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Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Have I paid my last CAP1 balance?

So, I've just PIF my CAP1 Platty Rebuilder for like the 18th time in 12 months, and I've decided it's a fruitless effort.  Short of needing to float a larger (and yet still under $750) purchase, is there any conceivable reason to use this card at all?  If I need to let a balance report, I'll probably just let the WM card report $20-$30 or so to show activity for my next CLI.  If I'm not yet out of the subprime woods, is there any reason to use credit until I can get something out of it?  I thought there might be some reason for pushing as much as possible through the Cap1 to show my ability to pay it, but really how far is that going to get me with Cap1? ($6700 in the first year by the way; that sounds menial until you consider the average CL of $675)

 

TLDR; If I'm past credit hell, but still in credit purgatory, what' the use of a CC?

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
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Posts: 12,445
Registered: ‎12-30-2011
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Re: Have I paid my last CAP1 balance?

[ Edited ]

Depends on what your other tradelines are besides the C1 and Walmart card; however, if your goal is to achieve higher limits, even with C1's loosening up their standards it still appears to be statistically unlikely.  

 

I'd treat a C1 much like I do my DCU or Orchard (hey C1 now too): a charge or two a month just to keep it active (and in backup to my default spending Zync)... there really isn't much point in running expenses through a card which won't grow with you, or a lender that won't either other than keeping it as an active tradeline I think.

 

Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: Have I paid my last CAP1 balance?

[ Edited ]

Thanks, that's pretty much where I've arrived on the topic as well.  It became a chore because of the toy limit trying to make sure I time the spending and payments so I didn't have a giant balance report.

 

Edit:  I should mention my other tradelines, which for the most part aren't usable anyway

 

Cap1 Rebuilder: $750 Limit (Probably stuck, short of EO success)

BOA Platinum: $600 Limit (First CC ever, 6 years old, treated it like garbage and has multiple lates, including a 60.  I'm lucky to even have this still open, not holding my breath waiting for it to grow)

WM Card: $600 Limit (Just opened in OCT)

Firestone Store Card: $1500 Limit (Just an AU, dormant card with 6 years history)

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Have I paid my last CAP1 balance?

I ran into this problem back in 2007-2008...

 

Chase Freedom, 200 limit

Cap 1 800 limit

 

They wouldn't grow and the CL wasn't enough to do anything real with the card.    What I did:  Close everything except for Discover more, which had a 1600 limit in those days.  

 

Gardened my FHA mortgage and Discover More card until 2009.  Added Best Buy card in 2009 (have no idea why) and car loan in 2009. Settled judgment in 2009. Paid collections in 2009 and started the process of doing GW phone calls.  (this was before I knew about GW letters)

 

I gardened until 2011.  Opened a Dillards account in 2011. and applied for a mortgage in 2011.  My mortgage broker fixed some inaccurate reporting from Santander.

 

 

2012... my credit limits have exploded due to the removal of inaccurate reporting from Santander...  and becoming a NFCU member...

 

I think rebuilding can be done without putting up with toy cards...  the negative information is what really holds you back 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: Have I paid my last CAP1 balance?


webhopper wrote:

I ran into this problem back in 2007-2008...

 

Chase Freedom, 200 limit

Cap 1 800 limit

 

They wouldn't grow and the CL wasn't enough to do anything real with the card.    What I did:  Close everything except for Discover more, which had a 1600 limit in those days.  

 

Gardened my FHA mortgage and Discover More card until 2009.  Added Best Buy card in 2009 (have no idea why) and car loan in 2009. Settled judgment in 2009. Paid collections in 2009 and started the process of doing GW phone calls.  (this was before I knew about GW letters)

 

I gardened until 2011.  Opened a Dillards account in 2011. and applied for a mortgage in 2011.  My mortgage broker fixed some inaccurate reporting from Santander.

 

 

2012... my credit limits have exploded due to the removal of inaccurate reporting from Santander...  and becoming a NFCU member...

 

I think rebuilding can be done without putting up with toy cards...  the negative information is what really holds you back 


Further proof that time is also a key factor.  I'm so impatient; it makes it difficult in this game of patience.  I'm working on the negative info as well, but even that takes time, sending out GW letters every 15-30 days, depending on how quick the response turnaround is, etc, etc. 

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: Have I paid my last CAP1 balance?

On a similar note, what's my next credit score "checkpoint" that might allow a card with a decent ceiling?  I probably won't be approved for a decent rewards card for quite awhile, but it'd be nice to have a non toy limit in the 2k+ range.  How long am I looking to wait, and what card might that be?

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Have I paid my last CAP1 balance?


Jutz wrote:

On a similar note, what's my next credit score "checkpoint" that might allow a card with a decent ceiling?  I probably won't be approved for a decent rewards card for quite awhile, but it'd be nice to have a non toy limit in the 2k+ range.  How long am I looking to wait, and what card might that be?


I think 2-3 past any paid major derogatory remark is a turning point...  Also, income is a big factor as well.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 163
Registered: ‎10-18-2012
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Re: Have I paid my last CAP1 balance?


Jutz wrote:

On a similar note, what's my next credit score "checkpoint" that might allow a card with a decent ceiling?  I probably won't be approved for a decent rewards card for quite awhile, but it'd be nice to have a non toy limit in the 2k+ range.  How long am I looking to wait, and what card might that be?


I got approved for the Freedom with a TU score of 680 but only after 3 recon calls.  The negatives that don't show up on my TU are what are beneficial to me, otherwise I'd still be stuck in capital one lane (which is okay with me since they upgraded me to cards with no AF).

 

I got denied for Discover More.  But approved for Barclays Mastercard.

09/2013: TU FICO 692, EQ FICO 698, EX PLUS 709. No apps until December 2014!
Freedom: $1500 Cap1 Plat: $2000 Cap1 Cash: $1500 Barclays: $4000 Walmart: $2700 GE Luxury: $4800 Jared: $1500 Davids Bridal: $1500
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: Have I paid my last CAP1 balance?

Thanks Hopper, coincidentally, I made a spreadsheet of every derog listed on any CR today, haha.

 

My majors:

 

BOA Gold             90 Day Late1/2010
CMI Group           Collection    5/2010
TXXXXXX AgencyCollection    2/2011
TXXXXXX AgencyCollection5/2011
Verizon WirelessCharge-Off1/2007

 

So...I hit the 2 year mark on 2 majors in Feb/May and 3 year mark in Jan on 1. (The two collections from '11 may be deleted, but I'm trying to not get my hopes up.)

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: Have I paid my last CAP1 balance?

Officially sockdrawered my Cap1.  No real reason to carry it around.  I took my old BOA Student Plat out for a reunion tour.  I  treated this card like crap, so I figured it might be a sign of good faith if I need to use a CC to run this and PIF.  I seriously don't think I ever PIF this card until I finally paid it to $0 after several years and put it away.

 

Hopefully it won't be too much longer until I can get a usable CC.  Even a charge card would be helpful right now since the limitations of a Debit card are pretty bad.  (Daily limit especially.  I can have it lifted, but only for a 24 hour span)

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
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