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NFCU secured card finally reports and i lost a point :(

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RonM21
Valued Contributor

Re: NFCU secured card finally reports and i lost a point :(

Once you get that utilization down, and continue to grow the cards, the score will improve even more.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 11 of 20
Anonymous
Not applicable

Re: NFCU secured card finally reports and i lost a point :(


rubicon wrote:

I'm confused. I only have two credit cards on my credit profile: a capital one secured and as of today a NFCU secured card. When my capital one card showed up on my profile I received a 50 point boost (29% util on a $300 limit). My NFCU reported today with a 10% util ($50/$500) and I received a 1 point drop! Is this out of the ordinary? I thought that the addition of these two cards with under 30% util, both paid on time would only have a positive impact.



Do you happen to remember how many days it took
from the time you were "approved" for each cc, before it "reported" on your credit reports?

 

I am intrigued to learn how long it take to  "get credit" for having a new card reporting.

 

Thanks in advance!

Message 12 of 20
RCOH
Regular Contributor

Re: NFCU secured card finally reports and i lost a point :(


@AutoBot wrote:

I would apply for both cards back to back when your ready to save a HP. My FICO8 scores were in the 570-590 range when I applied and was approved for $1K each. If you have past deragoties with CAP1 that are less than 12 months old, that would be a reason for denial. Otherwise, your odds may be pretty good.


Capital One doesn't allow this anymore. I've read several post on the CC section where new applicants are now being denied for a second card. One poster quoted the message saying "Capital one doesn't allow card holder to open more than one account within 6 months time period, your credit wasn't pulled for this application" When applying for a second card the same day. They applied for the QS1, approved. Applied for Platinum after and received the message.

 

Yes, they did allow this to happen in the past but not any longer. 6 months minimum between opening new accounts/cards.

Starting Score 12/15 (FICO 8) EQ: 488 :-(
7/16 (FICO 8) EX:611 - TU: 579 - EQ 599 --- Goal 660+
Message 13 of 20
Anonymous
Not applicable

Re: NFCU secured card finally reports and i lost a point :(

Apply for the Platnum first, especially if you can take care of your secured card for about 6 months.

Yes the QS1 will give you points right away, but it also comes with a $35 AF. You can get the Cap1 Platinum with zero points and zero AF, and convert it over to a regular QS, a premium Cap1 card that gives you the same points as the QS1 without the AF, in 2 months.
Message 14 of 20
Anonymous
Not applicable

Re: NFCU secured card finally reports and i lost a point :(

QS1 gives no interest for a certain period and the annual fee is easily covered by the cash back. When you convert a Platinum you don't get an interest free period.
Message 15 of 20
Anonymous
Not applicable

Re: NFCU secured card finally reports and i lost a point :(

OP is barely carrying any balance,  I doubt 0% APR for 9 months is really worth it.  At this point he would have three cards,  so a Platinum PIF for two months coverting to a QS with a much higher credit limit will have a much more positive effect on his file in regards to overall credit limit and utilization than a QS1 would. 

Message 16 of 20
Anonymous
Not applicable

Re: NFCU secured card finally reports and i lost a point :(

Good luck to you!

Message 17 of 20
Anonymous
Not applicable

Re: NFCU secured card finally reports and i lost a point :(

A converted QS Mastercard won't get as high of a limit as an approved QS Visa will. That's another thing to think of.
Message 18 of 20
rubicon
Regular Contributor

Re: NFCU secured card finally reports and i lost a point :(

It reported to experian 2 days after my statement cut...it then reported to the other 2 CRA's two days later
Starting FICO: 5/19/16 EX-586, EQ-555, TU-545
FICO 7/22/16 EX-652, EQ-636, TU-589
FICO 8/22/16 EX-659 EQ-628 TU-612
FICO 10/27/20 EX-687, EQ-664, TU-672
FICO 6/14/23 EX-707 EQ-698 TU-712
Message 19 of 20
rubicon
Regular Contributor

Re: NFCU secured card finally reports and i lost a point :(

thanks for all the tips and suggestions..i'm definitely not very concerned about the interest period because I do not carry high balances but I do want to position myself to get the highest limit as possible. What kind of difference is there in the limits between the converted QS mastercard vs QS visa?
Starting FICO: 5/19/16 EX-586, EQ-555, TU-545
FICO 7/22/16 EX-652, EQ-636, TU-589
FICO 8/22/16 EX-659 EQ-628 TU-612
FICO 10/27/20 EX-687, EQ-664, TU-672
FICO 6/14/23 EX-707 EQ-698 TU-712
Message 20 of 20
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