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Contributor
canadaam
Posts: 81
Registered: ‎08-11-2010

Capital One Student Rewards Credit Card - APPROVED!!!!!

I submitted an application for the Capital One Student Rewards Credit Card on 8/5/2010. I did not get an immediate approval and called the next day for a status check. The rep told me that they needed to verify my home address, which I did over the phone and I asked when I would know when I was approved. He told me to call back the following Monday or Tuesday, which I did-- another rep told me the app was still processing. I thought I'd let one day go without bothering a rep, but when I called I got an automated prompt telling me my application was being verified. (Do you think they flagged me because I kept calling? lol) Today I called again to check, expecting an automated response. And I did--- the sweet sound of, "Your application has been approved". I transferred myself to a rep to see what my credit limit would be, and it was at $500. Good for starting out. I inquired with a specialist about the "Credit Steps Program" I have been reading about online, and she said that if my account is in good standing for the first 90 days, I would be approved for an additional $500 limit increase. I was so excited. I'm so glad that I'm getting my foot in the door to building a credit to get me part of the 700 club.

 

I currently have a $300 secured credit card with BofA which I am planning on increasing my deposit to get myself into the 4-digit credit limit. (Advice I got from these very forums.) It will be a sweet cash reward to have $1000+ given back to me when I graduate to an unsecured card.

 

Last night, coincidentally, I was also approved for a Best Buy Rewards Mastercard ($500CL).

 

I'm stopping here and just working on maintaining these three, PIF every month, keeping my credit/debt ratio low and feeling good that I'm no longer in the 500club. I was there a year ago and since paying off a car loan my score jumped from a 530 to a 641 but then went down a few points to 637, not sure why?

 

I am a happy credit card owner!! :smileyvery-happy:


Starting Score (Aug 2010): EX637 EQ641 TU 650 (FAKO)
Current Score (Sep 2010): EX664 TU663 EQ677 (FAKO) // TU FICO® 651 EQ FICO® 657
Goal Score: 720

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Mega Contributor
Creditaddict
Posts: 16,879
Registered: ‎10-23-2007

Re: Capital One Student Rewards Credit Card - APPROVED!!!!!

Congrats!

Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
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Epic Contributor
haulingthescoreup
Posts: 28,114
Registered: ‎04-01-2007

Re: Capital One Student Rewards Credit Card - APPROVED!!!!!

Congrats! Sounds like you have a good plan going.

 

You'll be surprised to see how fast your scores will rise now. It won't be dramatic, but they'll keep floating upward as all this ages.

 

I remember my visit to the 500 club, and it wasn't all that long ago. I'm glad to be out of it. :smileyvery-happy:

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Member
henryla
Posts: 13
Registered: ‎03-05-2010

Re: Capital One Student Rewards Credit Card - APPROVED!!!!

[ Edited ]

sorry for the bump i looked at ur score it was close to mine i gave it a try  and i was approved! thanks for you as my inspiration limit of 500

Regular Contributor
iluvmyfico
Posts: 163
Registered: ‎03-10-2008

Re: Capital One Student Rewards Credit Card - APPROVED!!!!

Hello congrats to both if you on your cards.  One suggestion is let ONE card show a less than 10% UTI every month for optimal scores and Hauling is right your scores will steadily increase.  I visited the low 500's and that's a scary place.  Now I am over 700 thank to this forum and the advice.


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