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Best CC Utilization Strategy

Super Contributor

Re: Best CC Utilization Strategy


creditmaze wrote:
As far as Cap 1 goes I pre qualify for the Quicksilver One, Platinum and even the Venture lol. However a hard pull would blow me out of the water.

Also I'm quite aware how jealous Barclay's is so I don't want to apply for anymore cards at this time.

How would a HP "blow you out of the water"?

 

The two cards you have are fine for starting out, and it sounds like you don't have the Barclay card in hand yet, so you may want to wait.

But Capital One is an excellent CCC. Much less jealous than Barclay, much less stressful than Barclay.

 

The horror stories about Barclay are indeed out there, but they tend to be applied to folks who had a lot more cards added to their wallet, or they got up to a high CL and then stopped using the card so Barclay CLD them. Barclay is just managing their risk, there's nothing wrong with that, it just can be annoying and stressful to wonder if they will manage your account.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
Jan 2018 $19k on $344k 5% util EQ 799 TU 791 EX 805

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...
Message 11 of 25
Highlighted
Regular Contributor

Re: Best CC Utilization Strategy

I meant I believe I would be denied Cap 1.
Message 12 of 25
Senior Contributor

Re: Best CC Utilization Strategy


creditmaze wrote:
I meant I believe I would be denied Cap 1.

What makes you think that?  Capital One is known to be more forgiving when it comes to weaker profiles than some other creditors.  Where do your scores currently stand?  It also depends what CO product you are looking at.  Platinum is pretty easy for most to get with a score around 600, then the rewards cards are of course a bit more of a challenge and scores closer to 700 are recommended in general.

Message 13 of 25
Super Contributor

Re: Best CC Utilization Strategy


BrutalBodyShots wrote:

creditmaze wrote:
I meant I believe I would be denied Cap 1.

What makes you think that?  Capital One is known to be more forgiving when it comes to weaker profiles than some other creditors.  Where do your scores currently stand?  It also depends what CO product you are looking at.  Platinum is pretty easy for most to get with a score around 600, then the rewards cards are of course a bit more of a challenge and scores closer to 700 are recommended in general.


Yes, Capital One is an excellent base to build your credit history. The triple pull is worth it. As you build history with CO, there likely will be CLI, and when those stop (because the card hits a ceiling for your particular app) then you app for a better Capital One card and can be pleasantly surprised by the higher starting credit line on that card.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
Jan 2018 $19k on $344k 5% util EQ 799 TU 791 EX 805

Delta Reserve and CSP Jan 2018, no more 5/24 worries... unless new Chase Marriott/SPG replacement is enticing...
Message 14 of 25
Regular Contributor

Re: Best CC Utilization Strategy

I have reporting on EX that a paid CO was 180-days late "21" times. The last late is less than two years old.
Message 15 of 25
Senior Contributor

Re: Best CC Utilization Strategy

21 times as in once it reached 180 days late it continued to be late and remain unpaid for a year to year and a half after?

Message 16 of 25
Regular Contributor

Re: Best CC Utilization Strategy

No but without going into personal circumstance detail, we had problems with the water authority and it ended up in the hands of revenue and recovery. We were put on a payment plan and we completed it and that is why it's a paid CO. This is why after long careful consideration I applied with Barclays because they pull TU.
Message 17 of 25
Regular Contributor

Re: Best CC Utilization Strategy

Fico 8 scores: TU 679, EX 680 and EQ 681. Also waiting for dismissed BR to fall off EQ in May.
Message 18 of 25
Senior Contributor

Re: Best CC Utilization Strategy


creditmaze wrote:
No but without going into personal circumstance detail, we had problems with the water authority and it ended up in the hands of revenue and recovery. We were put on a payment plan and we completed it and that is why it's a paid CO. This is why after long careful consideration I applied with Barclays because they pull TU.

I would put some work in on trying to get that account deleted from your report.  It would help your profile a lot, as well as your scores.

Message 19 of 25
Regular Contributor

Re: Best CC Utilization Strategy

Have tried and they won't budge. I refuse to poke the bear with them because it may make it worst. Have researched them here online and read how it made it worst for the person. It ages all off my report in 2019. It is what is.
Message 20 of 25