Need Advice

[theNavigator]

Say I was going to try for a CLI with Capital One... What do they go by? If I stay close to 1/3 or pay it around that limit or under that, will they most likely do it for me if I've been with them for a couple of years?

Also was looking to try for BOA and if not the 99/500 option. I was actually going to go to one of the banks near me and talk with a consultant and apply there. Would that be better??

Now here is my dilema. I do have one collection that is paid on my credit report. My score is around 660-670.. Will BOA turn me down because of this? Also say I was going to try and do the best thing for myself. Aren't I suppose to call up Capital one before I go to BOA on the same day to get both of these done the same day? So it's nothing conflicting? You know what I mean? This way Cap1 doesn't see I tried for BOA and vice versa, right away?? At least I think that's what I've been reading to try and do it all in one shot. Any advice appreciated. 

[Anonymous]

Find out if asking for a CLI with Capital One will result in a hard pull or a soft pull of your credit. If it's going to be a hard pull then definitely try to do these on the same day, and as close together as possible so that they don't see the first inquiry you have done. BOA has given my SO the 99/500 card with far more than one collection on his report. They pulled Experian. In my recent experience, if you have a mortgage BOA might also pull Transunion once they've seen it on Experian to find out the details of your mortgage (rate, ARM, etc.) I think they are tightening up their guidelines on credit for people with mortgages right now.

Have you tried the preapproval option on BOA's site? If you're preapproved there I would just go ahead and apply online. With your scores you might just get approved for an unsecured card. My SO was approved for the 99/500 card with a score just below 600, and that was online. I have no experience with Cap1, but if you've been with them for a couple years I would think you had a good shot for a CLI.

[Anonymous]

CAP 1 IS TOUGH. Make sure you use back door number.  what's your cl now?

[theNavigator]

Okay. My CL is only $500.00 With Cap1.. Thanks for the advice. I'm trying to see what I should leave my balance at when I try for it. I was going to go for these in June. By then it should be about 1 year since my last inquiry that I was denied for. Since then, I put up a stand and improved my credit a lot more. I've been a good boy and left it alone. But I really do feel like I should get another regular CC and BOA seems like a good choice.

[Lyythine]

Oddly enough, I know own three bofA accounts.  With the addition of my latest (BofA Amex), they have been periodically softing my TU report as well.  Ive had BofA checking/savings/moneymarket/investment/credit card and EVERYTHING was done from Exp. - Not sure why all of a sudden they are softing TU... I dont have any bads on any reports, so im not worried, just odd...  No mortgage either.

[theNavigator]

What about with Cap1? Do I wait until I get a $0 Balance. Or what should I do it with my balance at? Currently at $200 with a $500 limit. I know I'm above 30% but I had to use my card a little unfortunately.Usually keep at between $50-$150 and pay most off. I had it at $0 balance for two months and got - points for not carrying a balance.

Also what's the BOA pre approval link. Should I wait until July after there won't be any inquiries or does it not matter? Should I do BOA first then Cap1 or vice versa?? Come on kind people I need the info!!! LOL

[haulingthescoreup]

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theNavigator wrote:

...Usually keep at between $50-$150 and pay most off. I had it at $0 balance for two months and got - points for not carrying a balance...

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It's not losing points for not carrying a balance; it's losing points for not letting a balance report. If you need to improve your util, pay most of your balance before the statement date, let the small balance report, and then pay it off. A bit of a pain, maybe, but it will save you interest expense.

[theNavigator]

Anyone else have any insight? I'm trying to figure out the best time and way to do these things.. Thank You. Don't mean to sound rude, but I haven't really gotten my question answered.

[Anonymous]

I'm not sure if anyone really knows what Cap One wants to see as far as balances when you ask for CLI. I do know that it does not result in any hard pull inquiry on your reports. No CCC will "see" that you've asked. 

With Cap One a lot depends on which of their cards you have. I know that one of their rebuilder cards never goes over a $500 limit.

IMO you have nothing to lose by calling them and asking for a CLI. This will not hurt your credit report and if you're refused you can at least ask the CSR the reason why and possibly find out if you will ever be eligible for CLI on your card.

 Below is a link to BofA's preapproval site. Using this will not be a hard pull on your credit either. Only if you are offered a card and then apply for it will your credit report show an inquiry.

Hope this helps!

 https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx

[theNavigator]

My last inquiry was June 08, last year.. Should I try the pre-approval or should I wait until a year has gone by? I keep getting mixed answers. Someone said the inquiries fall off and don't matter after 90 days, someone else said they do?? What would you do??

I have one paid collection... What are my chances. All scores around 660-680..