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I need points fast! Please help with Capital One credit card

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myjourney
Super Contributor

Re: I need points fast! Please help with Capital One credit card

Welcome to the forum 

Question how were scores before the furniture account and is it a new account?

Here's why I ask.

Some furniture or personal loans are classified as consumer loans and not installment loans.

Example payday loans are listed as consumer loans and Fico considers these to be risky thus sometimes it will result in a scoring ding.

Just a thought so check how its listed on CR's

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 21 of 33
Jpmack29
Regular Contributor

Re: I need points fast! Please help with Capital One credit card

oops... Kids and dog interrupted me when i typed that. I stand corrected. 

Current (8/2015): Equifax 688, Transunion 689, Experian 708
Goal Scores: 700 across the board

Capital One Venture: $5500| Discover it: $4500| American Express Green Card: NPSL| Capital One- QuickSilver: $3000| American Express Everyday Card: $2000| Bank of America- Americard Cash Rewards: $1500 | Barclays Cash Rewards: $1300| Chase Freedom:$1200| Barclays Apple Rewards: $2000
Message 22 of 33
Anonymous
Not applicable

Re: I need points fast! Please help with Capital One credit card

These accounts are listed under installment loans
Message 23 of 33
myjourney
Super Contributor

Re: I need points fast! Please help with Capital One credit card


@Anonymous wrote:
These accounts are listed under installment loans

Are they new accounts?

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 24 of 33
Anonymous
Not applicable

Re: I need points fast! Please help with Capital One credit card

No 2013 accounts
Message 25 of 33
coldnmn
Mega Contributor

Re: I need points fast! Please help with Capital One credit card


@Anonymous wrote:

I have the following accounts:

 

Student Loan: $6,671

Conn's Furniture: $713

Conn's Furniture: $1,222

USA Discounter's (furniture): $1,082

Capial One: $120.45

 

 I need a drastic score change....please advise

 

 


If the furiture cards are balances it depends on what the credit limits are. Utilization is dragging your credit score down. The only quick fix if possible is to pay them off. If that isn't possible your scores will go up as you pay them off and your utilization goes down. If you have any negatives on your credit report go to the rebuilding section for help with those. If you haven't done so get your free annual credit report from annualcreditreport.com and see if everything is correct.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 26 of 33
Anonymous
Not applicable

Re: I need points fast! Please help with Capital One credit card

I wouldn't be able to pay off. Would it even make a difference if I paid more then minimum or don't even bother and just pay minimum. With this closing in July I'm trying to keep reserves also. But if it would help to pay at least a chunk then I will
Message 27 of 33
Anonymous
Not applicable

Re: I need points fast! Please help with Capital One credit card

With these other account balances what do you think I should keep my credit card balance at? Thanks
Message 28 of 33
core
Valued Contributor

Re: I need points fast! Please help with Capital One credit card

Pay CapOne down to $0 pronto.  And then call up the mortgage company and ask if they wouldn't mind waiting until a certain furniture addiction was licked... that "other" family member of course.

 

That's what I'd do.  Over a 30yr loan, the difference is staggering.

Message 29 of 33
Anonymous
Not applicable

Re: I need points fast! Please help with Capital One credit card


@Anonymous wrote:

I have the following accounts:

 

Student Loan: $6,671

Conn's Furniture: $713

Conn's Furniture: $1,222

USA Discounter's (furniture): $1,082

Capial One: $120.45

 

 I need a drastic score change....please advise 


Could you post the credit limits for each of the cards, the APRs for all of the cards & loans, and the amount that you are prepared to spend before closing? 

 

As a general rule, what matters is the incremental APR difference. In other words, if one card has 20% APR and another has 15%, you want to pay the 20% off first. However, if you can pay a card to 0, that may be preferable, because it will retrigger the grace period, so you will stop paying interest entirely on that card.

 

However, you are operating on a potentially truncated timetable. You aren't able to pay off all the cards, so you need the biggest point boost. Anecdotally, there appear to be breaks at 30%, 50%, and 90% utilization. I think I would focus on getting all of the cards below 90%, then below 50%, then 30%. However, it depends on how much you can put down per month towards paying these off. If you let us know how much per month you can use to pay off the balances, we can approximate 

 

Regardless, you MUST make at least the minimum payment. The absolutely worst thing that can happen is any reports of late payments. 

Message 30 of 33
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