topic Re: Building credit + cc app in Credit Cards

Building credit + cc app

bondsandloan — Mon, 29 Jan 2018 17:32:42 GMT

Hi everyone - I have been reading the forums for the last few months and have to say I have been very impressed. Wanted some advise for my own situation and thought to make a thread

I am a new immigrant to the U.S. and my wife is American - she added me as authorized users to her cards about 2 years ago. Her scores are great (EX: 805, AAoA ~ 12 years, Zero collections, etc. and she has 3 cards. Citi Prestige: CL =$28K, SPG Amex; SL= 28K & oldest Chase; CL = $5K). Since I have been an AU on her cards for 2 years now, my own scores generate: EXP= 756; TU: 795; EX: 793 but last 2 are from CK so might not be accurate. But the EXP file shows lack of revolving activity as a -ve for me. Probably because I am AU. For some time I was OK with it has I had all the cards I could need BUT now I have started thinking about building my own credit.

So I applied for Discover secured card last week and was approved for it and put a $800 deposit / limit on it (It shows in my pre-qual offers). My questions are:

1. I see on the Capital one site I am preapproved for Quicksilver and the Venture and both show specific APR (~20%) rather than a range.

2. So should I apply for the 2 Capital one cards now or wait for 3/4 months so that my secured card starts to report

3. And when I apply should I apply for the Quicksilver and Venture (the higher limit cards I show as preapproved for) or go for the safer bet and get the Quicksilver One and Platinum (which I know if approved will be for lower limits)

OR is there some other strategy I should follow.

I am a homemaker so I put the household income available to me in the income section and put "Homemaker" as employment type. The household income is ~ US$ 75,000 and I have access to it in our joint account.

The reason I ask is I applied 6 months ago for the Amex Everyday card (as my first card) and they sent me a form 4506-T to verify income and my wife didn't want to sign it as she found it intrusive. So I only have 1 INQ on my EX. and 1 would now show for the Discover secured.

Re: Building credit + cc app

Harvey26 — Mon, 29 Jan 2018 18:55:28 GMT

wrote:
Hi everyone - I have been reading the forums for the last few months and have to say I have been very impressed. Wanted some advise for my own situation and thought to make a thread

I am a new immigrant to the U.S. and my wife is American - she added me as authorized users to her cards about 2 years ago. Her scores are great (EX: 805, AAoA ~ 12 years, Zero collections, etc. and she has 3 cards. Citi Prestige: CL =$28K, SPG Amex; SL= 28K & oldest Chase; CL = $5K). Since I have been an AU on her cards for 2 years now, my own scores generate: EXP= 756; TU: 795; EX: 793 but last 2 are from CK so might not be accurate. But the EXP file shows lack of revolving activity as a -ve for me. Probably because I am AU. For some time I was OK with it has I had all the cards I could need BUT now I have started thinking about building my own credit.

So I applied for Discover secured card last week and was approved for it and put a $800 deposit / limit on it (It shows in my pre-qual offers). My questions are:
1. I see on the Capital one site I am preapproved for Quicksilver and the Venture and both show specific APR (~20%) rather than a range.
2. So should I apply for the 2 Capital one cards now or wait for 3/4 months so that my secured card starts to report
3. And when I apply should I apply for the Quicksilver and Venture (the higher limit cards I show as preapproved for) or go for the safer bet and get the Quicksilver One and Platinum (which I know if approved will be for lower limits)
OR is there some other strategy I should follow.

I am a homemaker so I put the household income available to me in the income section and put "Homemaker" as employment type. The household income is ~ US$ 75,000 and I have access to it in our joint account.

The reason I ask is I applied 6 months ago for the Amex Everyday card (as my first card) and they sent me a form 4506-T to verify income and my wife didn't want to sign it as she found it intrusive. So I only have 1 INQ on my EX. and 1 would now show for the Discover secured.

I think you kinda of shorted your self with the discover secured. I think you would have had high chances of getting approved for an unsecured Discover. If you are prequalifed for Cap One Quicksliver I think you could land at least a 5K limit. Have you pulled your real FICO Scores? I would get the Cap One and Somekind of installment loan. like an SSL.

