Think I Will Get Approved?

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adiaudi1211
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Think I Will Get Approved?

Postby adiaudi1211 » Thu Dec 26, 2013 1:20 pm

Hello,

I received an application for capitol one Platinum Prestige cc in the mail, so I was wondering if I apply for this cc I will get approved? The reason why I'm asking because I don't want to apply and get denied and then, this will effect my credit score and history. Also, do you recommend this cc? Why?
I carry Amex gold and it has a high balance and I wanted to transfer some.


Thank you,


MemberSince99
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Postby MemberSince99 » Thu Dec 26, 2013 1:27 pm

Dude, seriously, how would we know? We don't know anything about you, other than you were sent an application for the card in the mail and you have an Amex Gold. Even if we did know your credit score, cards, limits, utilization, history, etc, we could only guess. If I was psychic enough to predict if you'll get approved for that card, I'd use those powers to pick the winning lottery numbers and escape the insanity of Corporate America.


I can tell you that Cap One will pull all three bureaus. That will be 3 hard inquiries to your credit. I have absolutely no way to guess whether you would be approved for it. You have an Amex Gold, but I had one when I applied for a Cap One and they declined me, but again what happened to me might be something entirely different for you.


Cap One has horrible customer service. Until recently they were not big on increasing the limit but they have loosened up a bit recently.
Overall they are not considered one of the greatest lenders but Quicksilver is a decent card as is Venture. You might want to look at those.


If you are just looking to pick up another card to use there are better choices out there than Platinum Prestige.

They have a prequalify on their site you can use to get an idea of if you would be approved or not. But no guarantees as always.

I would say if you want the card and don't mind 3 hard pulls for it, apply.

adiaudi1211
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Postby adiaudi1211 » Thu Dec 26, 2013 1:55 pm

Thank you for the reply. I just checked my credit score on credit karma and its 634, it was 717 last year. I have a high balance on my credit cards. I was wondering what is a good cc i can apply for balance transfer?

MemberSince99
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Postby MemberSince99 » Thu Dec 26, 2013 5:32 pm

At 634 your options are very limited. I would really recommend you pay down the balances before you apply for anything. Shoot for at least 650 to 670, more is better. But with that score, approvals will be few on decent balance transfer cards that will give you a limit you can make use of. If you can get closer to 700, Citi has some longer term 0% BT cards, and also consider Chase Slate (when you've paid it off you could PC it to a Freedom with better rewards categories).


By the way Credit Karma isn't a FICO score your actual FICO could be different (possibly) higher. If it were to be 634 or less this advice holds true.

Userofcards
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Postby Userofcards » Thu Dec 26, 2013 5:39 pm

adiaudi1211 wrote:Thank you for the reply. I just checked my credit score on credit karma and its 634, it was 717 last year. I have a high balance on my credit cards. I was wondering what is a good cc i can apply for balance transfer?


Two things: First, CreditKarma is an ok website for some purposes, but the score they give you is a fake score, not the real FICO score that lenders will use. So the CreditKarma score is an estimate at best, and often it isn't a good estimate. So be extremely careful about relying on CreditKarma too much.

Second, nobody can tell you if you'll get approved for the CapitalOne card (or any other card). With more information, (e.g., anything bad on your report? Bankrupcies? ChargeOffs? Do you have a long credit history) people can guess a bit. But nobody really knows.

For a balance transfer the CapOne card is fine. The Chase Slate balance transfer card is also really nice because Chase doesn't charge a balance transfer fee. The Citi Simplicity is also good for balance transfers.

You mentioned a 634 CreditKarma score. While I don't trust CreditKarma, that is a fairly low score and it may make it hard to get another card.

Also: Regarding CapOne. If you go to their website, you'll notice they have cards for "average" credit and for "good credit." If you apply for CapOne, be sure to apply for the category that fits you. More info is at their website. Otherwise you waste an application. Now, if you apply for "average credit" you'll get a card with a pretty low credit limit. ("Average" is a bit of a euphemism for "kinda bad"). However, a low limit is better than a flat out rejection, so do apply for the card that fits your situation.

Also, with CapOne and all lenders: The marketing stuff they send you in the mail is just that -- its no guarantee of approval. Its essentially an advertisement -- surely they want to target the ad to people who are likely to be approved, but its something of a hit or miss situation.

Userofcards
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Postby Userofcards » Thu Dec 26, 2013 5:43 pm

I see this was just posted as I was writing my response. I agree 100 % with MembersSince99 ! To the OP -- if your score is really 634 (and it may not be!) you may have trouble getting approved. Paying down your AMEX debt a good bit first should help raise your score.

If you can improve your score, the Chase Slate, Citi Simplicity are good balance transfer cards. The CapOne card you mentioned is fine too, though I think the Slate and Simplicity are a bit better overall.

Best wishes!



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