Reply
Frequent Contributor
Posts: 353
Registered: ‎01-29-2009
0

My first pre-approved credit card offer in 5+ years!

It's for a CrapOne card, but I still appreciate this.  I haven't seen a pre-approved offer since 2003 when my credit started circling the drain.  It might also be the last one I get, because I did the opt-out step in the HIPAA Process.  I might even respond to it at the end of the month, after my FICO score bumps up 20-40 points.

It says I get an automatic increase after 3 months if I pay on time and don't go over my limit, and another automatic increase at 6 months. And it says the increase will be at least $700 total.

 

I recently did a PC from a BoA Student Visa to a BoA Worldpoints Mastercard, so I first would like to see what kind of CLI I am able to wrangle once the card (eventually) arrives.  That is the only CC I've ever had (had it almost 5 years, never late), so adding a second card is going to need to happen eventually anyway.

 

I am now a firm believer in the gospel of myfico.com. "Let half of your credit cards report a small balance, 1-9%, and pay the other half in full every month."

I can't thank this forum enough for helping me turn things around.  Pretty soon, my credit report won't count against me when I apply for new jobs, it will count for me. :smileyhappy:

 

Any thoughts? Should I take thisoffer, or is CrapOne really THAT bad?


Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Senior Contributor
Posts: 3,682
Registered: ‎01-10-2008

Re: My first pre-approved credit card offer in 5+ years!

sounds like the cap 1 credit steps program, imo it is a v. nice opportunity, congrats!  to me cap1 has workable quirks unlike hsbc who i find completely intolerable -just from stories i don't have their cards.  i have and like cap1, though i got one of their low limit cc's it seems which isn't that exciting.

let less than half of all your installment and revolving accounts report a balance, and for those that do, less than 9% uti.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Frequent Contributor
Posts: 353
Registered: ‎01-29-2009
0

Re: My first pre-approved credit card offer in 5+ years!

Thanks for the reply.  I guess in a forum like this you're more likely to see people complaining about problems with their cards instead of starting threads like "OMG my card is perfect, the rates are reasonable, and the customer service is great!!!1!11!!"

 

I'll report back later this month after my scores have updated and I'll let you guys know what happened as far as my limit, etc.

 

Thanks again.


Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Established Contributor
Posts: 586
Registered: ‎03-03-2009

Re: My first pre-approved credit card offer in 5+ years!

I would definitely go for it. It's a card that will grow with you compared to other subprime cards. Also, it will open doors to better cards from prime lenders.
Established Member
Posts: 12
Registered: ‎08-16-2008
0

Re: My first pre-approved credit card offer in 5+ years!

Congratulations!  I just opted back in to see where my increased credit score takes me.  It won't be long before we'll be getting offers for cards other than sub-prime. :smileyhappy:  And I agree...myfico is a godsend.
Established Member
Posts: 27
Registered: ‎03-06-2009

Re: My first pre-approved credit card offer in 5+ years!

I have the same type of card from cap1 and i opened it in nov 08 and sure enough, I made 3 on time payments and no over the limits and my CL increased to 1k as agreed when my 4th statement cut.. 3 more on time payments and no over the limits and i go to $1500!!

 

I find cap1 is great and helpful and I have had NO problems making payments via their website...

 

Hope this helps!

Frequent Contributor
Posts: 353
Registered: ‎01-29-2009
0

Re: My first pre-approved credit card offer in 5+ years!

cool beans.

Now I'm actually looking forward to replying to the offer at the end of the month.  First, I'd just like to see how much my FICO score jumps from two removed collections and reducing my CLI by 48%.


Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Valued Contributor
Posts: 1,754
Registered: ‎11-03-2007
0

Re: My first pre-approved credit card offer in 5+ years!

Have you bought shredder already? :smileyvery-happy:
IN VINO VERITAS.
Frequent Contributor
Posts: 353
Registered: ‎01-29-2009
0

Re: My first pre-approved credit card offer in 5+ years!

I applied last night for the card they offered.  I was approved and will get my card and credit limit in the mail in 7-10 business days.  Thanks for the advice guys!

Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU


My Credit Repair Journal
Senior Contributor
Posts: 3,682
Registered: ‎01-10-2008
0

Re: My first pre-approved credit card offer in 5+ years!

that's awesome, congrats!!

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.