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Valued Contributor
mauve
Posts: 2,487
Registered: ‎02-18-2010
0

Re: Stop me if I'm about to make a mistake!

1) your loan officer is absolutely right, having revolving credit is very important to having a score

2) Take the card you've been offered. Hopefully there's no annual fee. To this day, I have a Capital One card - its CL has moved up ONCE, when I asked to go from $200 to whatever they would do and they approved me for $500. It's my oldest card, though, so I hang onto it. You can get other cards with higher limits later, and it's possible the Capital One will grow with you a little, or you can contact the EO when you're ready and ask for something better if you're not getting anywhere.

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


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Valued Member
HappySoda
Posts: 54
Registered: ‎10-10-2012
0

Re: Stop me if I'm about to make a mistake!

I personally think it's not a very smart move (hey you asked).

 

If I were you, I would get a secured card from another bank. Capital One is going to hard pull you for the new secured card. Let me repeat that again because it doesn't seem that you got it earlier, Capital One is going to hit all 3 bureaus AGAIN on that secured card. You can ask "why would they do that" and "why not use my previous app" blah blah til the cows come home. That's what Capital One does. They are the WORST when it comes to hard pulls and it's always all 3 bureaus.

 

There are other options for secured which won't be all 3 bureaus but will still be a hard pull - such as US Bank, Wells Fargo, BofA. They all offer a secured product and will hard pull you before they approve.

 

If you absolutely can't have a hard pull then you will have to do the Shopping Cart trick via Comenity websites and see if you are approved at places like Victoria's Secret, Express, etc. (just check the search tool). If you're not going to buy anything from them that's fine, but keep in mind that you won't report a balance and it won't look like you're using the card to any creditors. So if your answer is, "Oh I'm not gonna buy anything so don't bother" then don't bother and get along with your life. It seems like you are one of the many people on this forum who want miracles to happen but don't want to do the work to get it.

 

So you want a great card with no hard pulls and where you build credit without actually having to use it. Good luck finding that card. Sorry to be harsh but I'm sick of reading about people who want the world but don't want to put any work into it.

Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013
0

Re: Stop me if I'm about to make a mistake!

Harsh doesn't bother me, lol. I wish someone had been harsh with me waaaay back when I was first introduced to credit. It's not that I don't want to work on my credit, it's just that I want credit that ill actually use. I'm not blowing off anyone's suggestions, in fact I've looked into every suggestion made here. I went to "the cart trick" and looked at all the stores Comenity or whatever it was called bank and there were probably well over a hundred stores that they handled the credit side for and not a single one of those stores was one I have or will ever shop at.
I will fill you in on my status though. After I read all of every bodies suggestions I finally took the plunge and went for the Cap1 hard pull secured card. I did look into BofA and Wells Fargo but they're minimum deposit was a bit more than I can handle right now but from all the reviews I've read about Cap1 even though I had to get the hard pull I think I'll be able to overcome that and I think they've got a pretty competitive card. I hope you or no one else gets offended by me not taking you/their advice. Just know I gave each and every persons advice into serious consideration before making my final decision.
Thank you all very much. This is the only forum I've ever been a part of that I can log out of and feel a feel a little bit smarter each time :smileyhappy:
Established Member
kha916
Posts: 17
Registered: ‎03-09-2013
0

Re: Stop me if I'm about to make a mistake!

Just do the cart trick and save yourself some hp's

Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Stop me if I'm about to make a mistake!


750orbust wrote:
Harsh doesn't bother me, lol. I wish someone had been harsh with me waaaay back when I was first introduced to credit. It's not that I don't want to work on my credit, it's just that I want credit that ill actually use. I'm not blowing off anyone's suggestions, in fact I've looked into every suggestion made here. I went to "the cart trick" and looked at all the stores Comenity or whatever it was called bank and there were probably well over a hundred stores that they handled the credit side for and not a single one of those stores was one I have or will ever shop at.
I will fill you in on my status though. After I read all of every bodies suggestions I finally took the plunge and went for the Cap1 hard pull secured card. I did look into BofA and Wells Fargo but they're minimum deposit was a bit more than I can handle right now but from all the reviews I've read about Cap1 even though I had to get the hard pull I think I'll be able to overcome that and I think they've got a pretty competitive card. I hope you or no one else gets offended by me not taking you/their advice. Just know I gave each and every persons advice into serious consideration before making my final decision.
Thank you all very much. This is the only forum I've ever been a part of that I can log out of and feel a feel a little bit smarter each time :smileyhappy:

No, you took everyone's input and then you threw it away and did what you wanted to do. It's called "wasting everyones time" around these parts. You didn't make a smart move, what you did was actually just the opposite. You got a total of 3 hard pulls when you could have obtained a secured card from another bank with just one hard pull. Anybody doing a manual review on your acct is going to see 2 accts from the same lender. Maybe you will be okay but your logic is lacking. Lenders want to see multiple trades from different banks.




