Reply
Regular Contributor
shanao621
Posts: 104
Registered: ‎12-20-2010

Re: Giving Capital One EO a try


Pilotdude wrote:

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


I already pay off 2 of the three cards in full every month. The 3rd I was going to have paid off in June. I have always done that with those cards, the Platinum card balance ran up a bit so I've been paying it down in 3 big pieces. I don't have a ton of recent inquiries. Next month my foreclosure drops from the report, I managed to have 2 collections and 3 charge-offs removed and I expect to see when the reports update for April. That means of the 8 negatives that exist on my reports 6 will be removed next month. Plus most of those were super old anyway. For me, it's more about being able to qualify for higher credit lines when these things occur. What credit card company is going to give me a reasonable credit line if none of my current creditors trust me with more than $900! 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


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Established Contributor
sccredit
Posts: 771
Registered: ‎09-14-2012

Re: Giving Capital One EO a try

By looking at this thread and your current credit profile I can tell you that had I been the Cap One EO I would not have granted your request either.  You have a lot of cards, all with low limits and you are almost 50% utilization. 

 

I can't blame you for swinging for the fence but I think you pulled the trigger prematurely.  Just my $.02.

Mortgage $296k/$310k
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Unsecured Lines $157.2k

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Valued Contributor
dodgerslv
Posts: 1,693
Registered: ‎06-16-2012

Re: Giving Capital One EO a try


shanao621 wrote:

Pilotdude wrote:

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


I already pay off 2 of the three cards in full every month. The 3rd I was going to have paid off in June. I have always done that with those cards, the Platinum card balance ran up a bit so I've been paying it down in 3 big pieces. I don't have a ton of recent inquiries. Next month my foreclosure drops from the report, I managed to have 2 collections and 3 charge-offs removed and I expect to see when the reports update for April. That means of the 8 negatives that exist on my reports 6 will be removed next month. Plus most of those were super old anyway. For me, it's more about being able to qualify for higher credit lines when these things occur. What credit card company is going to give me a reasonable credit line if none of my current creditors trust me with more than $900! 


I think you would have had a much better shot if you had requested the increases after all of such above actions would have reported and updated.



biggest limits: BofA Privilege (33K)/ BofA Cash Rewards (27k)/ Citi AA WEMC (26k)/ Penfed Rewards (22.5k)/ Chase United Explorer (22k)
Fico 08 scores (6/21/14) EX: 758 TU: 759 EQ: 755 (high Utilization for me at the moment @10% so gardening mode).





Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Giving Capital One EO a try


dodgerslv wrote:

shanao621 wrote:

Pilotdude wrote:

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


I already pay off 2 of the three cards in full every month. The 3rd I was going to have paid off in June. I have always done that with those cards, the Platinum card balance ran up a bit so I've been paying it down in 3 big pieces. I don't have a ton of recent inquiries. Next month my foreclosure drops from the report, I managed to have 2 collections and 3 charge-offs removed and I expect to see when the reports update for April. That means of the 8 negatives that exist on my reports 6 will be removed next month. Plus most of those were super old anyway. For me, it's more about being able to qualify for higher credit lines when these things occur. What credit card company is going to give me a reasonable credit line if none of my current creditors trust me with more than $900! 


I think you would have had a much better shot if you had requested the increases after all of such above actions would have reported and updated.


I agree, I would definitely get that resolved then try again!




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Established Contributor
Pilotdude
Posts: 955
Registered: ‎02-02-2013

Re: Giving Capital One EO a try

[ Edited ]

shanao621 wrote:

Pilotdude wrote:

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


I already pay off 2 of the three cards in full every month. The 3rd I was going to have paid off in June. I have always done that with those cards, the Platinum card balance ran up a bit so I've been paying it down in 3 big pieces. I don't have a ton of recent inquiries. Next month my foreclosure drops from the report, I managed to have 2 collections and 3 charge-offs removed and I expect to see when the reports update for April. That means of the 8 negatives that exist on my reports 6 will be removed next month. Plus most of those were super old anyway. For me, it's more about being able to qualify for higher credit lines when these things occur. What credit card company is going to give me a reasonable credit line if none of my current creditors trust me with more than $900! 


