topic Re: Questions about capital one and credit building in Credit Cards

Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 06:25:52 GMT

My situation is a little complicated, thanks for reading.

Well... Back to 7-8 years ago, when I was first year in college, I have no idea about credit and financial and I applied for capital one cc and got approved for $300 cl. I believe I had no history and score at all in my credit file and yes, I got approved. Since I had no idea about finance management and with stupid teenager mind, I spent all the 300 and didn't pay them back.

Since then, all I use are cash and debit card, no credit, no loan at all.

As a man in mid 20s, I realized that I need loan to buy house and I need credit. I pulled out the score thru trucredit, it shows my score are unavailable. And, under the credit report, they are 2 debt collection report back in 2005 and 2006 for tmobile in tu and eq and 1 in ex, which I never applied for, it about 137 dollars each. Those are what I see in my credit report.

I checked quizzle, it shows my score is 619, I know it's not fico, but is the 619 helpful?

My questions are :

1. Can I still apply for capital one, since it was many years ago, Im not sure if my record still under their database?
2. How to build my credit up fast? Beside apply the secured credit card?
3. Any other honest and positive suggestions?

My mind is stuck, will keep asking if I need more help in future, thanks again, thanks!

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 06:45:55 GMT

I've heard from people that Cap1 can be very forgiving...but they are stingy with CL's.

I got two (unsecured) cards from Cap1 with recent (<1 year) collections on my file, at the time.

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 08:54:32 GMT

@Anonymous wrote:
My situation is a little complicated, thanks for reading.

Well... Back to 7-8 years ago, when I was first year in college, I have no idea about credit and financial and I applied for capital one cc and got approved for $300 cl. I believe I had no history and score at all in my credit file and yes, I got approved. Since I had no idea about finance management and with stupid teenager mind, I spent all the 300 and didn't pay them back.

Since then, all I use are cash and debit card, no credit, no loan at all.

As a man in mid 20s, I realized that I need loan to buy house and I need credit. I pulled out the score thru trucredit, it shows my score are unavailable. And, under the credit report, they are 2 debt collection report back in 2005 and 2006 for tmobile in tu and eq and 1 in ex, which I never applied for, it about 137 dollars each. Those are what I see in my credit report.

I checked quizzle, it shows my score is 619, I know it's not fico, but is the 619 helpful?

My questions are :

1. Can I still apply for capital one, since it was many years ago, Im not sure if my record still under their database?
2. How to build my credit up fast? Beside apply the secured credit card?
3. Any other honest and positive suggestions?

My mind is stuck, will keep asking if I need more help in future, thanks again, thanks!

My experience was like your with CapOne. 10 years ago I charge 1,300 and was not able to pay them back adn let it fall off my CR. 4 years ago they sent me an offer and i apped and approved for 500. been 4 years and CL is 3000. so i think they are forgiving but like previous post said they are stingy.

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 09:00:18 GMT

Should I go ahead and apply one just to build credit, since my credit score is unavailable... And, will cancel after a year or so. By the way, which capital one card should I apply ?

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 09:06:57 GMT

@Anonymous wrote:
Should I go ahead and apply one just to build credit, since my credit score is unavailable... And, will cancel after a year or so. By the way, which capital one card should I apply ?

I apped for the platinum visa and 2 years later they offer me the platinum MC and approved for 300CL. hope this help. Answer to your question, only you can decide as I am still a newbie with credit.

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 14:36:40 GMT

@Anonymous wrote:
Should I go ahead and apply one just to build credit, since my credit score is unavailable... And, will cancel after a year or so. By the way, which capital one card should I apply ?

Try to prequalify first before you apply to see what it says

Re: Questions about capital one and credit building

pizzadude — Thu, 13 Oct 2011 14:59:10 GMT

I believe that Cap One is fairly good about granting credit, even if you have had past issues with them.

However if you do not currently have any open CC accounts, you might need to go the secured card route.

When you do get approved, I would recommend keeping at least one CC open, even if you only take it out of the sock drawer every other month.

Your FICO score will look better with an open CC account.

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 16:00:53 GMT

@Anonymous wrote:

2. How to build my credit up fast? Beside apply the secured credit card?

IMO, Secured cards are the best way to build credit fast. Capital One has a very good one. Suggest you reconsider this.

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 20:25:09 GMT

I already tried the pre-qualified, it said :

we couldn't match your records to a card offer

But based on your answers, we think you might like this card.

Capital one classic platinum.

What does it mean? Is it a yes or no. I assume it's a no.

I don't prefer secured card because it seems more time needed. If I choose an easy unsecured card, it will boost faster, it's just what I think, not sure if this is true.

