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Cap1 question?

Contributor

Cap1 question?

I just recently (1 month ago) applied fora secured cc n got approved for the standard 200 limit but wanted more so I raised it to 500 ....just thinking would it be good for my score to applied for an unsecured one with them ...I did the simple pre-qual n they offered the platinum n the cash reward ..should I go for it n get it aswell?? My credit score from eq was 589 n this is my first cc.
My Wallet:

Amex Zync - NPSL
Capital one - Secured $600 (soon to be axed)
Discover More - $1000

Take the FICO Fitness Challenge
Message 1 of 14
13 REPLIES
Established Contributor

Re: Cap1 question?

No, not now.

 

First, Capital One will instantly deny your application causing you another hard inquiry on all 3 reports, which is bad, because they have a 45-day waiting period between applications.  You just applied last month and trying to re-apply this month?!?

 

Also, you don't want to jump staight to the gusto and get the Rewards Card because this is not really catered to the <600 scores.  You'll need to be over 600 at a minimum, even though it's for "average" credit -- it will more than likely be enrolled into the Credit Steps program.

 

But for now, I would suggest keeping your secured card in good standing from 6-9 months, THEN go for the No Hassles Rewards card.

 

What you "should have" done in the beginning was to apply for the "Standard Platinum" card which is the easiest unsecured card to qualify, if it was denied online,  you would have received a counter-offer for the secured card.  Unfortunately, you applied directly for the secured.  It's good, just let it grow for now. 

Message 2 of 14
Moderator Emeritus

Re: Cap1 question?

 


JayRizzo wrote:

No, not now.

 

First, Capital One will instantly deny your application causing you another hard inquiry on all 3 reports, which is bad, because they have a 45-day waiting period between applications.  You just applied last month and trying to re-apply this month?!?

 

Also, you don't want to jump staight to the gusto and get the Rewards Card because this is not really catered to the <600 scores.  You'll need to be over 600 at a minimum, even though it's for "average" credit -- it will more than likely be enrolled into the Credit Steps program.

 

But for now, I would suggest keeping your secured card in good standing from 6-9 months, THEN go for the No Hassles Rewards card.

 

What you "should have" done in the beginning was to apply for the "Standard Platinum" card which is the easiest unsecured card to qualify, if it was denied online,  you would have received a counter-offer for the secured card.  Unfortunately, you applied directly for the secured.  It's good, just let it grow for now. 


Let me first state that I agree with all of the advice that you just gave the OP. I would NOT recommend applying so soon. But, I just wanted to note that I was approved for this card last October with the beginning scores listed in my sig... go figure!

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 3 of 14
Established Contributor

Re: Cap1 question?

Yeah, that's right, but you already had credit experience.  This is the OP's first cc, so I never advise newbies to go for the gusto.  I "do" recall them asking the forum which is the best secured card to apply just about a week or so ago. 

 

Anyways, I based this on the number of applicants that reported they've been denied for the No Hassles Rewards with <600 score in their reviews on MyFico, Credit Karma, CreditBoards, and Finance Globe. 

 

What they've learned and confirmed by Capital One Senior Account Managers, is if someone apply for the No Hassles Rewards and are denied, no further action is taken.  But, if they apply for the "Standard Platinum" and denied, they will instantly receive a counter-offer online for the secured card.  So, I guess the Standard is one step above secured.

Message 4 of 14
Valued Contributor

Re: Cap1 question?

In addition to this all, I don't see why get 2 cap1 cards. They won't ever grow and that's the limit of cap1 cards you can hold. I did the same thing, got a cap 1 in march 2010 and another in june and finally decided to close 1 of them this february once I moved onto other prime lenders.

 

I think I tried to apply another cap1 in april 2010 which was less than 45 days from my previous one and I was declined for the 45 days thing but I did not get any inquiry for that.

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
Message 5 of 14
Senior Contributor

Re: Cap1 question?

I think the better strategy is to keep adding to the secured card (if you can afford it) and wait at least a year.    I think it improves your chances for a better higher limit card.  

Message 6 of 14
Contributor

Re: Cap1 question?

thanx a lot ppl really n yeah i asked like a week and a half ago but since i had already had the offer to join n it said its good for 80 days (the down payment for the cc) i just decided to go for it ..i wish i wouldve known a lil more more about just applying for the unsecured and if anything i was gonna get a counter offer ;( but we all learn from our mistakes.

thanks really im constantly checking the forum n just learning from the discussions that are here.
My Wallet:

Amex Zync - NPSL
Capital one - Secured $600 (soon to be axed)
Discover More - $1000

Take the FICO Fitness Challenge
Message 7 of 14
Senior Contributor

Re: Cap1 question?


New2score wrote:
thanx a lot ppl really n yeah i asked like a week and a half ago but since i had already had the offer to join n it said its good for 80 days (the down payment for the cc) i just decided to go for it ..i wish i wouldve known a lil more more about just applying for the unsecured and if anything i was gonna get a counter offer ;( but we all learn from our mistakes.

thanks really im constantly checking the forum n just learning from the discussions that are here.

I think the secured  card is a better choice (if you can fund it) than a lower limit with credit steps.   

Message 8 of 14
Contributor

Re: Cap1 question?

Another question were do you guys get your other scores or do you just buy the ones that they sell heRe?
My Wallet:

Amex Zync - NPSL
Capital one - Secured $600 (soon to be axed)
Discover More - $1000

Take the FICO Fitness Challenge
Message 9 of 14
Moderator Emeritus

Re: Cap1 question?

 


JayRizzo wrote:

Yeah, that's right, but you already had credit experience.  This is the OP's first cc, so I never advise newbies to go for the gusto.  I "do" recall them asking the forum which is the best secured card to apply just about a week or so ago. 

 

Anyways, I based this on the number of applicants that reported they've been denied for the No Hassles Rewards with <600 score in their reviews on MyFico, Credit Karma, CreditBoards, and Finance Globe. 

 

What they've learned and confirmed by Capital One Senior Account Managers, is if someone apply for the No Hassles Rewards and are denied, no further action is taken.  But, if they apply for the "Standard Platinum" and denied, they will instantly receive a counter-offer online for the secured card.  So, I guess the Standard is one step above secured.


Ah, yes... that could explain it. I hadn't thought of that.

 


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 10 of 14