Hello everyone! I have recently decided that I need to rebuild/build my credit. I did a lot of damage to my credit when I was 18, but all of that has since fallen off and the only thing I have on my report is an old student loan. My score is pretty low at 550 =( Anyway, I recently applied for, and was approved for, a secured card through Wells Fargo. I have read that having multiple accounts is better, so I also applied for a Capital One secured card as well... but i was denied! I have read that Capitol One was easier to get than Wells Fargo? Anyone know why I would be denied? Also, does anyone have any other sugestions for another secured card that I would be approved for?
@Mellykca wrote:Hello everyone! I have recently decided that I need to rebuild/build my credit. I did a lot of damage to my credit when I was 18, but all of that has since fallen off and the only thing I have on my report is an old student loan. My score is pretty low at 550 =( Anyway, I recently applied for, and was approved for, a secured card through Wells Fargo. I have read that having multiple accounts is better, so I also applied for a Capital One secured card as well... but i was denied! I have read that Capitol One was easier to get than Wells Fargo? Anyone know why I would be denied? Also, does anyone have any other sugestions for another secured card that I would be approved for?
You'd be suprised that Capital One isn't the greatest. But with the help of this forum, I'm sure you can get it turned around.
Do a search for "Capital One EO office" and you'll be able to recon. 
Welcome to the forum! Congratulations on your approval with WF. Thevreasobs for denial with Cap 1 will come by letter. If the only thing that is reporting on your CR's are an old SL, you might want to consider BoA - app in person.
Have you pulled all your CR's?
Thanks! =) No, I have not pulled all 3, only TransUnion. Do you think I would be approved for a BoA secured card? I'm affraid to apply for anything else since Cap One dropped my already bad score 9 points with the inq.
@Mellykca wrote:Thanks! =) No, I have not pulled all 3, only TransUnion. Do you think I would be approved for a BoA secured card? I'm affraid to apply for anything else since Cap One dropped my already bad score 9 points with the inq.
I would suggest pulling your CR's. Your entitled to a free copy based on the denial from Cap 1. Once you've received your CR's, post back so that we can assist you better.
Ok, I pulled the other 2....
My Transunion score is 550 and only shows the SL and 3 inq
My Equifax score is 530 and shows the SL, some cell phone bill in collections that I am pretty sure is not mine, and 3 inq. I submitted an online dispute for the cell bill. Equifax also has my name and DOB wrong... not sure if that makes a big deal?
My Experian score is 573 and it shows the SL, 1 inq, and my new WF card is on there already.
@Mellykca wrote:Ok, I pulled the other 2....
My Transunion score is 550 and only shows the SL and 3 inq
My Equifax score is 530 and shows the SL, some cell phone bill in collections that I am pretty sure is not mine, and 3 inq. I submitted an online dispute for the cell bill. Equifax also has my name and DOB wrong... not sure if that makes a big deal?
My Experian score is 573 and it shows the SL, 1 inq, and my new WF card is on there already.
Name and DOB errors can cause issues ESP with pre-qual sites. Your biggest issues are accts reporting that are not yours. I would work on getting those removed asap.
Since EX is showing your WF and BoA usually pulls EX you might have a chance if you app in the branch. But, I would suggest looking into SDFCU first. They do not hp your CR's and it would give you the time to fix your EQ report.
After you've had the two cc's for at least 6 -9 mos, I would then add another TL
I submitted an online dispute for the cell bill. Hopefully they will remove it? I will be sure to also dispute the name and DOB errors.
Do you think it woud be better to wait until I clear up the errors before I apply for anything else? I was hoping to have at least 2 cards to start rebuilding with, but would it be better just to stick with my WF card for awhile? Or should I try to get approved for 1 more?
@Mellykca wrote:I submitted an online dispute for the cell bill. Hopefully they will remove it? I will be sure to also dispute the name and DOB errors.
Do you think it woud be better to wait until I clear up the errors before I apply for anything else? I was hoping to have at least 2 cards to start rebuilding with, but would it be better just to stick with my WF card for awhile? Or should I try to get approved for 1 more?
No, I don't think they'll remove it. CRA disputes are a joke.
CRA: "Is this valid? You know you can't report invalid data, right?"
OC: "Well, I reported it, didn't I?"
CRA:"Verfied! It's staying."
Atleast that's how it goes down most of the time.
Yes, it's better to clean up these baddies before apping more. Swing by the rebuilding section of this forum, you'll find lots of great info!
