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Capital One ... oddness and general advice needed

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redheadtempe36
Contributor

Capital One ... oddness and general advice needed

Long time lurker, first time poster.

 

By entirely my own fault, I wrecked my credit sore in my early/mid 30's through being generally irresponsible and having a fairly crushing student loan debt.

 

Fast forward to last year (5 years later).  Decide to get my act together, manage to consolidate my student loans through Navient (even though I was being garnished by ECMC - they voluntarily stopped garnishing pending the consolidation.  Was told that was not SOP, but worked for me).  Managed to open a checking account at Wells Fargo (whom, I had burned, but paid, in the past - again, not sure how I managed to pull that off).

 

Opened a secured Visa at FNBO 8/2014 (which, IMHO, is a great bank).  On-shore customer service, pays (infestesimal - thought that counts) intrest on your deposit, etc.

 

Opened WF account 12/2014,  Waited 2 months to do direct deposit, but we are going on 4 months now and no problems (I am on Checksystems - 3+ years old, but not EWS).

 

Opened a WF secured Visa in March (mainly because every time I signed into WF they bugged me).  $500.

 

Score (per FNBO) has gone from 580 to 615 in this timeframe.

 

 

I decide to apply to Capital One.  I apply for their secured MC.  I'm approved for the $49 deposit.  I put down $100.  WF sends me an e-mail later telling me $100 has been deducted.

 

After that, I am ... perusing their site, and see the pre-qual link.  I fill it out, and am told I am pre-qual for a $3000 Quicksilver One.  I apply, and am APPROVED.  

 

Seriously?

 

I called, and it is legit.  Card on its way.  Is this normal?  

 

So, with that kind of limit, I don't have to worry about UT.  I am wondering about the secured card.  I asked about it when I called, and they said, yes, I can have two cards (and they have already deducted the deposit).

 

Should I cancel the secured card before the AF hits?  I'm inclined to keep it just not to make waves, but ...

 

 

Message 1 of 8
7 REPLIES 7
Shogun
Moderator Emeritus

Re: Capital One ... oddness and general advice needed

I'd dump it before the fee hits.  Or maybe call and see if they will waive the fee.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 8
tiger_uppercut
Established Contributor

Re: Capital One ... oddness and general advice needed

I don't know how normal it is, but I was approved for a QS1 and a Platinum card with $3k limits and scores in the 590 - 600 range last month. I had been rebuilding with a secured CC and Credit Karma gave me "very good" chances of getting both cards. I was hoping to dump my secured card and only had 1 INQ, so I figured I'd give it a try. I was pretty surprised at the limits granted, honestly, but I am not complaining. My income is good but nothing astronomical. Capital One is really great for people building and rebuilding their credit.

 

As to the secured card, yeah, I'd keep it and cancel it before the fee hits. I wouldn't be surprised if you got approved for an unsecured Capital One Platinum card right now, but not sure how my cards you're allowed at once. So maybe check on that. Good luck.


Message 3 of 8
Anonymous
Not applicable

Re: Capital One ... oddness and general advice needed

Cap 1 is awesome.  I owe most of my rebuilding progress to them.

Message 4 of 8
itgirl74
Frequent Contributor

Re: Capital One ... oddness and general advice needed


@redheadtempe36 wrote:
After that, I am ... perusing their site, and see the pre-qual link.  I fill it out, and am told I am pre-qual for a $3000 Quicksilver One.  I apply, and am APPROVED. 

 

 


Did it really tell you the CL that you were pre-qualified for? I am pre-qualified, but there is no mention of CL.

Starting Score: EQ: 478 | EX: 499 | TU: 534 Current Score:EQ: 759 | EX: 805 | TU: 830 Goal Score: 800
Message 5 of 8
Anonymous
Not applicable

Re: Capital One ... oddness and general advice needed

I'm contemplating whether I should go for QS Cap 1. Im interested in your case before I submit application. Did you have any negative accounts through cap1 in the past? 

 

Also, to other members, does cap1 deny applicants for not paying old debts? (about 4 to 5 yrs old debts)

Message 6 of 8
tiger_uppercut
Established Contributor

Re: Capital One ... oddness and general advice needed

I had an unpaid CO with Capital One from 2009 when I applied last month. So I was approximately 6 years out. I had a year of perfect PIF history with a secured card. They are very forgiving after a few years. Give it a shot!


Message 7 of 8
redheadtempe36
Contributor

Re: Capital One ... oddness and general advice needed

Itgirl, you are correct.  It only said I was pre-qual.  Didn't give me a hard number until I applied.  Got the order of the screens confused.

 

Dennisrichards - Yes I did have a negative account with Cap1 in the past.  A charge off which wa probably ... 4-5 years ago?

 

Guess I will keep both Capital One cards.  Just seems almost silly to pay 2 AF's for two cards - one with $3000 and one with $300.  I'll wait the year, see if they increase the limit on the secured MC to something useful ($750-$1000), or I'll close it before the next annual fee hits.  I'm definitely keeping my other two.  WF just because I bank with them and FNBO seems like a good bank with nice people you can actually talk to (and both WF and FNBO may / hopefully should unsecure someday - unlike Cap1's).

 

 

Message 8 of 8
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