Pre-Approved Platinum Visa Credit Card Offer
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Post subject: preapproved platinum credit card
Ira Stoller
Date: 1/30/2001 11:27 pm CDT
I applied for a "preapproved" Capital One Platinum VISA card. Just got a letter back from them stating, "We regret that we are unable to extend the credit terms you requested, but we are excited that you have qualified for a PRE-APPROVED account with alternate credit terms."
I'll bet they're excited - the "alternate credit terms" involve a $72.00 annual fee!
They go on to state the reasons they declined my original application to be:
Number of Bank Cards
Number of inquiries
Insufficient monthly payment obligations
Serious delinquency
I actually didn't mind because it gave me a chance to get a free copy of my Experian report. Sure enough I found the "serious delinquency," which involved a disputed item which was supposed to have been removed from my report several years ago, but the bank apparently never got around to it. I have all the documentation and should be able to clear this up fairly quickly. Vigilance, folks - eternal vigilance, otherwise they kick dirt in your face and you won't even know it.
What I would like to know is how someone can have too many bank cards on one hand and on the other hand not have sufficient obligations. Isn't this talking out of both sides of their face?
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Eugene
Date: 1/31/2001 3:40 am CDT
I'll bet they're excited - the "alternate credit terms" involve a $72.00 annual fee!
Ira, I heard a lot of folks had their annual fees waived with Capital One in similar situations. You might want to call them (after you correct that mistake in your report)and tell them you specifically applied for a no-annual-fee card, and you are going to cancel it unless they waive the fee, or even give you the card you originally applied to.
They go on to state the reasons they declined my original application to be:
Number of Bank Cards
Bank cards? Did they mean ATM or debit cards? Why should they care about your deposit accounts? As long as you have at least one checking to pay their bills and at least one savings to back it up, they should not be worried. Ask them what they meant. I've never seen this as a reason for denial.
Number of inquiries
That's clear.
Insufficient monthly payment obligations
Maybe they meant that your balances are too low? It's not in FICO but predicted profitability might be an issue here.
Serious delinquency
Here's something I was also wondering about. When you correct this thing, can you ask them to reconsider your application because there were mistakes in your report? You can re-apply, of course, but then you loose the pre-approved perks (if any) and they pull your credit report again.
I actually didn't mind because it gave me a chance to get a free copy of my Experian report.
You may want to consider paying $16 for the other two, maybe that "delinquency" is there, too.
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Ira Stoller
Date: 1/31/2001 11:42 pm CDT
Thanks for your insight, Eugene.
The letter they sent required me to sign something & send it back if I wanted their alternate card. Once I discovered the annual fee I decided not to send it back. It's not that I am desperate for another credit card. I like to apply for a new card once in a while just to see what happens. Funny thing is that the disputed items on the Experian report are several years old. I thought they had all been cleared up and now suddenly they show up again. I've gotten other cards in the intervening years also. This has happened to me before. An item is removed from a credit report and suddenly reappears a year or two later. Bizarre.
I read the letter again and there's no mention of an option to reconsider once the errors in my credit report are corrected. I will have to call them to see if I can get an explanation of their reasoning - that's assuming that they are reasoning beings.
Stay tuned.
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Shirley
Date: 2/2/2001 9:25 am CDT
Ira,BEWARE of Capital One!!!!! I recently closed two of our three accounts with them! Although we had a pretty good interest rate with them, they are the most mixed-up credit card company I've ever came in contact with! Don't dare change your address with them and expect a bill to arrive at your new address! They've been sending account information on one of my husband's old visa accounts to his old address for almost a year now. Found this out while buying a new car! Thought his credit was great til this! Our Capital one bills came to the new address, late but here! As soon as this is cleared up, this account will be closed as well. This isn't the first time we've had problems with them. Good luck......but beware!
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dave
Date: 2/2/2001 5:53 pm CDT
I closed an account with capital one six months ago and still receive monthly statements showing -0- balance and -0- credit line. All three CRAs report the account as open even though Cap.One confirmed to me in writing weeks ago that they had reported it closed.
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Ira Stoller
Date: 2/3/2001 1:10 am CDT
Shirley,
Thanks for your thoughts. My original posting was for informational purposes only. I have no intention of sending in the idiotic application for a card with $84.00 annual fee. Truth is i don't need another credit card. I just wanted to see what would happen if I did apply.
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posted by CardRatings.com at 1:58 PM
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