EDITED to be nicer.

 

I am not going to harp on them because it won't solve anything for you.

 

If I were in your shoes here is what I would do without fail:

 

1. Age all the bads right off my reports.

2. At the same time Pay off and CLOSE then cut up those First Premiere cards.  (their fees are crap and where we are going you won't need them)

3. Pay off and cut up ALL store cards (Again, where we are going you will not need them) (Keep the Care credit just in case but pay it off)

4. Pay off everything except one card which will have no more than 5% util on it.

5. Let them all report to the bureaus.

6. Check your FICOs and pull Experian to make sure tehy are all reported.

7. App for Chase Freedom and prepare to recon.

8. App for Capital One and prepare to recon via the EO.


9. If approved, cut every single other card up and forget you ever heard of them.

10. PIF every month for 6 months minimum.

11. Amex Green app

12. Wait another 6 months and then ask for CLIs on Freedom and Cap One.

 

If your bads are gone and you do this, ALL of this, I promise you, you will have multi thousand dollar limits and your pick of Primes from there.

 

I hope it works out for you.


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Giving Capital One EO a try


Pilotdude wrote:

shanao621 wrote:

Pilotdude wrote:

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


I already pay off 2 of the three cards in full every month. The 3rd I was going to have paid off in June. I have always done that with those cards, the Platinum card balance ran up a bit so I've been paying it down in 3 big pieces. I don't have a ton of recent inquiries. Next month my foreclosure drops from the report, I managed to have 2 collections and 3 charge-offs removed and I expect to see when the reports update for April. That means of the 8 negatives that exist on my reports 6 will be removed next month. Plus most of those were super old anyway. For me, it's more about being able to qualify for higher credit lines when these things occur. What credit card company is going to give me a reasonable credit line if none of my current creditors trust me with more than $900! 


Okay, don't take this the wrong way but why would you believe that Chase would give you a tier 1 credit card with those on your reports?

 

I am not going to harp on them because it won't solve anything for you.

 

If I were in your shoes here is what I would do without fail:

 

1. Age all the bads right off my reports.

2. At the same time Pay off and CLOSE then cut up those First Premiere cards.  (their fees are crap and where we are going you won't need them)

3. Pay off and cut up ALL store cards (Again, where we are going you will not need them)

4. Pay off everything except one card which will have no more than 5% util on it.

5. Let them all report to the bureaus.

6. Check your FICOs and pull Experian to make sure tehy are all reported.

7. App for Chase Freedom and prepare to recon.

8. App for Capital One and prepare to recon via the EO.


9. If approved, cut every single other card up and forget you ever heard of them.

10. PIF every month for 6 months minimum.

11. Amex Green app

12. Wait another 6 months and then ask for CLIs on Freedom and Cap One.

 

If your bads are gone and you do this, ALL of this, I promise you, you will have multi thousand dollar limits and your pick of Primes from there.

 

I hope it works out for you.


Thats a solid plan!!

 

:smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
reckedhim
Posts: 206
Registered: ‎03-29-2013

Re: Giving Capital One EO a try

Would you mind PM'ing me the email address you contacted?

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Giving Capital One EO a try


reckedhim wrote:

Would you mind PM'ing me the email address you contacted?


PM sent




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Regular Contributor
shanao621
Posts: 104
Registered: ‎12-20-2010

Re: Giving Capital One EO a try

[ Edited ]

Pilotdude wrote:

shanao621 wrote:

Pilotdude wrote:

Sorry to hear that.

 

The nice thing about the Cap One EO is that there is no hard "set in stone" time to wait to try again.

 

Soooooo.....

 

Pay down every card you can to try and get your total Utilization below 9%  (5% is the magic number). 

If you can get them all to zero except one, its even better.

 

Then wait for them all to report.  (This is the part that sucks)

Once they report your score will start to climb with each new statement reporting to the bureaus.

 

Once they are all in and your score is as high as its going to go, call the Cap One EO back again and try once more.

