When to apply for QS1?

Anonymous · ‎04-28-2016

Currently trying to re-build my credit after a case of the young-and-irresponsible's; looking to buy a house in about four years.

I currently have a Capital One Platinum Rewards card; I've had it for about four years now. When I originally got the card, I had a crappy payment history (couple 120-150 day lates; I know....) it is current now, and I just last week asked for (online) and received a CLI to $800.

That's the only card I have.

My AAoA is roughly 5 yrs old. I have some collections on my credit reports that I've been working to pay off (CAs would not take PFDs; I have been PIF and will be working on GW letters). I also have an auto loan through Cap1 which is roughly 18 months old, never late. When I look at CreditKarma, I show hard pulls on my account from that purchase (3 for TU, 5 for Equifax); but those inquiries do not show up here in myFico; either way, they will fall off in November.

Having lurked the forums for a bit, I believe the next step for me for building credit is a QS1. Here's the thing - the collections on my report are not reporting as paid yet; I took care of four of them last week, so no point in filing a dispute with the CRAs just yet (I have one collections account left, which should be PIF by the end of the week). My CLI increase on my Platinum card also has not registered yet; once it does, my credit utilization will be 12% (it's currently showing as 51%). I believe Cap1 reports my account details to the CRAs on the 11th. Do I wait a month for the CRAs to update before applying for the QS1? Or apply now?

Fico scores: 628/640/630

Fico Bankcard 8 scores: 634/643/636

Anonymous · ‎04-28-2016

First time poster here...

I applied for a quicksilver one with a similar situation to yourself and got approved with lower scores, however my utilitization was about 25% and i also had an existing relationship with a card with them already (secured) i was auto approved for $500 and just recently after three statements, got accepted for a credit limit increase to $1500. I still have lower scores with baddies on mine but i think you should be alright. Cap 1 seems to appreciate existing relationships and have some of the most lenient underwriting guidelines (in my experience).

Anonymous · ‎04-28-2016

@Anonymous wrote:
Currently trying to re-build my credit after a case of the young-and-irresponsible's; looking to buy a house in about four years.

I currently have a Capital One Platinum Rewards card; I've had it for about four years now. When I originally got the card, I had a crappy payment history (couple 120-150 day lates; I know....) it is current now, and I just last week asked for (online) and received a CLI to $800.

That's the only card I have.

My AAoA is roughly 5 yrs old. I have some collections on my credit reports that I've been working to pay off (CAs would not take PFDs; I have been PIF and will be working on GW letters). I also have an auto loan through Cap1 which is roughly 18 months old, never late. When I look at CreditKarma, I show hard pulls on my account from that purchase (3 for TU, 5 for Equifax); but those inquiries do not show up here in myFico; either way, they will fall off in November.

Having lurked the forums for a bit, I believe the next step for me for building credit is a QS1. Here's the thing - the collections on my report are not reporting as paid yet; I took care of four of them last week, so no point in filing a dispute with the CRAs just yet (I have one collections account left, which should be PIF by the end of the week). My CLI increase on my Platinum card also has not registered yet; once it does, my credit utilization will be 12% (it's currently showing as 51%). I believe Cap1 reports my account details to the CRAs on the 11th. Do I wait a month for the CRAs to update before applying for the QS1? Or apply now?

Fico scores: 628/640/630
Fico Bankcard 8 scores: 634/643/636

Apply yesterday.

Anonymous · ‎04-28-2016

Update: approved, with a $3000 limit!

Still in shock.

Now what, other than wait for the card to come in, and be very, very conscientious about its use? Third card?

Anonymous · ‎04-28-2016

@Anonymous wrote:
Update: approved, with a $3000 limit!

Still in shock.

Now what, other than wait for the card to come in, and be very, very conscientious about its use? Third card?

I would suggest trying for a Barclays Reward MC.

Anonymous · ‎04-28-2016

@Anonymous wrote:
@Anonymous wrote:
Currently trying to re-build my credit after a case of the young-and-irresponsible's; looking to buy a house in about four years.

I currently have a Capital One Platinum Rewards card; I've had it for about four years now. When I originally got the card, I had a crappy payment history (couple 120-150 day lates; I know....) it is current now, and I just last week asked for (online) and received a CLI to $800.

That's the only card I have.

My AAoA is roughly 5 yrs old. I have some collections on my credit reports that I've been working to pay off (CAs would not take PFDs; I have been PIF and will be working on GW letters). I also have an auto loan through Cap1 which is roughly 18 months old, never late. When I look at CreditKarma, I show hard pulls on my account from that purchase (3 for TU, 5 for Equifax); but those inquiries do not show up here in myFico; either way, they will fall off in November.

