topic Re: Got approved from Capital one and Credit One.....need some help! in Credit Card Approvals

Got approved from Capital one and Credit One.....need some help!

Anonymous — Sun, 12 Apr 2015 16:21:26 GMT

Hello all,

I'll go ahead and say thanks for reading this. I definitely appreciate any sound advise you guys can give me. Here's a little background on my financial situatuion. I'm trying to build my credit from (eq 613, tr 609, ex 610) to greater heights. I looked at the simulator and it said if I paid down $11 of my $279 balance on my revolving accounts it would raise my score to 635.....well I actually paid the balance completely off in late March before I joined Myfico.com, so I again did the simulator to show a complete payoff and it only went up to 620. The other options to raise it would be to get a credit card, so this is what I did....unfortunately I got dooped into applying for a Credit One card, from this site completely thinking I was dealing with Capital One. Take this with a grain of salt, because I've only read the horror stories about this company. They approved me for the $300 limit, but the interest is crazy high. As mentioned, I thought this was Capital One, so when I found out who it truely was I got worried because of the reviews. I've not received the card yet as I did this last week. Well today I found my pre-approval letter from Capital One, so I went to their site, punched all the info in and got approved for a $750 credit limit with 0% on all purchases until Jan 2016. No brainer with all the fees and so forth that this is the much better of the two. My question is what do I do now? Do I keep them both? Do I only activate the Capital One card and not the Credit One? If opening both will help me out, then I'm fine with that as well. I'm extremely confident in my ability as to not use these to get things I can't afford, but as a tool to get me where I want to be. I'm only doing these steps to build my credit to get a good interest rate on a mortgage come later this year. Again, any and all sound advice is appreciated.

Re: Got approved from Capital one and Credit One.....need some help!

CH-7-Mission-Accomplished — Sun, 12 Apr 2015 17:23:40 GMT

Log in to Cap 1 right now and apply for a second Cap 1 card. If you got the platinum, app for the Quicksilver One (or vice versa). The Credit One was a mistake, but I would wait until the two Cap 1's are reporting on all three bureaus (as well as your Credit One). At that point apply for one store revolver (use the SCT if you have to), get approved for that, and immediately close that piece of crap Credit One card.

You will have three revolvers then (two Cap 1's and a store card). Let them age six months. Then apply for a Barclay's Rewards or Barclay's Apple Financing Visa.

Let these cards age 6 more months and try for a Discover card. If declined but offered a Discover secured, accept it and pony up a deposit. It will graduate.

Re: Got approved from Capital one and Credit One.....need some help!

ecxpa — Sun, 12 Apr 2015 17:30:48 GMT

try for another Cap 1

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 00:58:53 GMT

Thanks for the advice. I did go back and get the Quicksilver card as well.

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 01:01:14 GMT

@Anonymous wrote:
Thanks for the advice. I did go back and get the Quicksilver card as well.

Excellent! Now dump the Credit One.

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 01:03:02 GMT

Note on this:

I looked at the simulator and it said if I paid down $11 of my $279 balance on my revolving accounts it would raise my score to 635...

That's $11 a month for 24 months, so most of the increase would be caused by aging your account/s.

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 01:04:27 GMT

Yes, KILL CREDIT ONE! KILL KILL KILL!

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 01:06:38 GMT

I want to but I'm new at this game so I'm seeking advice. I applied, got approved, and have yet to get the card itself. When it does come should I just not activate it? Something tells me I need to do more than this to avoid getting steam rolled.

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 01:11:54 GMT

I figured as much since it would be over a period of time. I was down to the last $279 and I've had the account open for at least a year now. I went ahead and paid it off, the minimum payment on it was somewhere around $58 a month. I had been dumping money at it over the last year to bring it from $1400 to that balance before I paid it off. Again, I'm new to this whole credit game so I need advice. Should I just go back to Matress Firm and buy something else to keep it open or what?

My end game is to get to where I'm able to get a good mortgage rate on a home.....hopefully by the end of this year.

Re: Got approved from Capital one and Credit One.....need some help!

TURNERHOOVER — Mon, 13 Apr 2015 01:40:38 GMT

CONGRATS.

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 03:06:05 GMT

You should be able to get approved for two capital one cards at once. Go online and app for a second and close credit one bank. I have a credit one bank card and its not that bad because I pay my bills using my bank's billpay service so they do not hold any of my payments. The only downside that I have encountered with credit one is that interest starts accruing from the time that you make a purchase. So, if you do not like that get two capital one cards and close the credit one bank card. A second option is to pay the 75 dollars or whatever the annual fee is and close it before the monthly annual fees begin. Of course you would put the credit one card in the sock drawer, that is what I did, congratulations on capital one though.

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 03:08:19 GMT

@Anonymous wrote:
Thanks for the advice. I did go back and get the Quicksilver card as well.

The quicksilver card is great because they have a zero percent introductory rate. I love it. If my limit was higher, this would be the only card that I would use.

Re: Got approved from Capital one and Credit One.....need some help!

gdale6 — Mon, 13 Apr 2015 03:09:33 GMT

@Anonymous wrote:
I want to but I'm new at this game so I'm seeking advice. I applied, got approved, and have yet to get the card itself. When it does come should I just not activate it? Something tells me I need to do more than this to avoid getting steam rolled.

You need to call and cancel it. Grats on your approvals & welcome to My Fico

Re: Got approved from Capital one and Credit One.....need some help!

Anonymous — Mon, 13 Apr 2015 03:10:58 GMT

@gdale6 wrote:
@Anonymous wrote:
I want to but I'm new at this game so I'm seeking advice. I applied, got approved, and have yet to get the card itself. When it does come should I just not activate it? Something tells me I need to do more than this to avoid getting steam rolled.
You need to call and cancel it. Grats on your approvals & welcome to My Fico

Yes if you do not call and cancel it and simply just do not activate it, it is technically still open.

Re: Got approved from Capital one and Credit One.....need some help!

One7 — Mon, 13 Apr 2015 03:16:16 GMT

Congratulations! Just another perspective, I had Credit One for a year when I first started in 2013 (scores were all mid 500s) and I never had a single issue with it. Helped my scores climb and allowed me to get better cards. Closed it after a year

Re: Got approved from Capital one and Credit One.....need some help!

uswala — Mon, 13 Apr 2015 13:53:17 GMT

Congrats!