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Question By
CapGainz

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1 Person Helped
Will Re-applying to the same card result in a 2nd hard inquiry?
So I've applied to a Capital One Quicksilver visa card and was declined a few weeks ago. Although I was preapproved on their site prior to filling out the entire application.

One of the reasons they said they rejected me was because I had checked the "self employed" box, among another reason which eludes me at the time being. Less than 2 weeks later, I get a "pre-qualified" letter in the mail to apply for the same card that I was rejected for not so long ago. I really don't know how that works...

I've got good credit, and payment history is on fleek! I am however a little late to the credit game; with only about a year and a half of credit history through a crappy Wells Fargo secured card (only card)

My question is: Will Cap One hit me with another hard inquiry if i were to reapply for the same card again? And/or should I call and have them reconsider my case?

Also, any other quick / helpful tips on how I can build and boost credit score would be very much appreciated.

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Top Contributor
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Yes and YES!

if you have been denied in the last 6 months, Don't expect to be approved for any new credit right away.  If they see you were denied, and not enough time has passed for your credit profile to change, you will be automaticly denied. 

Credit reporting is a slow moving behemouth.  it can take 5 months for an action your take today, pay a bill, apply for new credit, etc. to actually get reported, cross reported and updated. so chances are what ever they saw when you were denied, will be the exact same info they would see a few weeks later.

Those pre-approval offers that you get on line and in the mail are often based on info that is purchased in mass quanity, i,e. mailing lists and a real banker hasn't actually approved you for anything.  just a name on a computer generated list.  Consider them junk mail.  Better yet opt out.

when you want to start aqcuiring more credit (in say 6 months) go to the bank that gave you the secured card. The one that you have a direct history with. speak to a "personal banker", they all seem to have them now. They are more apt to work with you than a webpage that makes approvals based on algiritiums.  

Good luck

Top Contributor

Reply by
EddyTX

1884 Contributions
3670 People Helped

Forgot to mention..  Everytime yo apply for credit with a corporation there will be a hard inquiry,  Sometimes it may show up on  one, two or all 3 credit reports. but it will show up some where. 

Top Contributor
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Reapplying would result in another Hard Inquiry, BUT keep in mind that just because you were not approved for this card it does not mean that you cannot be approved for a card from Capital One. Check the preapproval link on their website to see if they have any cards for you. Maybe you may be approved for a SECURED card or a Platinum Unsecured. Be aware that Capital One will pull reports from all three credit bureaus, leaving a hard inquiry added to each bureau. If you are afraid that you many not be approved for a Secured card with Capital One, maybe check with another company such as OpenSky. Being self-employed is not a legitimate reason for denial at least it shouldn't be in my opinion. Was there some other issue with your employment? Do you have a business name? Did you use a business name or just your personal name? If you are self-employed when filling out credit apps, you should put the business name and your position, such as manager or whatever you do, that looks much better than just saying you are self-employed.

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