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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

I suspect two things are at play here IMHO

credit limit in relation to UTL on furniture accounts and are you looking on CR's from Fico EX, EQ, TU no third party reports

Also make sure the lender is reporting it as an installment vs consumer loan 

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 31 of 33
coldnmn
Mega Contributor

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


@Anonymous wrote:
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

I doubt it would make a difference if you paid a chunk toward the balances of your furniture cards if they are listed as installment loans. Pay your credit card to the 1%-9% like we suggested and check that your credit reports are accurate. Unfortunately credit is a journey and not a race so I'm not sure if you can get the results your looking for  in that short of time but it will help.

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 32 of 33
Anonymous
Not applicable

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

Conn's has 2 types of accounts. The Yes money installment account and the revolving account backed by Synchony. My mom has the yes money installment account. It has not hurt her score. Installment accounts don't count towards utilization. Conns reports to all 3 bureaus.

 

It looks like you have 2 separate purchases at Conns. Plus you have the other furniture account plus the student loan. What is your Fico score? 

 

Your entire file is installment accounts. I don't know what your income is and how old these accounts are but that may be the issue. Just keep paying on time and wait for the cli from Capital One and see how your scores do. It looks like the one revolving account you have has reported at over 30%, and that is why your score dropped. You have no revolving accounts aside from Capital One, and so 85% of your utilization is based on that one new small limit account. You probably could use about 2 more revolving accounts at some point to balance your file out.

Message 33 of 33
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