Frequent Contributor
750orbust
Posts: 256
Registered: ‎03-06-2013
0

Re: Stop me if I'm about to make a mistake!

"No, you took everyone's input and then you threw it away and did what you wanted to do. It's called "wasting everyones time" around these parts"
@Johnny
And you have what we like to call little man syndrome "around these parts"


Sorry about that everyone, this guy totally deserved that after some of the nasty and totally uncalled for garbage he's been spewing all over my threads. My suggestion to you Johnny, get a life, since you obviously have nothing better to do than harass total strangers on a financial forum. Jeez, what a loser.
New Contributor
Phizzle
Posts: 76
Registered: ‎01-15-2012
0

Re: Stop me if I'm about to make a mistake!

[ Edited ]

Johnny_Favorite wrote:

750orbust wrote:
Harsh doesn't bother me, lol. I wish someone had been harsh with me waaaay back when I was first introduced to credit. It's not that I don't want to work on my credit, it's just that I want credit that ill actually use. I'm not blowing off anyone's suggestions, in fact I've looked into every suggestion made here. I went to "the cart trick" and looked at all the stores Comenity or whatever it was called bank and there were probably well over a hundred stores that they handled the credit side for and not a single one of those stores was one I have or will ever shop at.
I will fill you in on my status though. After I read all of every bodies suggestions I finally took the plunge and went for the Cap1 hard pull secured card. I did look into BofA and Wells Fargo but they're minimum deposit was a bit more than I can handle right now but from all the reviews I've read about Cap1 even though I had to get the hard pull I think I'll be able to overcome that and I think they've got a pretty competitive card. I hope you or no one else gets offended by me not taking you/their advice. Just know I gave each and every persons advice into serious consideration before making my final decision.
Thank you all very much. This is the only forum I've ever been a part of that I can log out of and feel a feel a little bit smarter each time :smileyhappy:

No, you took everyone's input and then you threw it away and did what you wanted to do. It's called "wasting everyones time" around these parts. You didn't make a smart move, what you did was actually just the opposite. You got a total of 3 hard pulls when you could have obtained a secured card from another bank with just one hard pull. Anybody doing a manual review on your acct is going to see 2 accts from the same lender. Maybe you will be okay but your logic is lacking. Lenders want to see multiple trades from different banks.


The OP came to this forum looking for assistance; you are doing exactly the opposite. Putting someone down does no good. Did you consider that the OP may not want to deal with the other banks suggested? Not to be rude, but you are being a bit out of line.

 

To the OP - I cannot speak to anyone else's situation, but I will say that a year ago I had one year's worth of revolving history. One year on a Cap One secured and six months on a Cap One unsecured. My underwriter for my mortgage asked for an explanation of inquiries; so I wrote a letter and all went well. People stress so much over inquiries. They do matter to a certain extent, but if what you have will accomplish your goals, that is all that matters. 

 

Treat the cards well (e.g. charge small amounts and PIF) and you'll be fine. You may have been able to accomplish all this with a few less hard pulls, but you should be fine in the long run.

Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Stop me if I'm about to make a mistake!

[ Edited ]

I'm a loser with a house and good credit.

 

You let us know when you get lucky in life mmmkay?




Regular Contributor
Johnny_Favorite
Posts: 266
Registered: ‎09-05-2012
0

Re: Stop me if I'm about to make a mistake!


Phizzle wrote:

Johnny_Favorite wrote:

750orbust wrote:
Harsh doesn't bother me, lol. I wish someone had been harsh with me waaaay back when I was first introduced to credit. It's not that I don't want to work on my credit, it's just that I want credit that ill actually use. I'm not blowing off anyone's suggestions, in fact I've looked into every suggestion made here. I went to "the cart trick" and looked at all the stores Comenity or whatever it was called bank and there were probably well over a hundred stores that they handled the credit side for and not a single one of those stores was one I have or will ever shop at.
I will fill you in on my status though. After I read all of every bodies suggestions I finally took the plunge and went for the Cap1 hard pull secured card. I did look into BofA and Wells Fargo but they're minimum deposit was a bit more than I can handle right now but from all the reviews I've read about Cap1 even though I had to get the hard pull I think I'll be able to overcome that and I think they've got a pretty competitive card. I hope you or no one else gets offended by me not taking you/their advice. Just know I gave each and every persons advice into serious consideration before making my final decision.
Thank you all very much. This is the only forum I've ever been a part of that I can log out of and feel a feel a little bit smarter each time :smileyhappy:

No, you took everyone's input and then you threw it away and did what you wanted to do. It's called "wasting everyones time" around these parts. You didn't make a smart move, what you did was actually just the opposite. You got a total of 3 hard pulls when you could have obtained a secured card from another bank with just one hard pull. Anybody doing a manual review on your acct is going to see 2 accts from the same lender. Maybe you will be okay but your logic is lacking. Lenders want to see multiple trades from different banks.


