topic Re: Can't understand how I was approved .. in Credit Cards

Can't understand how I was approved ..

Anonymous — Sun, 14 Jan 2018 04:22:46 GMT

For a capital one platinum with a $1k limit.

On credit karma they showed my score as 640 & suggested this card as a good chance at approval.

I signed up for experian credit product for $5 trial & I got all 3 credit reports/fico scores. They're all around 540 not 640!
The only one around 640 was my auto loan score.

Does anyone have any idea how this works? I'm wondering if I should try for another unsecured capital one card now , since this approval gives me only 1 card and I'm reading 3 is ideal. And Experian is only suggesting that I'm a likely candidate for secured cards from sketchy companies like creditone.
Also important to note that one of my collections is a capital one card that went into collections in 2015 so I'm super lost now lol.

Re: Can't understand how I was approved ..

simplynoir — Sun, 14 Jan 2018 04:59:39 GMT

No. Not only because I'm amazed you got approved with mid 500 scores but Capital One limits you to one approval every six months anyhow. I don't expect you to get lucky with another creditor for an unsecured card like that.

Re: Can't understand how I was approved ..

Anonymous — Sun, 14 Jan 2018 05:03:41 GMT

You were approved for one of Cap1 lower tiered cards for builders or rebuilders.

As for apping for another card with Cap1, you would be denied bc of the 1/6 rule (one Cap1 card per 6 months). Treat this card right (utilization under 30% and on time payments) and other unsecured doors will open to you in time. If you want another card right now, you will more than likely have to go the secured route.

Congrats on your approval.

Re: Can't understand how I was approved ..

Anonymous — Sun, 14 Jan 2018 05:16:09 GMT

I would wait about 3 months, and then get a secured card. discover reimburses after you graduate, no annual fee, and its a cash back card.
3 months after that, app again for an unsecured card when you prequalified somewhere.

Re: Can't understand how I was approved ..

HeavenOhio — Sun, 14 Jan 2018 05:17:47 GMT

Congratulations on the approval.

I'd garden with the single card right now. In a few months, you may be be positioned for an unsecured card from another lender or another Capital One card.

Re: Can't understand how I was approved ..

Anonymous — Sun, 14 Jan 2018 05:41:21 GMT

Agree with everyone here. I'll add that your only other unsecured options are using the SCT to get a Comenity store card. But I definitely wouldn't more than 1 additional card at this point in your building. Waiting over 3 months after the approvals, get your score into the 600s, and definitely go for the Discover. Getting the secured discover is, of course, a good idea too if you can spare the cash for 6 months or whatever their graduation timeframe is.

Re: Can't understand how I was approved ..

Anonymous — Sun, 14 Jan 2018 21:37:49 GMT

Thanks for alll the opinions! I will definitely follow that advice and work with thiscsrd for 6 months. By that time my I will have an automatic CLI. Also on CaptialOnes credit scoring section they're score me in the mid 600's too. I know this score is not accurate but it's just interesting to me that they score me so high and they're the ones to approve me. I never knew they had a 6 month rule either so that answers my original question of if I should open another lol!

I'm gonna figure out this macy's card and I think if I pay it off I should see a good bump as my credit utilization should drop to 1%. Then in 6 months I'll re-evaluate and come here for advice on which cards to get (hopefully unesecured, but if necessary secured) from you pros !

Re: Can't understand how I was approved ..

Anonymous — Sun, 14 Jan 2018 22:12:25 GMT

@Anonymous wrote:
For a capital one platinum with a $1k limit.

On credit karma they showed my score as 640 & suggested this card as a good chance at approval.

I signed up for experian credit product for $5 trial & I got all 3 credit reports/fico scores. They're all around 540 not 640!
The only one around 640 was my auto loan score.

Does anyone have any idea how this works? I'm wondering if I should try for another unsecured capital one card now , since this approval gives me only 1 card and I'm reading 3 is ideal. And Experian is only suggesting that I'm a likely candidate for secured cards from sketchy companies like creditone.
Also important to note that one of my collections is a capital one card that went into collections in 2015 so I'm super lost now lol.

