Established Member
CreditCowboy
Posts: 16
Registered: ‎01-27-2013
Denied for CLI on Cap 1 secured card. What to do next?

Okay, so I have been with Cap 1 for 7 months now, paid on time and in full each month. Using less than 10% of Credit. I only have two tradelines in good standing, the Cap 1 card, and a student loan I have been perfect on for 24 months. My credit before is BAD. I was young and dumb and didn't pay my bills on time. Lots of charge offs and one open collection for 2gs w Ford Credit (should I pay this?). My wife and I want to buy a home this year and would like to get pre-approved ASAP. My scores are Experian 592, Equifax 634, and TU 649,and she is around 620 w a foreclosure from 3 yrs ago. My question is should I remain the course with my two tradelines and very minimal credit ($300), or apply for a new another secured, or unsecured card? If so, any recommendations on cards? My gross income is around $70k a year and my wife's is 115k a year. I have been in current position about 18 months and she has been at her job 2 plus years. Any tips, recs, help would GREATLY appreciated! Thanks so much!


Starting Score: 634
Current Score: 642
Goal Score: 700


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Established Member
CreditCowboy
Posts: 16
Registered: ‎01-27-2013
Re: Denied for CLI on Cap 1 secured card. What to do next?

Ill also add we have very LITTLE debt between the two us so I am wondering if there is a company that would look at our income and low DTI for approval more than just our scores. 


Starting Score: 634
Current Score: 642
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Regular Contributor
flashevo
Posts: 114
Registered: ‎07-12-2011
Re: Denied for CLI on Cap 1 secured card. What to do next?
What kind of scores is that? Fico or fako? If the eq and tu are not ficos they are not super bad so I would think it could get a secured card. Does the bank you bank with offer a secured card? Also what was the denial reason?
NFCU Flagship Sig (24.5k); NFCU CashRewards (24.5k); NFCU NavCheck (15k); Chase Sapphire Preferred (15k) ;Chase Marriott Rewards (14k);US Bank Flex Perks (9k); Barclays Rewards (8k); Chase Freedom (14k); BOA Travel Rewards Sig (20k); BOA Privileges with Cash Rewards Sig (9k); Discover IT (6.5k); Walmart Discover (3k); Wells Fargo Platinum (9.5k); Wells Fargo LOC (10k); Bloomingdales Amex (5k); Macy's Amex (5k); Paypal Extras Mastercard (6k); Bananna Republic Visa (5.5k); Lowes (6k); Sams Club Discover (5k)....In the garden since 8/15/13



Regular Contributor
ceemee2203
Posts: 201
Registered: ‎07-27-2012
Re: Denied for CLI on Cap 1 secured card. What to do next?

Since it's a secured card, you can also increase your CL by depositing more money. 

Current Cards: AMEX Green, AMEX BCE ($15.2k), AMEX SPG ($6k), Arrival ($7.5k), Merrill+ ($7.5k), Freedom ($5k)

4/14 - 762 Fico (Barclaycard)
Valued Contributor
injustifiiable
Posts: 1,867
Registered: ‎03-30-2012
Re: Denied for CLI on Cap 1 secured card. What to do next?

They didn't automatically give you one at the 6 month mark? That's usually the only unsecured CLI you will get on Secured card if anything.

 

Maybe try for one Capital One's other cards? Usually of the Average Credit variety.

Scores 6/17/2014: TU FICO: 643 | EQ FICO: 675 | EX AMEX FICO: 666

In my new wallet: American Express Premier Rewards Gold EMV: NPSL | BankAmericard Cash Rewards Visa EMV: $2500 | BarclayCard Rewards Average: $2000 | Travelocity Rewards AMEX: $1050 | Discover IT: $1500 | Amazon Rewards Visa: $1500 | Sportsman's Guide Visa: $3000 | Capital One QuicksilverOne MasterCard: $1250 | Target: $400 | J.Crew $5950
Established Member
CreditCowboy
Posts: 16
Registered: ‎01-27-2013
Re: Denied for CLI on Cap 1 secured card. What to do next?

I pulled the EQ score from My Fico and the Experian and TU scores I paid for through myfreecreditreport.com. Not sure if they are FICO or not?


Starting Score: 634
Current Score: 642
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Contributor
SpeedingWheels
Posts: 253
Registered: ‎08-06-2012
Re: Denied for CLI on Cap 1 secured card. What to do next?

Just log into your account online and make an additional deposit to increase your credit line. 


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)
Established Member
CreditCowboy
Posts: 16
Registered: ‎01-27-2013
Re: Denied for CLI on Cap 1 secured card. What to do next?

Thank you. I am a little hesitant to apply and get denied but I dont think my credit will improve much until I get some new lines w good history. I dont have any hard pulls since 6/12, when I applied for the CL card. I do have a couple unknown pulls from creditors on 8/12 and 12/12. Can I get those removed since I obviously did not give them consent? Any tips on easy to qualify for unsecured cards?


Starting Score: 634
Current Score: 642
Goal Score: 700


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Established Member
CreditCowboy
Posts: 16
Registered: ‎01-27-2013
Re: Denied for CLI on Cap 1 secured card. What to do next?

Hey Speeding Wheels,

 

I see you have a cap 1 card as well. Was that your first card on the road back? Was the Cap 1 cash rewards hard to qualify for? 


Starting Score: 634
Current Score: 642
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Contributor
SpeedingWheels
Posts: 253
Registered: ‎08-06-2012
Re: Denied for CLI on Cap 1 secured card. What to do next?

Personally I wouldn't apply for anything right now. 

Make an additional depost on your Cap1 card to increase the CL, let your INQ's age and your score will go up. 

GIve it a few months and then you'll be in a much better position to try for something unsecured. 


Walmart Discover ($5000) - Amazon ($5500) - Cap1 Cash Rewards ($2000) - Meijer ($5000) - Discover More ($1800) - Car Care One ($2100) - Amex Delta Skymiles ($2000) - Citi Thank You Preferred ($2000) - Chase Freedom ($500) - Sam's Club, GE ($1237?)