New credit score?

[Anonymous]

I've had my capital one card for 3 months.. Well almost.. My ck score updated the other day from 500 something to 665... My question is from what I've heard the scores there really don't matter... It's the fico score that counts.  Is that true?  Im 3 months away from generating a fico score I guess.  I want a new card tho cause the little $300 on my cp1 card goes fast.  I'm paying it 2-3 times a week.  I'm just afraid to apply for a new card and get denied.  Any and all advice please. 

[SouthJamaica]

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@Anonymous wrote:

I've had my capital one card for 3 months.. Well almost.. My ck score updated the other day from 500 something to 665... My question is from what I've heard the scores there really don't matter... It's the fico score that counts.  Is that true?

yes

Im 3 months away from generating a fico score I guess.  I want a new card tho cause the little $300 on my cp1 card goes fast.  I'm paying it 2-3 times a week.  I'm just afraid to apply for a new card and get denied.  Any and all advice please. 

would advise waiting 3 months

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[Anonymous]

Personally I would just wait, if I were you.  When you have a true FICO score, you'll know better what your choices are, and you'll be able to be more confident about getting your 2nd card, even being pre-approved.

In the meantime, just watch your reports on Karma and make sure that you are regularly having a balance between $5 and $26 being reported each month. 

How much are you spending each month on this card?  Are you really spending $1200 a month or more?  (That would be a $150 payment, twice a week.)

[Anonymous]

I upgraded to the quicksilver so im spending around $1000 a month

[Anonymous]

The steps I'd recommend then are these:

(1)  Keep your card reporting a small balance ($5-$26) each month.  Use Karma to confirm.

(2)  After your card is six months old, wait one more week and then use the $1 trial at Credit Check Total to view your three FICO 8 scores.  Do not go on to #3 until you have a FICO 8 with all three bureaus.

(3)  Request a CLI on your Cap One card using the soft-pull option.

(4)  After you get your CLI, apply for a second card.

Note: moving forward, when you are getting ready to apply for a CLI or a new card or a loan, always make sure that exactly one card is reporting a small balance (e.g. $10) and all other cards are reporting $0.  That will get you some extra scoring points before the app.

(5)  Implement the Share Secure Loan technique (if you want) to get an extra 30 points or so on all three scores.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...

(6)  Get a third card.

[SouthJamaica]

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@Anonymous wrote:
I upgraded to the quicksilver so im spending around $1000 a month

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Congratulations

[Anonymous]

Very concise and insightful 6 step process from CGID above which I completely agree with.

[fritscher]

that was very good advise above..thank you..i think that can benefit many people..great that you took the time to put that together

[Anonymous]

Thanks for the info... My fingers are itching to app but I'm definitely going to wait... Hoping for another cap1 or discover or amex at 6 months... Don't know what my chances will be but we'll see.

[Anonymous]

JustAKiDD I know the feeling, trust me I have to stay in the garden for 6-12 months (I don't want my aaoa to keep taking hits) take the advice of CGID & BBS...