Which Experian product did you get your scores from? Did they provide Fico scores?

You can check Discover preapproval link to see if you are preapproved, if so, I'd go for it.

Re: Can't understand how I was approved ..

Anonymous — Mon, 15 Jan 2018 02:59:19 GMT

Congrats.

Have you thought about tackling the collections at all? There’s likely significant points tied to those collections.

Re: Can't understand how I was approved ..

GodivaD — Mon, 15 Jan 2018 05:54:00 GMT

The limit is great. Cap One approved me for an unsecured quicksliver card after I applied a few times for the secured card and never opened it last year. I guess they got sick of me and approved me with a little card.

Happy rebuilding.

Re: Can't understand how I was approved ..

joltdude — Tue, 16 Jan 2018 02:25:27 GMT

Depending on the product those might not be FICO scores.. but FAKO scores.....

That said.. id entertain the discover... secured in a few months.... Id also get a monthly free FICO score from Discover while you wait....

Oh BTW Credit Karmas scores are Krap... Use CK for the reports but not for the scores....

-J

Re: Can't understand how I was approved ..

Anonymous — Tue, 16 Jan 2018 04:35:33 GMT

@Anonymous wrote:
For a capital one platinum with a $1k limit.

On credit karma they showed my score as 640 & suggested this card as a good chance at approval.

I signed up for experian credit product for $5 trial & I got all 3 credit reports/fico scores. They're all around 540 not 640!
The only one around 640 was my auto loan score.

Does anyone have any idea how this works? I'm wondering if I should try for another unsecured capital one card now , since this approval gives me only 1 card and I'm reading 3 is ideal. And Experian is only suggesting that I'm a likely candidate for secured cards from sketchy companies like creditone.
Also important to note that one of my collections is a capital one card that went into collections in 2015 so I'm super lost now lol.

That specific card is a card that is easy for approval. One of the easiest non predatory cards that isnt secured. Still very surprised you got it. Congrats. But don’t take that as a sign you can go applying like crazy. Use it for six months. PIF every month, and you may be able to eventually PC it to a quicksilver. Let it work for you. Put some good history on your profile. Before you know it you’ll edge above 600 and can think about getting another card. Or you can just get a couple secured cards now and you’ll have the three starter cards to do AZERO to help your score.

Re: Can't understand how I was approved ..

Anonymous — Tue, 16 Jan 2018 06:23:03 GMT

I did think of tackling the collections but I'm just weighing the pros and cons.
On Experian it says "two items in collections" and they're both reporting a $0 balance and they fall off in 2019. If I pay it off I know it probably wouldn't restart my reporting time but the SOL is way past due. Also my student loans are in collections but I'm just letting them garnish my wages until the final $7k is paid.

The Macy's card is the main problem because it's giving me over 100% utilization ... but I think once they confirm the debt I'm gonna offer them 35% and ask them to report it paid just to end it. I heard that they are very difficult to get them to agree to a PFD so I figure if I settle and they take 35% that should boost my score.

The other ones are so old they probably don't have a huge effect on my credit anymore right?

Re: Can't understand how I was approved ..

Anonymous — Sun, 22 Jul 2018 10:11:29 GMT

Update y’all!!!! Now $4,000 limit. Will make a new post

Re: Can't understand how I was approved ..

stonedog23 — Sun, 22 Jul 2018 10:38:02 GMT

Wow, everyone thought you were in the credit steps program, but this is another animal. Congrats, they will not give me an increase.

Re: Can't understand how I was approved ..

Brian_Earl_Spilner — Sun, 22 Jul 2018 16:20:23 GMT

you should pay your collections with cap1. If it happened in 2015, it will stay on your report until 2022, not 2019. Also, cap1 could sue you before the statute of limitations us up. They sued me.