Should I wait for CLI or apply for one more card?

Anonymous · ‎07-20-2015

Hi guys, been reading these forums for awhile but it's my first time posting here. I'm just getting started in rebuilding my credit, and I want to make sure I'm not being impatient.

I currently have 2 cards from Capital One, a secured Mastercard with a $200 CL and a Quicksilver One with a $500 CL (which I've had less than a month). I make over $100k a year in total compensation, and I plan to pay off the cards multiple times per month and make sure I'm utilizing 1-9% on each card/total before the cards report. I've already been doing this with the secured card. My current FICO scores are 631 EQ, 606 TU (hasn't reported this month yet) and 591 EX.

My question is, what's the best way to get more credit in the short term (and is that something I should be doing?), apply for the Capital One Platinum card, which offers me no benefits other than making it easier to achieve the right utilization, or just increasing the CL of my secured card with another deposit? I'm sure I technically qualify for the Cap 1 card, but wanted to see what you guys think. Should I just keep the status quo, pay off my cards every month and keep my util in check? I don't have that many inquiries any bureau (4), but not sure if I should even waste one if it's not going to really benefit me even if I was approved. Thanks!

vertekal · ‎07-20-2015

My g/f had similar scores to yours and was approved for $300 QS1. Immediately after, she applied and got a $3000 Platinum. Her credit file at that point was very thin.

I read over and over on here that it's ideal to have 3 cards .. 2 that report $0 balance and one that reports <10% usage. So I would think that a 3rd card might be the right choice, however I'd wait to see what others think ...

FICO 8:
EQ: 1/2018: 494 | 4/2021: 652 (+158)
TU: 1/2018: 536 | 4/2021: 657 (+121)
EX: 1/2018: 499 | 4/2021: 641 (+142)

Mortgage Scores:
EQ: 9/2020: 560 | 4/2021: 648 (+88)
TU: 9/2020: 564 | 4/2021: 649 (+85)
EX: 9/2020: 576 | 4/2021: 672 (+96)

Anonymous · ‎07-20-2015

@Anonymous wrote:
Hi guys, been reading these forums for awhile but it's my first time posting here. I'm just getting started in rebuilding my credit, and I want to make sure I'm not being impatient.

I currently have 2 cards from Capital One, a secured Mastercard with a $200 CL and a Quicksilver One with a $500 CL (which I've had less than a month). I make over $100k a year in total compensation, and I plan to pay off the cards multiple times per month and make sure I'm utilizing 1-9% on each card/total before the cards report. I've already been doing this with the secured card. My current FICO scores are 631 EQ, 606 TU (hasn't reported this month yet) and 591 EX.

My question is, what's the best way to get more credit in the short term (and is that something I should be doing?), apply for the Capital One Platinum card, which offers me no benefits other than making it easier to achieve the right utilization, or just increasing the CL of my secured card with another deposit? I'm sure I technically qualify for the Cap 1 card, but wanted to see what you guys think. Should I just keep the status quo, pay off my cards every month and keep my util in check? I don't have that many inquiries any bureau (4), but not sure if I should even waste one if it's not going to really benefit me even if I was approved. Thanks!

You get more FICO score growth from multiple cards than you do for higher limits, everything else being equal.

Now, the thing to consider here is that Capital one has two different limits on how many cards you can have, depending on what card you are apping for. The "average credit" or "rebuilding" cards limit you to two cards, which you already have, so you would need to apply for one of their "excellent credit" cards - the QS, Platinum Prestige or the Venture, but you may not qualify for those card yet. If you have more than a year of credit history, I would suggest apping for Barclays Rewards MC. Then close the Secured Cap One card and open a second Cap One QS1 card. That would give you three unsecured credit lines.

For your UTI% you want only one card reporting a small balance, not both.

Anonymous · ‎07-20-2015

@Anonymous wrote:
@Anonymous wrote:
Hi guys, been reading these forums for awhile but it's my first time posting here. I'm just getting started in rebuilding my credit, and I want to make sure I'm not being impatient.

I currently have 2 cards from Capital One, a secured Mastercard with a $200 CL and a Quicksilver One with a $500 CL (which I've had less than a month). I make over $100k a year in total compensation, and I plan to pay off the cards multiple times per month and make sure I'm utilizing 1-9% on each card/total before the cards report. I've already been doing this with the secured card. My current FICO scores are 631 EQ, 606 TU (hasn't reported this month yet) and 591 EX.

My question is, what's the best way to get more credit in the short term (and is that something I should be doing?), apply for the Capital One Platinum card, which offers me no benefits other than making it easier to achieve the right utilization, or just increasing the CL of my secured card with another deposit? I'm sure I technically qualify for the Cap 1 card, but wanted to see what you guys think. Should I just keep the status quo, pay off my cards every month and keep my util in check? I don't have that many inquiries any bureau (4), but not sure if I should even waste one if it's not going to really benefit me even if I was approved. Thanks!

You get more FICO score growth from multiple cards than you do for higher limits, everything else being equal.
Now, the thing to consider here is that Capital one has two different limits on how many cards you can have, depending on what card you are apping for. The "average credit" or "rebuilding" cards limit you to two cards, which you already have, so you would need to apply for one of their "excellent credit" cards - the QS, Platinum Prestige or the Venture, but you may not qualify for those card yet. If you have more than a year of credit history, I would suggest apping for Barclays Rewards MC. Then close the Secured Cap One card and open a second Cap One QS1 card. That would give you three unsecured credit lines.

