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New Member
Posts: 2
Registered: ‎10-06-2012
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First Post!!

Hail! I'm new to myFICO and have been learning a lot just from the past hour of browsing the forums.

 

So I just recently got pre-approved for a Cap1 platinum (my first CC, $300 CL ) after having been denied for the GE/Amazon card. (insufficent credit history) Smiley Sad

Now I'm kinda wishing I had gone with another CC after reading about how stingy Cap1 is with their limits. I'm not sure what my FICO score is yet as I need to call customer care to confirm my idenitity so I can sign up for myFICO.

 

When should I consider getting a second CC and are there any other tips on how I can increase my score other than keeping my UTL <9% in the meantime? Thanks!

Valued Contributor
Posts: 2,299
Registered: ‎07-23-2012
0

Re: First Post!!

[ Edited ]

Welcome and Congrats!. 

 

so im guessing thats a unsecured card? 

 

any card is a good card for rebuilding or building for that matter. 

 

if you got denied for unsufficent history use the cap one. and get another secured card. use it and garden for a year or 2 and then walla. as long as you have no baddies show up your scores and credit history should reflect nicely. 

Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


2015 Goals:
Lower Utility
Earn Cash Back

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$7,400
Citi DC $10,000
Citizens Mastercard$7,000
Established Contributor
Posts: 932
Registered: ‎06-12-2012
0

Re: First Post!!

Happy first post.

JP Morgan Select $10k | Citi TY Premier $15k | PenFed PlatRewards $22k | BofA AMEX $15k | Chase Freedom $20k | Discover IT $10k | Barclay Arrival+ 25k | AMEX SPG $10k | NASA Platinum-Advantage $10k | CapOne Quicksilver $5k | Amazon Card $10k | NASA PLOC $30k @ 8.25% | Joined myFICO 6/12 with a 540 FICO & today I'm over 750!
Established Contributor
Posts: 569
Registered: ‎09-10-2012
0

Re: First Post!!

Welcome.

 

CapOne is not bad itself. The rebuilder/buildercards just will not grow and the cs is crap. But it will start you and give you history.

 

I did start with two CapOne (unsecured and secured) and after 6 months I was approved for Zync and Discover.

 

Just always pay on time and handle them will. After they have served their purpose, you can drop them. They will report 10 more years even after you closed them. So no harm them.

Amex Platinum (NPSL) | Amex BizGold (NPSL) | Amex BCE (33,400) | Chase Sapphire Preferred (24,800) | Discover IT (18,200) | CapOne (10,000) | Chase Ink (9,000) | Citi DCB (8,500) | Chase Freedom (6,300) | US Bank Business Edge (5,000) | Walmart | Alliant CU Visa | Gone for good: CapOne secured (thx for getting me started) | Amex Zync (thx for getting me into AX)

FICO (TU/EX/EQ): 743/751/742

Established Contributor
Posts: 527
Registered: ‎07-24-2012
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Re: First Post!!

Even if they're not a great place to grow, Cap1 is a great place to start.

 

Maintain a spotless payment history with them for at least 6 months before you apply for more unsecured cards.

 

Also, join a local credit union or one of the national ones popular on this board (e.g. NASA, Navy, etc.)  Get a secured card from the CU now if you can.

 

6 months from now, I'd ask the CU for an unsecured card and have another go at applying for a GE-issued card like the Amazon.  Both of these will be options that will grow further with you than Cap1, but Cap1 is going to be your foot in the door that makes it happen.

 

Treat them well and respect them for what they are - a lender willing to take a risk on you when you have zero history, thereby enabling you to escape the Catch-22 of "how do I build history if I need history to get credit?"

 

Welcome, and congrats on starting your credit journey!!

 

 

 

 

Starting: EQ 622 (myFICO 7/7/12), EX 696 (TU FAKO 8/14/12), TU 621 (CK TransRisk 7/24/12)
Current: EQ 687 (CCT 9/2/15), EX 708 (CCT 9/2/15) , TU 703 (CCT 9/2/15) Goal: 740+ x3
My Wallet: Amex BCP $30k, Chase CSP VS $12.2k, Amex Zync NPSL (> 10k), C1 Venture VS $6.5k, Amex SPG $4.5k, Chase Slate $3.5k, Barclaycard Apple V $2k, Chase Freedom V $1100, BoA Cash Rewards V $500
My Loans: Prosper $25k/36mo, Prosper $17k/36mo
My Business: Chase Ink VS $5k
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New Member
Posts: 2
Registered: ‎10-06-2012
0

Re: First Post!!

Thanks for the input everyone! I'm looking into the local CU as we speak. And yes, it is an unsecured card. I'm assuming they'll have me on the credit step/s program..

Regular Contributor
Posts: 150
Registered: ‎06-20-2012
0

Re: First Post!!


shakalaka wrote:

Welcome.

 

CapOne is not bad itself. The rebuilder/buildercards just will not grow and the cs is crap. But it will start you and give you history.

 

I did start with two CapOne (unsecured and secured) and after 6 months I was approved for Zync and Discover.

 

Just always pay on time and handle them will. After they have served their purpose, you can drop them. They will report 10 more years even after you closed them. So no harm them.


+1 My I started with a Wells Fargo secured card and within 6 months I had a few unsecured cards. Capital one being one of them. I too started with a 300 dollar limit. Now im sitting at 3500 with capital one. I have a few really good prime cards with no AF and decent limits.  Use Cap1 as a stepping stone for now - and not a stumbling block in the future. There are so many other good cards you will get if you are diligent in your building process. we are here for you, and  Good Luck!

American Express Green - NPSL, Sams Club Discover - 4000, Paypal Smart Connect - 4000, Capital One - 3500, Barclaycard Visa - 2500, Walmart - 1500, Discover IT - 1000, Ashley Furniture Home Store - 1000, Care Credit - 1000.
Contributor
Posts: 567
Registered: ‎10-04-2012
0

Re: First Post!!


RedBeardedOne wrote:

Hail! I'm new to myFICO and have been learning a lot just from the past hour of browsing the forums.

 

So I just recently got pre-approved for a Cap1 platinum (my first CC, $300 CL ) after having been denied for the GE/Amazon card. (insufficent credit history) Smiley Sad

Now I'm kinda wishing I had gone with another CC after reading about how stingy Cap1 is with their limits. I'm not sure what my FICO score is yet as I need to call customer care to confirm my idenitity so I can sign up for myFICO.

 

When should I consider getting a second CC and are there any other tips on how I can increase my score other than keeping my UTL <9% in the meantime? Thanks!


$300 is pretty much their standard limit for marginal credit / thin file applicants. If possible, look into obtaining a second, secured card, preferably from another lender besides Capital One. IMO it looks marginally better to see lines from multiple lenders on a thin report.

 

Keep your utilization below 20% maximum, and if possible pay the statement balance in full each month. Within 6 months to a year, you should be in a much improved position and be ready to start pursuing larger options.

 

FICO 04 scores: 809 (EQ) 812 (EX) 818 (TU)

Amex Platinum NPSL - Citi HHonors Sig. $58k - BMW Ultimate $40k
Chase Sapphire Preferred $62k - Merrill Lynch + Signature $41k - USAA Rate Advantage $28k
NFCU Flagship Signature $50k - USAA Cash Rewards AMEX $28k
Citi Platinum Select / AAdvantage Signature $31k - Chase Amtrak Rewards World MC $41k

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