Re: I must resist! Tempted to try for Capital One Rewards...
11-04-2012 11:57 AM
Suddenly have itchy app fingers for Capital One Rewards card with the AF. We already have the Amazon and Walmart store cards, but a second revolving credit card is sounding ideal at the moment. I'm telling myself to wait a year and try for something else. I was just hoping to somehow have at least one more $500 revolving account to bump up our overall spending accounts.
My fear is that they'll decline us even though it's a fairly easy card to get and we already have one account with them in great standing ( always PIF ). What should I do? Should we just wait for 1-2 years like I said or is it worth a shot without being instantly denied even with recon? Will they decline us because of the new accounts? (Amazon, Walmart, auto loan). That's my fear. Getting that hard hit for nothing.
I want to go back to your original post and give some advice from my perspective. I think the other posters have different opinions on what it takes to build credit, and I hope their journey takes them to where they need to be. But for you, even if you were to join the reserves and get into NFCU (kind of an absurd thing to do to join a CU...) I don't know if it would be in your best interest to add another card right now.
Let's put it this way. You have 3 credit cards, two of which are very new, and an auto loan reporting to the credit bureaus. By keeping these in good standing you are likely improving your FICO score each and every month. From a score perspective, I would say hold off as long as you can on other apps in order to let these accounts age and the inquiries fall off. Depending on the number of baddies on your past accounts, I can see your scores rising very rapidly, thus setting you up for better cards in the future. Of course, there are possibly things on your reports you have not talked about here that may prevent scores from moving up. If that is the case, I reserve the right to change my advice
Now, I am a strong believer in putting financial needs before credit. So, if you were to need additional credit due to an unforeseen circumstance, I think Capital One is a fine place to try for new credit. You are already in good standing with them, and they have shown an ability to work with many different customer profiles as evidenced by the amount of people who build/rebuild with their cards.
I wish you luck in growing your scores. I think you have done a lot to help by adding some tradelines recently, and as long as you keep them in good standing you should see results.
imo, something people don't always take into account is the hgher their FICO score, they can not only get a cc with a higher CL, they can often get lower (the lowest) apr for that card.
i know, i know... most of us plan to PIF each month to avoid paying interest, but it is very NICE to have at least one card with lower apr JUST IN CASE one needs to carry a balance, even for a few months
(been there, done that. for 4 years, i PIF all of my cards, but this past summer, due to an emergency situation, i had to charge 3K and carry a balance for 3 months. i was ever so grateful to have chase freedom at 9.75%! )
myFICOs as of 9/28/12: TU=777.... EQ=793