MitchDeerfield wrote:

I  was pre-approved the first time with a soft pull.  When you actually submit your application they do a hard pull.   

I know why I was rejected on the hard pull.  They asked me if I would be carrying a balance or doing a balance transfer, and I checked no.    CapOne only wants SUB customers who pay large fees so they pretended that my credit was bad.

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It's not uncommon at all to be targeted with a pre-approval but declined when you actually apply, once they have the full picture of your credit, income, and whatever other factors go into their underwriting engines.  Even customers with good credit will sometimes be declined if your overall profile isn't what they're looking for.

[GZG]

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@MitchDeerfield wrote:

Do you actually work for Capital One?  Otherwise, your comments  make little sense.

The point is Capital One ran my credit once and said my credit was fine.  They checked it two minutes later and then said my credit was bad.  Obviously they were lying.

They never told me that they were worried that I wouldn't keep using the card.  They pretended that my credit rating had gone  down in a matter of minutes.  They were telling a lie, which is  apparently okay with you.   A good attorney could probably file charges against them for false advertising.

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that's not what happened, they told you were credit was fine for the product without the bonus, you then applied for the product with the bonus, so your credit became not fine. 

it sucks they didn't offer you the product without the bonus, which they sometimes can do, (although I doubt you would have taken it), but nothing wrong on Cap1's part here, even if their process can not be great 

[CreditPoor]

Capital One wasn't being deceptive or devious. They clearly prequalified you for what they wanted to approve you for. An 800+ credit score doesn't mean much to them because the probability of them making money on you is unlikely. I'm still convinced the triple pull is there to discourage CC churners as a deterrent 

[MitchDeerfield]

The next time I apply with CapOne I will tell them on the application that I carry big balances, I promise you.

[elboullee]

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@MitchDeerfield wrote:

Based on  your experience,  would you consider someone with a FICO score of 817 to be good credit?

I appreciate the feedback but I am a little bit surprised how many people justify or even approve of their unethical behavior. 

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Perhpas I'm missing something, but it sounds like you are confusing and conflating several terms.

Capital one has several versions of the Quciksilver and SavorOne card.

Setting aside the secured and student versions, they have one for "fair" credit, which is a bucketed card with low SLs and little to no chance to grow, a version for "good" credit that can grow but doesn't come with the SUB, and a version for "excellent" credit that comes with the SUB and higher SLs.

But Capital One has their own in-house definitions of "fair", "good", and "excellent". You may have a high FICO score, but if you don't meet their other internal qualifications for "excellent" credit, then you're not going to be offered a SUB.

Capital One defines "excellent" credit as:

I’ve never declared bankruptcy or defaulted on a loan; I haven’t been more than 60 days late on any credit card, medical bill, or loan in the last year; I’ve had a loan or credit card for 3 years or more with a credit limit above $5,000.

The only truly deceptive Capital One pracitice is that they don't tell prospective customers that they may get a bucketed card that cannot grow, no matter how much they use the card or how responsibly they use their credit.

[longtimelurker]

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@MitchDeerfield wrote:

  There are only two valid reasons to reject a credit card sign up bonus.  One reason is poor or inadequate credit, the other is if you have previously received the bonus.

Guessing  that you might not keep a big balance or won't keep using the card aren't valid reasons unless they tell you that upfront.

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As others have said, wht happened is different.   They do offer a Card A with a SUB, and a Card B without.  You were preapproved for card B (and even then you could have been rejected once you applied, because preapprovals are not etc etc).   You then applied for card A and were rejected.  So it's not as if they decided not to give  you a SUB, they decided not to give you this particular cold-app card.   And unless it's illegal discrimination (and can be proved!), such as against a protected class or some financially defined group, an issuer can do that.

[MitchDeerfield]

It's funny to watch all the people here turn themselves into knots defending Capital One, lol.

There is only one card and it is advertised with a bonus on the pre-approval page of CapOne.

Get Pre-Approved for a Capital One Credit Card | Capital One

They have a sneaky policy of not giving out the $200 sign-up bonus for $500 spend unless they are pretty sure that you are going to use the card and  rack up interest charges.   They can't say it out loud because it might cause legal issues.

Remember, there is only one Quicksilver card, it is described on that link above.

Don't overthink it.  It's really not all that complicated.