For your UTI% you want only one card reporting a small balance, not both.

Ah, good info. Not sure I'd get a 2nd QS1 though since that's 2x the annual fee. So I assume that my only options realistic options here would be to apply for the Barclaycard or just wait out my score increasing into prime card territory.

Anonymous · ‎07-20-2015

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hi guys, been reading these forums for awhile but it's my first time posting here. I'm just getting started in rebuilding my credit, and I want to make sure I'm not being impatient.

I currently have 2 cards from Capital One, a secured Mastercard with a $200 CL and a Quicksilver One with a $500 CL (which I've had less than a month). I make over $100k a year in total compensation, and I plan to pay off the cards multiple times per month and make sure I'm utilizing 1-9% on each card/total before the cards report. I've already been doing this with the secured card. My current FICO scores are 631 EQ, 606 TU (hasn't reported this month yet) and 591 EX.

My question is, what's the best way to get more credit in the short term (and is that something I should be doing?), apply for the Capital One Platinum card, which offers me no benefits other than making it easier to achieve the right utilization, or just increasing the CL of my secured card with another deposit? I'm sure I technically qualify for the Cap 1 card, but wanted to see what you guys think. Should I just keep the status quo, pay off my cards every month and keep my util in check? I don't have that many inquiries any bureau (4), but not sure if I should even waste one if it's not going to really benefit me even if I was approved. Thanks!

You get more FICO score growth from multiple cards than you do for higher limits, everything else being equal.
Now, the thing to consider here is that Capital one has two different limits on how many cards you can have, depending on what card you are apping for. The "average credit" or "rebuilding" cards limit you to two cards, which you already have, so you would need to apply for one of their "excellent credit" cards - the QS, Platinum Prestige or the Venture, but you may not qualify for those card yet. If you have more than a year of credit history, I would suggest apping for Barclays Rewards MC. Then close the Secured Cap One card and open a second Cap One QS1 card. That would give you three unsecured credit lines.

For your UTI% you want only one card reporting a small balance, not both.

Ah, good info. Not sure I'd get a 2nd QS1 though since that's 2x the annual fee. So I assume that my only options realistic options here would be to apply for the Barclaycard or just wait out my score increasing into prime card territory.

I would not worry about AF's for now - if you use the card a good amount, you'll get more than the AF back in rewards anyway. By the time the next AF rolls around, your scores should be good enough that you can qualify for the no fee version. Then you can call in and ask for your cards to be upgraded. Cap one will usually waive the AF if you call them, and they see you are using their cards quite a bit. The key is to use them for everyday stuff you would normally pay with cash or debit - then pay it down right away. Ask for CLI's each month after your second statement.

Anonymous · ‎07-20-2015

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Hi guys, been reading these forums for awhile but it's my first time posting here. I'm just getting started in rebuilding my credit, and I want to make sure I'm not being impatient.

I currently have 2 cards from Capital One, a secured Mastercard with a $200 CL and a Quicksilver One with a $500 CL (which I've had less than a month). I make over $100k a year in total compensation, and I plan to pay off the cards multiple times per month and make sure I'm utilizing 1-9% on each card/total before the cards report. I've already been doing this with the secured card. My current FICO scores are 631 EQ, 606 TU (hasn't reported this month yet) and 591 EX.

My question is, what's the best way to get more credit in the short term (and is that something I should be doing?), apply for the Capital One Platinum card, which offers me no benefits other than making it easier to achieve the right utilization, or just increasing the CL of my secured card with another deposit? I'm sure I technically qualify for the Cap 1 card, but wanted to see what you guys think. Should I just keep the status quo, pay off my cards every month and keep my util in check? I don't have that many inquiries any bureau (4), but not sure if I should even waste one if it's not going to really benefit me even if I was approved. Thanks!

You get more FICO score growth from multiple cards than you do for higher limits, everything else being equal.
Now, the thing to consider here is that Capital one has two different limits on how many cards you can have, depending on what card you are apping for. The "average credit" or "rebuilding" cards limit you to two cards, which you already have, so you would need to apply for one of their "excellent credit" cards - the QS, Platinum Prestige or the Venture, but you may not qualify for those card yet. If you have more than a year of credit history, I would suggest apping for Barclays Rewards MC. Then close the Secured Cap One card and open a second Cap One QS1 card. That would give you three unsecured credit lines.

For your UTI% you want only one card reporting a small balance, not both.

Ah, good info. Not sure I'd get a 2nd QS1 though since that's 2x the annual fee. So I assume that my only options realistic options here would be to apply for the Barclaycard or just wait out my score increasing into prime card territory.
I would not worry about AF's for now - if you use the card a good amount, you'll get more than the AF back in rewards anyway. By the time the next AF rolls around, your scores should be good enough that you can qualify for the no fee version. Then you can call in and ask for your cards to be upgraded. Cap one will usually waive the AF if you call them, and they see you are using their cards quite a bit. The key is to use them for everyday stuff you would normally pay with cash or debit - then pay it down right away. Ask for CLI's each month after your second statement.

Another good point. Thanks for the tip!