Strange Cap1 Experience

real_madrid09 · ‎10-04-2011

I recently started building up my first credit history a few months ago. I decided it's time for another tradeline a few weeks ago, so I decided to apply for their "Cash Rewards" card. I was declined for that, but it said I was pre-approved for the Secured Card, so I thought since I just wasted an inquiry, I'll just get another Secured card; and my plan is to go 9% UTI on 1 card, and 0% UTI on the other.

Fast forward to now, and I have received "2 credit cards' from Cap1. The first one is the Cap1 Rewards (Un-secured) card, which I was declined for. The 2nd one is the Secured card, which I was approved for.

I called and got the Un-secured one activated, but not the secured one. I almost closed the secured card, but then I thought of the impact it would do to my credit. So, I decided to keep that one, but I won't activate it.

I have a quick question regarding the un-secured card (I haven't actiavted it). Will it show up on my credit report? I really don't want 3 tradelines with so little history, and it's the main reason I did not activate that one. But, I don't want to close it either, because it would likely impact my credit score even more than having 3 tradelines.

scottwagnon · ‎10-04-2011

@real_madrid09 wrote:
I recently started building up my first credit history a few months ago. I decided it's time for another tradeline a few weeks ago, so I decided to apply for their "Cash Rewards" card. I was declined for that, but it said I was pre-approved for the Secured Card, so I thought since I just wasted an inquiry, I'll just get another Secured card; and my plan is to go 9% UTI on 1 card, and 0% UTI on the other.

Fast forward to now, and I have received "2 credit cards' from Cap1. The first one is the Cap1 Rewards (Un-secured) card, which I was declined for. The 2nd one is the Secured card, which I was approved for.

I called and got the Un-secured one activated, but not the secured one. I almost closed the secured card, but then I thought of the impact it would do to my credit. So, I decided to keep that one, but I won't activate it.

I have a quick question regarding the un-secured card (I haven't actiavted it). Will it show up on my credit report? I really don't want 3 tradelines with so little history, and it's the main reason I did not activate that one. But, I don't want to close it either, because it would likely impact my credit score even more than having 3 tradelines.

the only negative is the fact you have two hard inquiries and not one. close the secured card, you'll be fine trust me. its your money, no use in cap one holding onto it. somehow the decision to apply for the secured somehow allowed you a way to override a denial; as you may have accidently stumbled onto a solution that this forum has been looking to solve for quite some time. no one has ever been able to have a capone recon. you may have answered the question for many, "how do you override a capone denial". you have unintentionally uncovered a capone solution. we forum users may now have the answer (for the first time ever) for turning a capone denial into an approval. if this solution applies to many and not just you, this is a breakthrough discovery.

once again, please close your secured account and get your money back. you have achieved your goal, only that you had to get there with two hard inquiries. i may try this the next time cannot get approved for a capone card.

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SevenNEW · ‎10-04-2011

@scottwagnon wrote:
the only negative is the fact you have two hard inquiries and not one. close the secured card, you'll be fine trust me. its your money, no use in cap one holding onto it. somehow the decision to apply for the secured somehow allowed you a way to override a denial; as you may have accidently stumbled onto a solution that this forum has been looking to solve for quite some time. no one has ever been able to have a capone recon. you may have answered the question for many, "how do you override a capone denial". you have unintentionally uncovered a capone solution. we forum users may now have the answer (for the first time ever) for turning a capone denial into an approval. if this solution applies to many and not just you, this is a breakthrough discovery.

once again, please close your secured account and get your money back. you have achieved your goal, only that you had to get there with two hard inquiries. i may try this the next time cannot get approved for a capone card.

Others will disagree, but I would activate both and wait a couple of months before closing the secured one. Just to be on the safe side. OP gets his money back anyway, but there is less risk of second thoughts from Cap 1.

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scottwagnon · ‎10-04-2011

Others will disagree, but I would activate both and wait a couple of months before closing the secured one. Just to be on the safe side. OP gets his money back anyway, but there is less risk of second thoughts from Cap 1.

i can't possibly see why capone would have second thoughts. they were interested in approving this person, why would they have any reason to change their mind. approval is approval. if this person has any negative changes on his report, then i could see their adversity, but no. this person was approved for the unsecured account independent of the secured account.

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Odiseous · ‎10-04-2011

@real_madrid09 wrote:
I recently started building up my first credit history a few months ago. I decided it's time for another tradeline a few weeks ago, so I decided to apply for their "Cash Rewards" card. I was declined for that, but it said I was pre-approved for the Secured Card, so I thought since I just wasted an inquiry, I'll just get another Secured card; and my plan is to go 9% UTI on 1 card, and 0% UTI on the other.

Fast forward to now, and I have received "2 credit cards' from Cap1. The first one is the Cap1 Rewards (Un-secured) card, which I was declined for. The 2nd one is the Secured card, which I was approved for.

I called and got the Un-secured one activated, but not the secured one. I almost closed the secured card, but then I thought of the impact it would do to my credit. So, I decided to keep that one, but I won't activate it.

I have a quick question regarding the un-secured card (I haven't actiavted it). Will it show up on my credit report? I really don't want 3 tradelines with so little history, and it's the main reason I did not activate that one. But, I don't want to close it either, because it would likely impact my credit score even more than having 3 tradelines.

In my experience; yes.

I was approved for a Gemb/Chevron card; then a few weeks later received another pre-qualified notice. So, I applied (and was approved) for a second one.

That second trade line showed up on my credit reports; even though I never activated the card. However; 6 months later, the second card was completely removed from my credit reports.

Then again; I never received the second card. So, it's possible that the card was returned to the creditor.

Naturally, YMMV.

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real_madrid09 · ‎10-06-2011

So....should I cancel the secured card, or no? I plan on applying for an Amex Green Card within 3 months, and I currently have roughly 3 months of credit history.

IOBA · ‎10-06-2011

If the cc is not costing you anything, keep it open and just put the cc in a drawer.

The cc needs to be open for a full year (if I understand things correctly) before it will average in (positively) into you AAofA.

My personal rule of thumb is not to app for something (cc, loan, loc, anything) more than once in a 12 month period. If there's an offer way too good to pass up, maybe I would do two apps within 12 months.