Re: Building credit + cc app

Anonymous — Mon, 29 Jan 2018 19:04:42 GMT

I would avoid the Platnum card like the plauge, it offers no benefits and Capitol One is stingy with CLs. (i have been a 2 year customer, 1 increase of $250) You will be stuck with a useless card you dont want to close because its your oldest card. Capitol One is basically the poor mans AMEX in my book, so its good to have one in your portfolio, I would check your FICO scores before doing anything else (Experian will do FICO 8 for free) AFter that, Decide on which rewards would be most beneficial (Quicksilver is a flat cash back, I think Venture is airline miles) As the other gentleman said, you probbaly shortchanged yourself not going for the regular Discover if you have those kind of preqal offers, but dont worry too much as Discover Upgrades you to a standard card within 3-6 billing cycles if you treat them well.

Re: Building credit + cc app

bondsandloan — Mon, 29 Jan 2018 19:32:47 GMT

Hi DTF and Harvey - thanks for this. I think i didn't clarify in my original message - I signed up for the Experian 1$ service 6 months ago and now see my scores through free membership from time to time. The Experian Fico 8 score is 756 as of 25 Jan 2018. Only TU and EQ scores I mention above were from CK. TU and EQ sites want $7.99 a pop for the scores so haven't gotten them.

Think I applied for the Discover Secured on 25 Jan 2018. Not sure which CB it HP yet. I think the reason why I went for Discover secured (and think you guys are right I did short change myself a bit) is cause of that form 4506-T Amex sent to me for me app in June.

Do I think I should app the Capital One Quiksilver this week? Or wait for the secured to report a few times? The Capital one Quicksilver and Venture pre-qual still show up on their site (with specific APRs)

Unrelated question - Also, last month in December, Amex sent me a physical mailer with a "pre-selected application" for the Amex Everyday. Should I app for that - I thought they would just ask for the 4506-T (which I never sent) again so I never apped.

Re: Building credit + cc app

Harvey26 — Mon, 29 Jan 2018 20:39:41 GMT

wrote:
Hi DTF and Harvey - thanks for this. I think i didn't clarify in my original message - I signed up for the Experian 1$ service 6 months ago and now see my scores through free membership from time to time. The Experian Fico 8 score is 756 as of 25 Jan 2018. Only TU and EQ scores I mention above were from CK. TU and EQ sites want $7.99 a pop for the scores so haven't gotten them.

Think I applied for the Discover Secured on 25 Jan 2018. Not sure which CB it HP yet. I think the reason why I went for Discover secured (and think you guys are right I did short change myself a bit) is cause of that form 4506-T Amex sent to me for me app in June.

Do I think I should app the Capital One Quiksilver this week? Or wait for the secured to report a few times? The Capital one Quicksilver and Venture pre-qual still show up on their site (with specific APRs)

Unrelated question - Also, last month in December, Amex sent me a physical mailer with a "pre-selected application" for the Amex Everyday. Should I app for that - I thought they would just ask for the 4506-T (which I never sent) again so I never apped.

I think you should pull the trigger on the Capital One Quicksliver. As for Amex they are funny and I agree with your wife on the 4506-T form. They get too much into your business. Partly why I will never do business with them again. Maybe you should look at your primary bank?

Re: Building credit + cc app

bondsandloan — Mon, 29 Jan 2018 22:17:31 GMT

OK thanks for your message and response Harvey. OK I will think about apping for the Quicksilver this week. Want to think about it.

Also please what do you mean by look into your primary bank? Its Citibank - What should I try? Ask them about a ssl or credit card?

Re: Building credit + cc app

Anonymous — Mon, 29 Jan 2018 23:53:46 GMT

Citi does offer a decent cashback card the Double Cash back. Its a bit tricky as its not really 1 percent on all purchases, its 1 percent on all ELIGIBLE purchases, which not all are. (not sure if this goes for all cashback cards or not) But you do get 1 percent back for every payment you make, (which makes it better then the Quicksilver) and they have some other decent benefits as well. I got a prescreened offer in the mail last year when my scores were lower then yours, so i dont see why you wouldnt be approved. I alternate puchases between that and my Discover depending on my Discovers 5% catagory. I started with an $800 CL and was given a $500 CL the first time i asked 6 months after opening. Additionally, i would pull the trigger on the Quicksilver. I have never been denied for a card with a preapproval, and a Capitol One would be good to have in your file. The only question is what your CL would be. From what i have seen, you ultimately will grow more with other companies though.

Re: Building credit + cc app

bondsandloan — Tue, 30 Jan 2018 00:09:17 GMT

Thanks guys. Makes a lot of sense.

