Checked Cap1 Pre-Approval...what should I do?

[Anonymous]

I currently have a Cap1 Platinum card with $750 limit, and a HSBC with $300 limit. I think i have to wait at least 18 months for the HSBC to apply for another one, and don't really want another one of theirs anyway. I've had both since July and have made all timely payments and Cap1 did increase my limit from $500 after about 5 months or so.

I was curious if I should apply for one of the cards they say i'm "pre-approved" for: The Cap1 Classic Platinum the "we also suggest" No-Hassle Cash Rewards, and the Cap1 Platinum (which i think thats the one i currently have.

I'm wanting to continue rebuilding my score, and want to increase my overall available credit. I don't use them often, and usually when i do i just pay them off or make multiple payments each month.

thanks

[Anonymous]

well this sucks

i went ahead and applied for the Classic Platinum and got the "sorry you're not approved at this time...you will receive a letter in 7-10 days" and said i should apply for their secured card.

not sure what went wrong?

guess, that will knock my credit score down again for applying.

bummer

[LS2982]

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@Anonymous wrote:

well this sucks

i went ahead and applied for the Classic Platinum and got the "sorry you're not approved at this time...you will receive a letter in 7-10 days" and said i should apply for their secured card.

not sure what went wrong?

guess, that will knock my credit score down again for applying.

bummer

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Sorry to hear, maybe a good time to join the garden this year!!!

[chnceit]

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@LS2982 wrote:

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@Anonymous wrote:

well this sucks

i went ahead and applied for the Classic Platinum and got the "sorry you're not approved at this time...you will receive a letter in 7-10 days" and said i should apply for their secured card.

not sure what went wrong?

guess, that will knock my credit score down again for applying.

bummer

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Sorry to hear, maybe a good time to join the garden this year!!!

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Yeah sorry to hear that. You probably got declined because of short or new credit history. Garden for a little while longer or try adding a store card to you cc mix.

[dalebb]

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@chnceit wrote:

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@LS2982 wrote:

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@Anonymous wrote:

well this sucks

i went ahead and applied for the Classic Platinum and got the "sorry you're not approved at this time...you will receive a letter in 7-10 days" and said i should apply for their secured card.

not sure what went wrong?

guess, that will knock my credit score down again for applying.

bummer

---

Sorry to hear, maybe a good time to join the garden this year!!!

---

Yeah sorry to hear that. You probably got declined because of short or new credit history. Garden for a little while longer or try adding a store card to you cc mix.

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welcome to the forums

[ArisGreek]

Plus I think those cards you were pre-approved for are the steps program cards....

[Anonymous]

so by "garden" do you all mean grow...as in sit on what i have and let my score and history grow?

i appreciate all the replies.

[Anonymous]

Hi jcasteeel,

Welcome!

You probably won't see much of a hit for the inquiry.  It varies, but usually the majority of a hit for a new account is the account itself and not the inquiry.  And inquiries often seem to be "bunched" i.e. 1-3 inquiries impact your FICO score, then 4-5 inquiries, then 7-9 or some such.  Usually not every single inquiry results in a score drop, and the "bunches" vary depending on what else is on your credit report.  

It is a good time to let things age.  

Only add a store card if it serves your purposes well - i.e. if there are discounts at the store that you find useful.  A store card, in and of itself, will not build FICO scores.

Keep us posted on any changes in your score - we're all rooting for you!

[JustMe77]

Sorry about the Capital One thing.

If you want a new card, I would apply for a retail store-only card somewhere. They typically have high interst rates, but no annual fees, and are easier to get with low credit scores. My first card after Orchard (HSBC) was my Banana Republic card. They gave me a $300 limit but have increased it a few times, and now it's a BR Visa w/ a $3000 limit.

[LS2982]

I would give it 6 months of gaining history and good payments and try for a GECRB Walmart card, that way you can get your TU FICO score free every month!