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Can't understand how I was approved ..

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Anonymous
Not applicable

Can't understand how I was approved ..

For a capital one platinum with a $1k limit.

On credit karma they showed my score as 640 & suggested this card as a good chance at approval.

I signed up for experian credit product for $5 trial & I got all 3 credit reports/fico scores. They're all around 540 not 640!
The only one around 640 was my auto loan score.

Does anyone have any idea how this works? I'm wondering if I should try for another unsecured capital one card now , since this approval gives me only 1 card and I'm reading 3 is ideal. And Experian is only suggesting that I'm a likely candidate for secured cards from sketchy companies like creditone.
Also important to note that one of my collections is a capital one card that went into collections in 2015 so I'm super lost now lol.
Message 1 of 16
15 REPLIES 15
simplynoir
Community Leader
Mega Contributor

Re: Can't understand how I was approved ..

No. Not only because I'm amazed you got approved with mid 500 scores but Capital One limits you to one approval every six months anyhow. I don't expect you to get lucky with another creditor for an unsecured card like that.
Message 2 of 16
Anonymous
Not applicable

Re: Can't understand how I was approved ..

You were approved for one of Cap1 lower tiered cards for builders or rebuilders.

 

As for apping for another card with Cap1, you would be denied bc of the 1/6 rule (one Cap1 card per 6 months). Treat this card right (utilization under 30% and on time payments) and other unsecured doors will open to you in time. If you want another card right now, you will more than likely have to go the secured route.

 

Congrats on your approval. 

Message 3 of 16
Anonymous
Not applicable

Re: Can't understand how I was approved ..

I would wait about 3 months, and then get a secured card. discover reimburses after you graduate, no annual fee, and its a cash back card.
3 months after that, app again for an unsecured card when you prequalified somewhere.
Message 4 of 16
HeavenOhio
Senior Contributor

Re: Can't understand how I was approved ..

Congratulations on the approval.

 

I'd garden with the single card right now. In a few months, you may be be positioned for an unsecured card from another lender or another Capital One card.

Message 5 of 16
Anonymous
Not applicable

Re: Can't understand how I was approved ..


Agree with everyone here. I'll add that your only other unsecured options are using the SCT to get a Comenity store card. But I definitely wouldn't more than 1 additional card at this point in your building. Waiting over 3 months after the approvals, get your score into the 600s, and definitely go for the Discover. Getting the secured discover is, of course, a good idea too if you can spare the cash for 6 months or whatever their graduation timeframe is.

 

Message 6 of 16
Anonymous
Not applicable

Re: Can't understand how I was approved ..

Thanks for alll the opinions! I will definitely follow that advice and work with thiscsrd for 6 months. By that time my I will have an automatic CLI. Also on CaptialOnes credit scoring section they're score me in the mid 600's too. I know this score is not accurate but it's just interesting to me that they score me so high and they're the ones to approve me. I never knew they had a 6 month rule either so that answers my original question of if I should open another lol!

I'm gonna figure out this macy's card and I think if I pay it off I should see a good bump as my credit utilization should drop to 1%. Then in 6 months I'll re-evaluate and come here for advice on which cards to get (hopefully unesecured, but if necessary secured) from you pros ! Smiley Happy
Message 7 of 16
Anonymous
Not applicable

Re: Can't understand how I was approved ..


@Anonymous wrote:
For a capital one platinum with a $1k limit.

On credit karma they showed my score as 640 & suggested this card as a good chance at approval.

I signed up for experian credit product for $5 trial & I got all 3 credit reports/fico scores. They're all around 540 not 640!
The only one around 640 was my auto loan score.

Does anyone have any idea how this works? I'm wondering if I should try for another unsecured capital one card now , since this approval gives me only 1 card and I'm reading 3 is ideal. And Experian is only suggesting that I'm a likely candidate for secured cards from sketchy companies like creditone.
Also important to note that one of my collections is a capital one card that went into collections in 2015 so I'm super lost now lol.

Which Experian product did you get your scores from? Did they provide Fico scores?

 

You can check Discover preapproval link to see if you are preapproved, if so, I'd go for it.

Message 8 of 16
Anonymous
Not applicable

Re: Can't understand how I was approved ..

Congrats.

Have you thought about tackling the collections at all? There’s likely significant points tied to those collections.
Message 9 of 16
GodivaD
New Contributor

Re: Can't understand how I was approved ..

The limit is great. Cap One approved me for an unsecured quicksliver card after I applied a few times for the secured card and never opened it last year. I guess they got sick of me and approved me with a little card. 

 

Happy rebuilding.

 

 

Message 10 of 16
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