Any help for a 23 y/o trying to build his credit and how to find this CA? 668yc00000? thanks!

[SunriseEarth]

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@loveitkillit wrote:

ok good to know guys i will wait and see what happens, how long in your past experiences is a normal wait time for a response?

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It depends on your method of communication.  When my physical letters were answered, it typically took 2-3 weeks. 

[SunriseEarth]

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@RobertEG wrote:

+1

In fact, the FCRA does not even mandate that all reporting must be accurate.  No statute can mandate human accuracy.

The FCRA states that any reporting must not kowingly be inaccurate. 

The "prohibition" against deletion of accurate reporting arises based on the CRA administrative policy that instructs furnishers not to delete based on payment of a debt.

The CRAs have that policy, which is stated in their credit reporting manual, in order to increase the value of their credit reports to others.

Subjective deletion of reporting reduces the value of their credit reports by providing an incomplete picture of a consumer's history.

Thus, some furnishers will decline deletion based on their reporting agreement with the CRAs, and yet incorrectly assert that it is a statutory violation to do so.

Regardless, if they refuse to delete, that is their perogative.

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+1.

Of course, there is always a human element.  If you have a compelling story and it reaches sympathetic eyes, you can be the exception to their usual way of doing things.  That's really what the GW process is about. 

[loveitkillit]

hey guys capitol one just sent me a pre approved platnium visa card with a 1500 dollar credit limit

would activating this car be beneficial to my fico score or would it hurt it? 

still waiting on the GW responses as well and also started taking classes to get my real estate brokers liscence in illinois as its been a career ive always thought about and finally am going for! wish me luck

any tips from anyone with experience in the feild is appreciated!

[loveitkillit]

im sorry not capitol one credit one****

[SunriseEarth]

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@loveitkillit wrote:

hey guys capitol one just sent me a pre approved platnium visa card with a 1500 dollar credit limit

would activating this car be beneficial to my fico score or would it hurt it? 

still waiting on the GW responses as well and also started taking classes to get my real estate brokers liscence in illinois as its been a career ive always thought about and finally am going for! wish me luck

any tips from anyone with experience in the feild is appreciated!

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Congrats on pre-approval offer...it's nice knowing you're wanted by CCCs.

You might want to post this question over on the Credit Card board, as a few of us have had CCs with Credit One. You probably won't find many people who are pleased with Credit One.   I have their CC currently and I intend on closing them around mid-March.  My account has an AF payable monthly.  I also have to pay for CLIs.  And probably the worst thing about Credit One is that their cards do not have a grace period.  In other words, you begin accumulating interest the moment a charge posts.  I think they're better than FP, but Merrick is a better unsecured rebuilder card.  

Is your Capital One CC with $500 CL your only active CC?  

[notfancy]

The pre-approval is nice to see. If I were you, and I lack the experience of every one else on this forum.. I'd instead try to email Capital One. Google "capital one executive office" You'll pull up a name and send an email explaining that you received an offer for a pre-approved card with a limit of $1500. Ask if you can instead upgrade your current card to a better product such as Quicksilver and have that 1500 preapproval amount added to the card you currently have as well as an additional increase of what ever amount you would like to have, such as 5k. They might counter with a lesser amount, or say no... but to me, it's better to try and grow the account you currently have with them rather than getting another, newer account. If you want more credit cards later, you can always then apply with a different company  for diversity.

[notfancy]

Also, I'd use a touch of your savings to get that cap one card's utilization down to under $50 before sending the email or asking them to do anything for you.

[loveitkillit]

Ok sounds good thanks for the information guys!

[loveitkillit]

And yes my Capitol one with the 500$ limit is my only cc it's the only cc I've ever had

[guiness56]

In the long run, yes, it would be beneficial to your score as long as you manage them both correctly.

Short term, you could see a drop in score when the new TL reported but that would recover in about 6 months.