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Need some advice before I do anything dumb.

New Member

Need some advice before I do anything dumb.

I had made a post previously about my situation and someone told me to not apply for anything other than a secured card.

Quick recap:

No credit history other than my 6 months of on time car loan payments.

8 hard pulls. 0 derogatory marks.

My score recently shot up 39pts and I now sit at 662. I'd really like to avoid having to plop down a nice chunk of change in a secured card to have a decent CL, so I'm thinking about applying for the CapitolOne rewards card.

Now, I have gotten responses to declined attempts due to the number of hard pulls. I believe it was the best buy card.

Due to my sudden increase in score (and I'm basing this off of Credit Karma) is there a shot I get this card? Also, I just called them and was not preapproved so I held off going further until I gathered more info.
Message 1 of 19
18 REPLIES
Established Contributor

Re: Need some advice before I do anything dumb.

you should consider joining DCU. they will likely give you a better refi rate on your car loand is a credit card too boot.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Message 2 of 19
Valued Contributor

Re: Need some advice before I do anything dumb.

I would get a subscription to your myFico EQ/Scorewatch and pull your EQ score.  You need to know exactly where you stand credit score wise.

If it's a 'favorable' score, I would research those lenders that will pull EQ only. 

 

I would definitely look into setting up a relationship (meaning a checking and or savings account) with a credit union.  CU's and banks like to give cards to those that bank with them as well.  IMHO of course.

Message 3 of 19
Valued Contributor

Re: Need some advice before I do anything dumb.

Since I wasn't involved in the last thread I will offer up my 2 cents here.

When establishing credit, the difficulty really is getting your FIRST card. It sounds odd because you have never done anything bad, but without established payment history no one knows what you're all about. So you need to find a lender willing to take a chance on you. Capital One was my first card for that reason. Anyway, since it is so difficult to get started, you may get stuck with a ton of inquiries from your search. That's just a part of the process and I consider that okay.

HOWEVER, once you establish your history, those inquiries remain on your report and have the possibility to significantly impact future events. This includes future credit limits, future approval chances, future interest rates, etc. With that being said, all of this is a big balancing act. I was lucky to only get 1 inquiry on each report getting my first card since I was approved. I feel that this has helped me to get the approvals and limits I have gotten in the year since. Someone who has 4+ inquiries on each report by the time they get approved for their first card may have a very different experience in the year following their first card.

So - the lesson here is that I encourage you to take a limited number of chances to establish your first credit card, but only a limited number Because you will want a successful 24 months that follow. If you don't get approved after a certain number of tries (maybe allow 4 inqs on each report? you can choose the criteria here) you may have to put down money for a secured card, lower your criteria, or just wait. But if you REALLY want an unsecured credit card and you are willing to take an unlimited amount of chances to get it, just remember you will be less successful in the 24 months that follow.

Best of luck to you!

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 4 of 19
Mega Contributor

Re: Need some advice before I do anything dumb.

Agree with Snacktrader. Give it a few shots at unsecured if unsuccessful then you gotta go with secured.



EQ FICO 548 3/3/16
Message 5 of 19
Regular Contributor

Re: Need some advice before I do anything dumb.

Be careful basing your decision on CK.  My CK score is 614 and my TU FICO is 698.  I got a lender pull two weeks ago and they pulled the exact same scores.



No apps until 8/2014
March 2013 Starting FICO Score: EQ: 584 TU: 564 EX: ??
August 2013 Current FICO Scores: EQ:664 EX:684 Walmart TU: 666
Message 6 of 19
Frequent Contributor

Re: Need some advice before I do anything dumb.

If you can get in with a credit union, do that.  If not, Capital One would probably be your best option.  They also have a secured card if you are not approved for an unsecured card.  Also, you might want to try for a GE backed card like Walmart.  They will start you out at a low limit, but they grow with you fast.  If it comes down to having to get a secured card, you might want to consider Bank of America.  They typically unsecure after a year, with some reporting that their card is unsecured after 9 or 10 months.  Good luck!

Barclays USAir World MC $8300 - DCU $7500 - USAA World MC $7000 - PayPal Extras MC (GE) $5500 - Chase Saphire Preferred $5000 - Discover It $6000 - Barclays Sallie May $2700 - Chase Freedom $1000 - Capital One $8500 (business) - store cards ranging from $500-$9500
Message 7 of 19
Valued Contributor

Re: Need some advice before I do anything dumb.

If what I understand is true with Capital One, someone else may know for sure, they seem to pull all three reports

when you apply, also if not approved they may counter with the secured, good luck


Starting Score TU 667 EQ 663 EX 655
Current Score TU 778 EQ 776 EX 781 Last Update 4/2016
Garden Club 04/10/2013
Message 8 of 19
Super Contributor

Re: Need some advice before I do anything dumb.

Cap1 def pulls all 3 reports, but I've never heard of them countering with a secured card. Totallt a possibility though.

Cap1 denied me for a secured card when i applied (first application) but approved me for a 3k plat a year later (no change in reports, just more inqs) so its definitely worth it to TRY for an unsecured card first. Just know when to stop.

Also, are all of those inqs from auto loan shopping? If they were done within a 30 day period for auto loans, i think they only count as 1 inq
Message 9 of 19
Mega Contributor

Re: Need some advice before I do anything dumb.


tdrjustus3 wrote:

Be careful basing your decision on CK.  My CK score is 614 and my TU FICO is 698.  I got a lender pull two weeks ago and they pulled the exact same scores.


This ^^^^^^^^^^^^^^^

 

CK scores are worthless.




EQ FICO 548 3/3/16
Message 10 of 19