08-12-2010 04:51 PM
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!!
08-13-2010 07:47 AM
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.
11-04-2010 08:09 PM - edited 11-04-2010 08:14 PM
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
11-05-2010 08:28 AM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.