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Frequent Contributor
Posts: 394
Registered: ‎05-16-2013
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This is huge for me! I am in shock right now!!

I have been rebuilding for a good six months now and have been paying a lot off and getting things removed.  I currently have 2 Capital One CC's in unpaid charge off status.  I was shocked a few months ago when I was approved for a secured card.

 

Today, I will feeling liketaking a risk so I applied for a Capital One unsecured QUickSilver Ones Rewards card totally expecting to get denied.

 

HOLY CRAP! I was just approved online with a $500 CL. I am freaking out right now.
  It's all because of this forum!! Thank you all!!!

5/16/13 Starting FICOEQ: 521 FICOTU: 536 FICOEX: 571
5/13/14 Current FICOEQ: 668 FICOTU: 690 FICOEX: 673
Community Leader
Epic Contributor
Posts: 27,058
Registered: ‎03-19-2007
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Re: This is huge for me! I am in shock right now!!

A lot depends upon how thorough a review a given creditor conducts.

 

A huge advantage to using only FICO scoring in making a determination on relatively low CL or low principal new credit is that it is quick and easy for the creditor, and thus cheap.

If score alone meets their criteria and the risk is low, it may be a prudent business risk not to invest in a manual review.

As an aside, that is also a reason why having AU accounts can foster app for relatively low CL or secured cards.

 

However, as the amount of credit being sought rises, so does their potential risk, and manual review is more likely to be part of their determination.

Seeing an unpaid CO or credit history of another on your report might then bring into play additional factors that might lead to decline of credit.

 

 

 

Epic Contributor
Posts: 22,398
Registered: ‎01-17-2008
0

Re: This is huge for me! I am in shock right now!!


sharriel wrote:

I have been rebuilding for a good six months now and have been paying a lot off and getting things removed.  I currently have 2 Capital One CC's in unpaid charge off status.  I was shocked a few months ago when I was approved for a secured card.

 

Today, I will feeling liketaking a risk so I applied for a Capital One unsecured QUickSilver Ones Rewards card totally expecting to get denied.

 

HOLY CRAP! I was just approved online with a $500 CL. I am freaking out right now.
  It's all because of this forum!! Thank you all!!!


Congrats!  There will be more to come.

Community Leader
Senior Contributor
Posts: 30,826
Registered: ‎02-07-2013
0

Re: This is huge for me! I am in shock right now!!


sharriel wrote:

I have been rebuilding for a good six months now and have been paying a lot off and getting things removed.  I currently have 2 Capital One CC's in unpaid charge off status.  I was shocked a few months ago when I was approved for a secured card.

 

Today, I will feeling liketaking a risk so I applied for a Capital One unsecured QUickSilver Ones Rewards card totally expecting to get denied.

 

HOLY CRAP! I was just approved online with a $500 CL. I am freaking out right now.
  It's all because of this forum!! Thank you all!!!


Congrarts 

Log into your account check statements and documents 

In the documents section you may have another surprise 

A letter saying you're enrolled in the credit steps program with a possible future CLI if you follow the terms set

Good luck and keep up the good work

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

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