Having lurked the forums for a bit, I believe the next step for me for building credit is a QS1. Here's the thing - the collections on my report are not reporting as paid yet; I took care of four of them last week, so no point in filing a dispute with the CRAs just yet (I have one collections account left, which should be PIF by the end of the week). My CLI increase on my Platinum card also has not registered yet; once it does, my credit utilization will be 12% (it's currently showing as 51%). I believe Cap1 reports my account details to the CRAs on the 11th. Do I wait a month for the CRAs to update before applying for the QS1? Or apply now?

Fico scores: 628/640/630
Fico Bankcard 8 scores: 634/643/636
Apply yesterday.

I'm going to piggy back if I can, Norman ...

Friday is three months for me with the Cap 1 secured card. I'm current, have run a fair amount of spending through it, and haven't missed a payment.

Last month I got the Plat Unsecured, $500 limit. I couldn't do QS1 because I didn't "fall through the cracks."

All three of my scores should be above 600 in the very near future (if not this week, by the end of next week I would hope -- I've paid some collex off, gotten a couple of deletes, etc).I have a 3B report I can pull on CCT but I'm waiting to see about these payments and deletes -- monitoring CK and CS about changes to my reports.

Would it make sense to close the secured card, and app for the QS1? I think there's a 30 day waiting period between closing and reapping, if I'm not mistaken? Or should I just stay with the secured card for now? My first Platinum statement will report on 5/2, so I don't think I can PC it just yet.

Anonymous · ‎04-28-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Currently trying to re-build my credit after a case of the young-and-irresponsible's; looking to buy a house in about four years.

I currently have a Capital One Platinum Rewards card; I've had it for about four years now. When I originally got the card, I had a crappy payment history (couple 120-150 day lates; I know....) it is current now, and I just last week asked for (online) and received a CLI to $800.

That's the only card I have.

My AAoA is roughly 5 yrs old. I have some collections on my credit reports that I've been working to pay off (CAs would not take PFDs; I have been PIF and will be working on GW letters). I also have an auto loan through Cap1 which is roughly 18 months old, never late. When I look at CreditKarma, I show hard pulls on my account from that purchase (3 for TU, 5 for Equifax); but those inquiries do not show up here in myFico; either way, they will fall off in November.

Having lurked the forums for a bit, I believe the next step for me for building credit is a QS1. Here's the thing - the collections on my report are not reporting as paid yet; I took care of four of them last week, so no point in filing a dispute with the CRAs just yet (I have one collections account left, which should be PIF by the end of the week). My CLI increase on my Platinum card also has not registered yet; once it does, my credit utilization will be 12% (it's currently showing as 51%). I believe Cap1 reports my account details to the CRAs on the 11th. Do I wait a month for the CRAs to update before applying for the QS1? Or apply now?

Fico scores: 628/640/630
Fico Bankcard 8 scores: 634/643/636
Apply yesterday.
I'm going to piggy back if I can, Norman ...

Friday is three months for me with the Cap 1 secured card. I'm current, have run a fair amount of spending through it, and haven't missed a payment.

Last month I got the Plat Unsecured, $500 limit. I couldn't do QS1 because I didn't "fall through the cracks."

All three of my scores should be above 600 in the very near future (if not this week, by the end of next week I would hope -- I've paid some collex off, gotten a couple of deletes, etc).I have a 3B report I can pull on CCT but I'm waiting to see about these payments and deletes -- monitoring CK and CS about changes to my reports.

Would it make sense to close the secured card, and app for the QS1? I think there's a 30 day waiting period between closing and reapping, if I'm not mistaken? Or should I just stay with the secured card for now? My first Platinum statement will report on 5/2, so I don't think I can PC it just yet.

Yes, go ahead and close it, there is no waiting period. You can apply for a new account the next day.

Anonymous · ‎04-28-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Currently trying to re-build my credit after a case of the young-and-irresponsible's; looking to buy a house in about four years.

I currently have a Capital One Platinum Rewards card; I've had it for about four years now. When I originally got the card, I had a crappy payment history (couple 120-150 day lates; I know....) it is current now, and I just last week asked for (online) and received a CLI to $800.

That's the only card I have.

My AAoA is roughly 5 yrs old. I have some collections on my credit reports that I've been working to pay off (CAs would not take PFDs; I have been PIF and will be working on GW letters). I also have an auto loan through Cap1 which is roughly 18 months old, never late. When I look at CreditKarma, I show hard pulls on my account from that purchase (3 for TU, 5 for Equifax); but those inquiries do not show up here in myFico; either way, they will fall off in November.

