topic Re: Need help understanding getting a capital one credit card in Credit Cards

Need help understanding getting a capital one credit card

Anonymous — Tue, 18 Jun 2019 22:19:13 GMT

I am currently looking to apply for a Capital One Platinum credit card. My scores are in the low to mid 700’s. I don’t have and derogatory marks against me. The thing is that I don’t have any credit cards which means that I haven’t built a credit history. What is the likely hood that I would get approved and will the hard pull drop my score drastically? About how many points will it drop from the hard pull?

Re: Need help understanding getting a capital one credit card

M_Smart007 — Tue, 18 Jun 2019 22:50:46 GMT

Welcome To myFICO Forums

Have you checked the Pre-qualifications page at Capitol One, also Discover Card?,

you may have to be willing to settle for a Secured Card to Start off with.

this one offers a secure card with no hard pull, and some have reported a good experience with them.

OpenSky Secured Credit Visa® Card

They'll be some more forum posters to give you some good advice, soak it all in

Re: Need help understanding getting a capital one credit card

Remedios — Tue, 18 Jun 2019 22:55:53 GMT

@Anonymous wrote:
I am currently looking to apply for a Capital One Platinum credit card. My scores are in the low to mid 700’s. I don’t have and derogatory marks against me. The thing is that I don’t have any credit cards which means that I haven’t built a credit history. What is the likely hood that I would get approved and will the hard pull drop my score drastically? About how many points will it drop from the hard pull?

Hi and welcome

There will be some points lost. How many, that's hard to tell as it's based on individual profile

Really good news is they are no longer scored after one year, so you will get your points back

Even better news is, because you have no revolving credit accounts, you should see a nice bump there for adding one

Re: Need help understanding getting a capital one credit card

800FICOGoal — Tue, 18 Jun 2019 23:20:51 GMT

@Anonymous wrote:

My scores are in the low to mid 700’s.
.
.
The thing is that I don’t have any credit cards which means that I haven’t built a credit history.

To have a 700+ FICO score means you have something reporting on your profile. Loans(auto, mortgage, personal)? Some additional information like AOOA, and AAOA would be helpful.

Re: Need help understanding getting a capital one credit card

M_Smart007 — Tue, 18 Jun 2019 23:29:46 GMT

@Anonymous

This may help with Forum abbreviations, just in case.

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

Re: Need help understanding getting a capital one credit card

coreysw12 — Wed, 19 Jun 2019 03:24:22 GMT

+1 on checking for pre-qualifications at Cap1 (and other banks like Citi, BofA, Discover, Chase). That will give you a good indication of whether or not you're likely to be approved for anything.

I'd say you have decent chances for the Cap1 Platinum card, although I wouldn't expect a high credit limit - probably something like $300-$500, with a "promise" for a CL increase after 5 on-time payments. Still, not a bad offer... my best advice is to take a card that has no annual fee. Otherwise, you'll probably just end up cancelling it within the first year. Try to get something with no AF so that you can hold on to it for a long time to build solid revolving account history. Don't settle for something like a CreditOne card.

Re: Need help understanding getting a capital one credit card

Anonymous — Wed, 19 Jun 2019 03:31:10 GMT

Just know Cap1 will pull all 3 CR!

Re: Need help understanding getting a capital one credit card

wasCB14 — Wed, 19 Jun 2019 03:43:44 GMT

I'm not sure what kind of history OP has, but at the low-mid 700's I would be aiming higher than Cap1 Platinum.

Maybe an unsecured Discover or Chase Freedom. If going the Cap1 route, maybe a QS (rewards, no AF).

Re: Need help understanding getting a capital one credit card

coreysw12 — Wed, 19 Jun 2019 20:49:24 GMT

@wasCB14 wrote:
I'm not sure what kind of history OP has, but at the low-mid 700's I would be aiming higher than Cap1 Platinum.

Maybe an unsecured Discover or Chase Freedom. If going the Cap1 route, maybe a QS (rewards, no AF).

While OP's score is good (heck, it's even a lot better than mine!), their thin file with no revolving accounts could make it difficult to qualify for a really good card right now. Might need to have a few months with a mediocre card to establish revolving history before Chase, et al, would approve it.

That said, it's easy to find out- all of those banks have pre-qualification tools on their websites, you can see what cards you'd (probably) qualify for without taking a HP hit. So it's worth a try, there's nothing to lose.

I'd agree that a Freedom or FU, or something similar, would be better than a Cap1 Platinum, but OP may not have that luxury of choice quite yet.

Re: Need help understanding getting a capital one credit card

HeavenOhio — Wed, 19 Jun 2019 21:12:03 GMT

Welcome, @Anonymous.

You could help us help you by listing any accounts that appear on your credit reports, along with the month and year they were opened. It's likely that you can qualify for an unsecured card, although that's not an option with every bank at this point.

Re: Need help understanding getting a capital one credit card

zerofire — Sun, 23 Jun 2019 15:17:19 GMT

Since you have a score of some kind that means that you have some kind of reporting accounts on your record that have at least 6 months. It might be an old card that you closed or even a mortgage or personal loan but we have no clue what. In the 700's you basically have a decent pick of any normal card you want. If you must go Capitol One then a QuickSilver is the card of choice. Be aware that every bureau will get an HP instead of the usual one or rare two.