 

If you give them 5% util or less total and low inquiries, its almost a sure fire thing that you will see and increase that is meaningful

 

You must understand that they hear "I am going to pay it off" all the time.  Its much much better if you can show it to them via your reports so they think to themselves "okay good, this person had XXXX in balances and paid them all off in one or two months so he/she can probably afford a higher limit pretty easily"

 

Good luck


I already pay off 2 of the three cards in full every month. The 3rd I was going to have paid off in June. I have always done that with those cards, the Platinum card balance ran up a bit so I've been paying it down in 3 big pieces. I don't have a ton of recent inquiries. Next month my foreclosure drops from the report, I managed to have 2 collections and 3 charge-offs removed and I expect to see when the reports update for April. That means of the 8 negatives that exist on my reports 6 will be removed next month. Plus most of those were super old anyway. For me, it's more about being able to qualify for higher credit lines when these things occur. What credit card company is going to give me a reasonable credit line if none of my current creditors trust me with more than $900! 


EDITED to be nicer.

 

I am not going to harp on them because it won't solve anything for you.

 

If I were in your shoes here is what I would do without fail:

 

1. Age all the bads right off my reports.

2. At the same time Pay off and CLOSE then cut up those First Premiere cards.  (their fees are crap and where we are going you won't need them)

3. Pay off and cut up ALL store cards (Again, where we are going you will not need them)

4. Pay off everything except one card which will have no more than 5% util on it.

5. Let them all report to the bureaus.

6. Check your FICOs and pull Experian to make sure tehy are all reported.

7. App for Chase Freedom and prepare to recon.

8. App for Capital One and prepare to recon via the EO.


9. If approved, cut every single other card up and forget you ever heard of them.

10. PIF every month for 6 months minimum.

11. Amex Green app

12. Wait another 6 months and then ask for CLIs on Freedom and Cap One.

 

If your bads are gone and you do this, ALL of this, I promise you, you will have multi thousand dollar limits and your pick of Primes from there.

 

I hope it works out for you.


Thanks so much. It would take a really long time for all the negatives to fall of my report. I have a Toyota Car Loan that I paid 30 days late in January 2010. I also have a student loan showing 60 days past due in Feb 2010, it's actually a mistake. I've tried to get it removed with zero success. Long story short, I consolidated my fed loans for grad school, ACS provided the balance due for the consolidation check, ACS provided a balance that was $25 off (not sure why), check for $96,000 was sent, leaving a balance of $25, they never sent me another statement then after 60 days reported the $25 as past due. It was ridiculous but they refuse to remove it because according to them it is being accurately reported. The collections were medical collections from 2008, one for $50 paid in full in 2009, the second was for ~$450 agreed to PFD last week, just waiting for it to update. Forclosure falls off as of May, was an illegal foreclosure, have recieved over $10k in settlement money from it, but can't get it removed. 2 charge offs from 2009 agreed to be removed last week. One verizon charge off was scheduled to drop off in Nov 2013 but they agreed to remove it early. A charge off for a fridge is scheduled to fall off in Oct 2013. That's it. I have all the credit cards but with flawless payment histories. The 1st Premier cards are my oldest trade lines right now, was planning on closing them as soon as I could but don't want to lose the history. I use the store cards for the points. It's a huge benefit for me. Utilization is only high because I pay all my cards on the same date but they all report at different times. Even if all my cards were paid off the CareCredit account would keep my utilization above 5% I can't afford to pay it all off now plus it's 0% interest so there isn't a rush to do so. I guess I'm just impatient. I feel like I've more than proven myself, using my cards for a grocery bill will result in over 50% utilization for these tiny limits! I guess I just can't use them at all if I want to get anywhere with this. 


Starting Score: FICO TU 503 FICO EX 470 FICO EQ 498
Current Score: FICO TU 705 EX 698 FICO EQ 692
Goal Score: 700 Club


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Established Contributor
Pilotdude
Posts: 955
Registered: ‎02-02-2013

Re: Giving Capital One EO a try

Thats right.

 

Credit is a fical monster.  They want you to have it but they don't want you to use it really.

 

Stay away from those First Prem cards.  They are nothing but trouble and if you spend the money you spend on their fees on paying down your other cards, you will be amazed at how fast your score starts to climb.

 

You'll be fine.  Just read and learn and ask questions here.  There is an encylopedia of knowledge and experience on these forums.

 

:smileyhappy:


NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000

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