I received a pre approval letter from Capital one stating
" At some point we lost you as a customer and we want you back, our records show as of July 26th you have been making monthly payments and making efforst to head in the right direction"
so basicly i have until aug 30th to sign up which i did and called back today as they needed to verify more information. Currently i have one cc(premiere) which i regret but i just got approved for credit one bank with a small limit of 350, would it help or hurt my credit if i have these 3 cards? currently i only have two auto loans im paying off but besides the original credit card from last year did not have anything since 2005. my scores are eq 566 tu 578 ex 544
i forgot to ask i let these cards just sit and just make the monthly payment for the annual fee will that hurt or help my credit or do i actually have to go purchase and pay them off before the statement date?
Three CC is a little better than 2 for FICO score in long run. Capital One is going to be better than high fee cards you have. You shold work to get 3 cards that have decent terms (unlike First Premiere) over the next year, so you can drop the high fee cards.
IMO, during early rebuilding stage, you should use your cards each month, and usually PIF by due date. It is highly important to never be late, never go over limit.
I was just approved for a student rewards card today and spoke with a rep about the credit steps program. She told me I was automatically enrolled? Not sure how true that is, it sounded like an outsourced call center.. who knows what they will tell you. Anyways, she said if i am in good standings for 90 days and pay in full each month, i will be upgraded to a $500 cli. Music to my ears. We'll see what really happens then lol.
I verified over the phone twice and was approved a few days later.
I applied on a Thurs.. called next day Friday for a status check. Asked for address verification which I gave them over the phone. Monday, called again.. verified addy with another rep. On Tuesday I, called again, lol, got an automated response that my app was processing. Then called on Thurs and got an automated response that I was approved. Phone verification was good enough for me. (I did get two letters in the mail though about address verification.)
Now I'm impaitiently waiting for my card. Hehe.