DTF which Discover card do you have? And also my Discover secured card will be arriving in the mail this week, should I just wait for it to graduate? or apply for another unsecured Discover card online?

Re: Building credit + cc app

601flyguy — Tue, 30 Jan 2018 02:03:30 GMT

Don't apply for another discover, they only allow one card per year. I would app for the Quicksilver now if discover hasn't reported hp or account yet. The regular QuickSilver, not Quicksilver One. Then I'd get the Alliant SSL. Then garden for at least 6 months.

Re: Building credit + cc app

bondsandloan — Tue, 30 Jan 2018 03:37:34 GMT

Hey guys - thanks! after listening to all the words of advise, I apped for the Capital one Quicksilver. Discover has definitely not reported the account yet and think not also the HP (though not 100% on the HP)- at time of Discover app, there was no alert from my Experian membership and neither from CK for TU and EQ. When I applied for the QS, both my Experian alert and CK alert for TU beeped. Though not certain if EQ was the HP for Discover or not.

Anyways, yes there was no immediate approval - else no need to give background. the Capital one site said "Thank you for submitting app for Capital one cc. Notification of your app status will be typically sent in 7 to 10 busines days, however in certain circumstances it may take 15 days".

So reading the boards, it could be an address verification? I read that Capital one sometimes after this message, sends letters with a reference number via mail and once you call the phone line, and tell them your ref no., your card gets approved. I did change my address around 6 weeks ago so maybe one or some of the CBs are not reporting it properly? I had to move unit numbers in the same building.

Any thoughts? Or any advise on what I should do? Or just wait for the letter in the mail?

Re: Building credit + cc app

Snipper117 — Tue, 30 Jan 2018 03:45:14 GMT

I received a similar letter when applying for my venture card about 3 weeks ago. I called capital one applications phone number 2/3 days after I received the message and they notified by I would receive a phone call in a day or 2. Sure enough next day cap one called to verify it was me who applied. They told me I would receive a letter in the mail regarding the application decision in 7-10 days same message I originally got when applying online. I called back about 2/3 days later again and the CSR told me I was approved. Phone calls will absolutely help move this process along quicker than waiting for letters in the mail. Good luck !

Re: Building credit + cc app

Anonymous — Tue, 30 Jan 2018 04:00:28 GMT

I am also a recent immigrant and I wrote a long article about this topic .

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/New-life-in-the-USA-New-SSN-how-I-went-from-no-credit-score-to/m-p/5132702#M521666

So basically others have already pointed out you shouldnt have gone for the secured Discover because they approved me for the Discover IT unsecured without anything on my credit report and 500 limit. But all the perks of the Discover IT .

Also second thing you that would have been good let the secured card report. I think you would have gotten an approval then .

But you should still try to recon that decision .

After my first month of discover reporting. AMEX gave me an instant approval on the Delta Gold .

Good luck

Re: Building credit + cc app

Anonymous — Tue, 30 Jan 2018 04:20:31 GMT

If your discover reported and is under 10 percent. I would move away from CapOne if recon failed and try for example the place you bank with . Where you get your salary deposited into and try for an unsecured one .

Re: Building credit + cc app

bondsandloan — Tue, 30 Jan 2018 04:26:41 GMT

Also second thing you that would have been good let the secured card report. I think you would have gotten an approval then .
But you should still try to recon that decision .
After my first month of discover reporting. AMEX gave me an instant approval on the Delta Gold .

Good luck

Can I clarify your point here - are you saying if I had let the secured card report, I would have been approved for the Amex Everyday or Capital one QS? Maybe I didn't clarify in my post, I apped for the AMEX in June 2017 and once the 4506-T came, didn't do anything about it and just gave up on credit. Only decided to app for the Discover Secured on 25 Jan 2018 and now the QS today.

In any case, AMEX never decliend me for the Everyday (never got letter and reason for decline in mail) and the online application status still says "additionals documents pending". Online it says it needs me to updload a bank statement and PGE bill - which I did like 3 or 4 times (bk st is joint with wife & PGE bill is in my name), the 4506-T form request only came via snail mail. Is there any way now to get this app approved?

Amex has also sent me pre-selection offer for the Everyday to my address in Nov& Dec 2017, to which I never replied - as I thought they would ask for the 4506-T again, which we won't sign. Any thoughts/ advise?