The OP came to this forum looking for assistance; you are doing exactly the opposite. Putting someone down does no good. Did you consider that the OP may not want to deal with the other banks suggested? Not to be rude, but you are being a bit out of line.

 

To the OP - I cannot speak to anyone else's situation, but I will say that a year ago I had one year's worth of revolving history. One year on a Cap One secured and six months on a Cap One unsecured. My underwriter for my mortgage asked for an explanation of inquiries; so I wrote a letter and all went well. People stress so much over inquiries. They do matter to a certain extent, but if what you have will accomplish your goals, that is all that matters. 

 

Treat the cards well (e.g. charge small amounts and PIF) and you'll be fine. You may have been able to accomplish all this with a few less hard pulls, but you should be fine in the long run.



Her thread title specifically said, "Stop me if I'm going to make a mistake" and then she proceeds to make a huge mistake after everyone tells her not to do what she says she's going to do. We apologize for doing what she asked everyone to do. So if somebody is about to make a crucial error and invites everyone into their error, we should all just nudge her along with pats on the back and cheers for her errors? Sorry but I don't "Forrest Gump" my way through life like the OP.

 

I'm pretty sure this persons Fico is directly correlated to their IQ.




Established Contributor
calihlove75
Posts: 791
Registered: ‎05-16-2012
0

Re: Stop me if I'm about to make a mistake!


Johnny_Favorite wrote:

Phizzle wrote:

Johnny_Favorite wrote:

750orbust wrote:
Harsh doesn't bother me, lol. I wish someone had been harsh with me waaaay back when I was first introduced to credit. It's not that I don't want to work on my credit, it's just that I want credit that ill actually use. I'm not blowing off anyone's suggestions, in fact I've looked into every suggestion made here. I went to "the cart trick" and looked at all the stores Comenity or whatever it was called bank and there were probably well over a hundred stores that they handled the credit side for and not a single one of those stores was one I have or will ever shop at.
I will fill you in on my status though. After I read all of every bodies suggestions I finally took the plunge and went for the Cap1 hard pull secured card. I did look into BofA and Wells Fargo but they're minimum deposit was a bit more than I can handle right now but from all the reviews I've read about Cap1 even though I had to get the hard pull I think I'll be able to overcome that and I think they've got a pretty competitive card. I hope you or no one else gets offended by me not taking you/their advice. Just know I gave each and every persons advice into serious consideration before making my final decision.
Thank you all very much. This is the only forum I've ever been a part of that I can log out of and feel a feel a little bit smarter each time :smileyhappy:

No, you took everyone's input and then you threw it away and did what you wanted to do. It's called "wasting everyones time" around these parts. You didn't make a smart move, what you did was actually just the opposite. You got a total of 3 hard pulls when you could have obtained a secured card from another bank with just one hard pull. Anybody doing a manual review on your acct is going to see 2 accts from the same lender. Maybe you will be okay but your logic is lacking. Lenders want to see multiple trades from different banks.


The OP came to this forum looking for assistance; you are doing exactly the opposite. Putting someone down does no good. Did you consider that the OP may not want to deal with the other banks suggested? Not to be rude, but you are being a bit out of line.

 

To the OP - I cannot speak to anyone else's situation, but I will say that a year ago I had one year's worth of revolving history. One year on a Cap One secured and six months on a Cap One unsecured. My underwriter for my mortgage asked for an explanation of inquiries; so I wrote a letter and all went well. People stress so much over inquiries. They do matter to a certain extent, but if what you have will accomplish your goals, that is all that matters. 

 

Treat the cards well (e.g. charge small amounts and PIF) and you'll be fine. You may have been able to accomplish all this with a few less hard pulls, but you should be fine in the long run.



Her thread title specifically said, "Stop me if I'm going to make a mistake" and then she proceeds to make a huge mistake after everyone tells her not to do what she says she's going to do. We apologize for doing what she asked everyone to do. So if somebody is about to make a crucial error and invites everyone into their error, we should all just nudge her along with pats on the back and cheers for her errors? Sorry but I don't "Forrest Gump" my way through life like the OP.

 

I'm pretty sure this persons Fico is directly correlated to their IQ.


I agree the choice was foolish and it can be very frustruating seeing someone else do something that completely makes no sense, but don't get yourself so worked up. It's not healthy!!


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