Approval from Capital One :)

[Anonymous]

Got an online approval for Capital One today   I am rebuilding my credit and already have the Mypremiere card, dont care for it at all and my limit is 250.00 but I have only been using it for gas every month and I pay it in full  except for 20.00 (just to show I am using it) the day before my statement comes out because thats how they are reporting....oh and I have had that for 6 mos now. I never thought I would get approved since I have two charge offs thats KILLING my score from 08. But YAY!!! another chance to prove I can use credit responsibly! THANK YOU MYFICO!!!!!!!!!!!!!!!!!!!! This site rocks!!

[jforsyth]

Congrats.

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@Anonymous wrote:

Got an online approval for Capital One today   I am rebuilding my credit and already have the Mypremiere card, dont care for it at all and my limit is 250.00 but I have only been using it for gas every month and I pay it in full  except for 20.00 (just to show I am using it) the day before my statement comes out because thats how they are reporting....oh and I have had that for 6 mos now. I never thought I would get approved since I have two charge offs thats KILLING my score from 08. But YAY!!! another chance to prove I can use credit responsibly! THANK YOU MYFICO!!!!!!!!!!!!!!!!!!!! This site rocks!!

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I'm pretty sure that this tactic has been proven to be frivolous. Your credit reports will show your highest balance for each statement, even if the statement closes at $0. They'll know you're using your card even if you pay in full.

Someone correct me if I'm wrong, but it wouldn't make much sense for our credit system to punish people for paying off their debts in full each month. 

[Anonymous]

LOL...good point but I wasnt sure thats why I was doing it that, a 'when in doubt' situation......but thanks for the info, changing my strategy

[MarineVietVet]

You might try this in the future. Since you now have 2 cards have only one show a small (1-9% of credit limit) balance on the monthly statement and then pay in full before the due date to avoid finance charges. Have the other card always report a zero balance on the statements. For scoring purposes FICO likes to see half or less of revolving accounts report a monthly balance.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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[Anonymous]

Noted...thank you so much!!

[tray]

Congratulations, which card was you approved and cli if you do not mind.  Many of times I went on the Cap One site and was never a prequalified for any card, but just last week I tried again and it did show a couple of cards that I prequalified for which was surprising but I am afraid to actually pull the trigger and end up in denial.

[Anonymous]

Do you mean the limit? Its 500.....I got the rewards card.  Yeah, I was a little hesitant myself, the whole preapproval thing seems suspect to me, but it went right through, although I have those charge offs, I have 13 years of excellent credit before that so it may have helped, not sure.