Having lurked the forums for a bit, I believe the next step for me for building credit is a QS1. Here's the thing - the collections on my report are not reporting as paid yet; I took care of four of them last week, so no point in filing a dispute with the CRAs just yet (I have one collections account left, which should be PIF by the end of the week). My CLI increase on my Platinum card also has not registered yet; once it does, my credit utilization will be 12% (it's currently showing as 51%). I believe Cap1 reports my account details to the CRAs on the 11th. Do I wait a month for the CRAs to update before applying for the QS1? Or apply now?

Fico scores: 628/640/630
Fico Bankcard 8 scores: 634/643/636
Apply yesterday.
I'm going to piggy back if I can, Norman ...

Friday is three months for me with the Cap 1 secured card. I'm current, have run a fair amount of spending through it, and haven't missed a payment.

Last month I got the Plat Unsecured, $500 limit. I couldn't do QS1 because I didn't "fall through the cracks."

All three of my scores should be above 600 in the very near future (if not this week, by the end of next week I would hope -- I've paid some collex off, gotten a couple of deletes, etc).I have a 3B report I can pull on CCT but I'm waiting to see about these payments and deletes -- monitoring CK and CS about changes to my reports.

Would it make sense to close the secured card, and app for the QS1? I think there's a 30 day waiting period between closing and reapping, if I'm not mistaken? Or should I just stay with the secured card for now? My first Platinum statement will report on 5/2, so I don't think I can PC it just yet.
Yes, go ahead and close it, there is no waiting period. You can apply for a new account the next day.

Thanks ... I think I'll wait til I pull my 3B but assuming all is well with that, that's the plan.

Anonymous · ‎04-29-2016

Well, no luck on the Barklay's, and denied on the recon - not enough CC history. The rep I spoke to said to give it six months with the new card added to my credit file to build more history of reliable payments, so looks like I'm gardening for the next six months or so. That will work well - the inquiries from buying the car will drop off in November.

Anonymous · ‎04-29-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Currently trying to re-build my credit after a case of the young-and-irresponsible's; looking to buy a house in about four years.

I currently have a Capital One Platinum Rewards card; I've had it for about four years now. When I originally got the card, I had a crappy payment history (couple 120-150 day lates; I know....) it is current now, and I just last week asked for (online) and received a CLI to $800.

That's the only card I have.

My AAoA is roughly 5 yrs old. I have some collections on my credit reports that I've been working to pay off (CAs would not take PFDs; I have been PIF and will be working on GW letters). I also have an auto loan through Cap1 which is roughly 18 months old, never late. When I look at CreditKarma, I show hard pulls on my account from that purchase (3 for TU, 5 for Equifax); but those inquiries do not show up here in myFico; either way, they will fall off in November.

Having lurked the forums for a bit, I believe the next step for me for building credit is a QS1. Here's the thing - the collections on my report are not reporting as paid yet; I took care of four of them last week, so no point in filing a dispute with the CRAs just yet (I have one collections account left, which should be PIF by the end of the week). My CLI increase on my Platinum card also has not registered yet; once it does, my credit utilization will be 12% (it's currently showing as 51%). I believe Cap1 reports my account details to the CRAs on the 11th. Do I wait a month for the CRAs to update before applying for the QS1? Or apply now?

Fico scores: 628/640/630
Fico Bankcard 8 scores: 634/643/636
Apply yesterday.
I'm going to piggy back if I can, Norman ...

Friday is three months for me with the Cap 1 secured card. I'm current, have run a fair amount of spending through it, and haven't missed a payment.

Last month I got the Plat Unsecured, $500 limit. I couldn't do QS1 because I didn't "fall through the cracks."

All three of my scores should be above 600 in the very near future (if not this week, by the end of next week I would hope -- I've paid some collex off, gotten a couple of deletes, etc).I have a 3B report I can pull on CCT but I'm waiting to see about these payments and deletes -- monitoring CK and CS about changes to my reports.

Would it make sense to close the secured card, and app for the QS1? I think there's a 30 day waiting period between closing and reapping, if I'm not mistaken? Or should I just stay with the secured card for now? My first Platinum statement will report on 5/2, so I don't think I can PC it just yet.
Yes, go ahead and close it, there is no waiting period. You can apply for a new account the next day.

Ok, so here's a new wrinkle. On a lark I decided to chat Cap 1 this afternoon, and asked about "adding rewards to my card" ... much to my surprise, I was offered the no AF QuickSilver. Now here's the thing ... I've had the Plat card 23 days. My first statement hasn't even cut yet. So I accepted the QS, and I did ask for a CLI but was given the old, "too new" thing. I did find out, however, that this card is in the steps program, which I didn't k now, so that helps.

So now what do I do?

Close the secured and reapp for another plat? Or just do nothing?

I have the two cap one cards, a Discover secured, as well as an Overstock for revolvers, and an auto loan that's current