Re: Building credit + cc app

bondsandloan — Tue, 30 Jan 2018 04:31:31 GMT

wrote:
I received a similar letter when applying for my venture card about 3 weeks ago. I called capital one applications phone number 2/3 days after I received the message and they notified by I would receive a phone call in a day or 2. Sure enough next day cap one called to verify it was me who applied. They told me I would receive a letter in the mail regarding the application decision in 7-10 days same message I originally got when applying online. I called back about 2/3 days later again and the CSR told me I was approved. Phone calls will absolutely help move this process along quicker than waiting for letters in the mail. Good luck !

Thanks Snipper - Will try this tomorrow.

Re: Building credit + cc app

bondsandloan — Wed, 31 Jan 2018 19:39:23 GMT

Hi everyone - so I basically did what Snipper suggested. Called them yesterday to ask about status and if anything was needed from my end. Capital one said they'll call me in the next day or two.

Lo and behold, they called me in 2 hours, it was an indentity check, multiple choice questions. Waiting another day to call them back!

Had another quick question - I understand some of you said that I short changed myself in terms of apping the Discover Secured and not the Discover IT unsecured. Is this concern only in relation to the credit limit I have on the secured ($800) vs what could have been on the unsecured? Or is there any concern in terms of how the secured reports to the CBs - does it report as revolving credit? And does it report as a secured card? Leading to longer period to build credit vs an unsecured.

Also, the QS app was in before the Discover reported the statment and think also before the HP reported. Think maybe it was a secured card, the HP doesnt appear in Experian and when I look at TU and EQ through CK. The Capital one pull reports on all 3 as suggested.

Re: Building credit + cc app

Anonymous — Wed, 31 Jan 2018 19:59:00 GMT

wrote:
Hi DTF and Harvey - thanks for this. I think i didn't clarify in my original message - I signed up for the Experian 1$ service 6 months ago and now see my scores through free membership from time to time. The Experian Fico 8 score is 756 as of 25 Jan 2018. Only TU and EQ scores I mention above were from CK. TU and EQ sites want $7.99 a pop for the scores so haven't gotten them.

If you are still looking for options to get your TU and EQ FICO 8 scores, signing up for Experian IdentityWorks Premium is an option. They have a 30 days free membership plan (then it goes to $19.99 a month). You can get your current 3B FICO 8 scores (and several other EX FICO scores), and the daily EX FICO scores for the next 30 days. Just make sure to call and cancel your membership before the trial period expires.

Re: Building credit + cc app

bondsandloan — Wed, 31 Jan 2018 20:36:47 GMT

Thanks. Appreciate here. Here are Fico 8 scores after signing up:

EX: 756; EQ: 762; TU: 766.

Re: Building credit + cc app

bondsandloan — Thu, 01 Feb 2018 18:00:32 GMT

wrote:
Hi everyone - so I basically did what Snipper suggested. Called them yesterday to ask about status and if anything was needed from my end. Capital one said they'll call me in the next day or two.

Lo and behold, they called me in 2 hours, it was an indentity check, multiple choice questions. Waiting another day to call them back!

Had another quick question - I understand some of you said that I short changed myself in terms of apping the Discover Secured and not the Discover IT unsecured. Is this concern only in relation to the credit limit I have on the secured ($800) vs what could have been on the unsecured? Or is there any concern in terms of how the secured reports to the CBs - does it report as revolving credit? And does it report as a secured card? Leading to longer period to build credit vs an unsecured.

Thanks everyone. I just called Capital One 2 days after the phone call and they told me I was approved for the QS with a SL of 10,000$. They said application was approved on 30th Jan (apped on the 29th, called them on the 30th) itself. So they maybe approving apps on the day they call u itself.

Any ideas what I should do with my Discover secured card now? I called yesterday and they said the card has not been mailed out yet and they need 8 business days after application to set everything up. I apped on the 25th of Jan I think. Secured deposit has been debited from account on 30 Jan. Can I cancel it and app for an unsecured one now or in 2 months? OR should I just keep it?

Re: Building credit + cc app

ChessChik47 — Thu, 01 Feb 2018 18:57:26 GMT

wrote:

Any ideas what I should do with my Discover secured card now? I called yesterday and they said the card has not been mailed out yet and they need 8 business days after application to set everything up. I apped on the 25th of Jan I think. Secured deposit has been debited from account on 30 Jan. Can I cancel it and app for an unsecured one now or in 2 months? OR should I just keep it?

I recommend keeping it. You took the HP so now build the relationship with Discover. Use the card "normally" and PIF and you'll graduate out of secured status and have a good relationship with them.