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.