Btw, do you guys any store financing that easier to get approved? Like those department store card, amazon, Sony....etc. Plan to apply One cc and one store card first to build the foundation. But, I need advise because I don't want to get declined and make it even worse. Please let me know if you guys know any easy approval cc and store card, thanks

Re: Questions about capital one and credit building

Walt_K — Thu, 13 Oct 2011 21:39:22 GMT

@Anonymous wrote:
I already tried the pre-qualified, it said :

we couldn't match your records to a card offer

But based on your answers, we think you might like this card.

Capital one classic platinum.

What does it mean? Is it a yes or no. I assume it's a no.

I don't prefer secured card because it seems more time needed. If I choose an easy unsecured card, it will boost faster, it's just what I think, not sure if this is true.

Btw, do you guys any store financing that easier to get approved? Like those department store card, amazon, Sony....etc. Plan to apply One cc and one store card first to build the foundation. But, I need advise because I don't want to get declined and make it even worse. Please let me know if you guys know any easy approval cc and store card, thanks

Not sure what you mean by this. If you get a secured card, there is more time involved in terms of it graduating to an unsecured card (if it can graduate), and so you have funds tied up in the card. But when you say with an unsecured card "it will boost faster" are you referring to your credit score? FICO will score the unsecured card and the secured card the same way.

If you're going to apply to Capital One, apply for one of the unsecured cards like it suggested. Someone correct me if I am wrong, but I believe Capital One is one of the lenders that will counteroffer with a secured offer if they deny you for one of their unsecured cards. No sense in applying directly for the unsecured card if you'd rather have the secured card since they will counteroffer.

As to what that pre-approval message means, I don't know how much to attach to it, but it is not a definite no. I got the same message when I was rebuilding, applied anyway and was approved for the Capital One classic platinum with $39 AF.

Re: Questions about capital one and credit building

Anonymous — Thu, 13 Oct 2011 23:54:44 GMT

@Anonymous wrote:
I already tried the pre-qualified, it said :

we couldn't match your records to a card offer

But based on your answers, we think you might like this card.

Capital one classic platinum.

What does it mean? Is it a yes or no. I assume it's a no.

I don't prefer secured card because it seems more time needed. If I choose an easy unsecured card, it will boost faster, it's just what I think, not sure if this is true.

Btw, do you guys any store financing that easier to get approved? Like those department store card, amazon, Sony....etc. Plan to apply One cc and one store card first to build the foundation. But, I need advise because I don't want to get declined and make it even worse. Please let me know if you guys know any easy approval cc and store card, thanks

Capital One is more likely a yes.

For credit building and scoring, secured and unsecured are the same. Secured cards have an advantage in that you can get a larger Cl if you want. This makes it easier to control utilization for better FICO score. It can also help get bigger CL down the road,.

I always advise to apply for store cards where you shop. Using your credit and paying it off builds your credit more than a sock drawer card.

Re: Questions about capital one and credit building

shane82388 — Fri, 14 Oct 2011 00:32:55 GMT

I would judge by the fact they cant pre-approve you that you wont likely be approve for an unsecrured card but if you apply and are denied they will likely counter offer with a secured card...so you could always just apply but have some cash ready to put down as a deposit on a secured card if you arent approved so you dont have to re-apply later and get hit up for a second inquiry.

Re: Questions about capital one and credit building

Walt_K — Fri, 14 Oct 2011 01:04:01 GMT

@shane82388 wrote:
I would judge by the fact they cant pre-approve you that you wont likely be approve for an unsecrured card but if you apply and are denied they will likely counter offer with a secured card...so you could always just apply but have some cash ready to put down as a deposit on a secured card if you arent approved so you dont have to re-apply later and get hit up for a second inquiry.

I don't think this necessarily holds true. As I stated, when I applied I had no preapproval offers and I was approved for the unsecured card. I had the same experience with Amex. At the time, I had no preapproval offers and I was approved for a PR Gold charge card. YMMV.

Re: Questions about capital one and credit building

shane82388 — Fri, 14 Oct 2011 01:08:55 GMT

yeah...well either way its probably 50-50 chance, so it could definitely work out My main point was just be prepared to get the secured card if they dont approve you for an unsecured one just so you can get started with building your credit and getting closer to getting a real unsecured card.

Re: Questions about capital one and credit building

SevenNEW — Fri, 14 Oct 2011 01:45:23 GMT

@Walt_K wrote:
@shane82388 wrote:
I would judge by the fact they cant pre-approve you that you wont likely be approve for an unsecrured card but if you apply and are denied they will likely counter offer with a secured card...so you could always just apply but have some cash ready to put down as a deposit on a secured card if you arent approved so you dont have to re-apply later and get hit up for a second inquiry.
I don't think this necessarily holds true. As I stated, when I applied I had no preapproval offers and I was approved for the unsecured card. I had the same experience with Amex. At the time, I had no preapproval offers and I was approved for a PR Gold charge card. YMMV.

I agree. If OP has no credit history, of course he/she cannot be preapproved. On the other hand, he/she does not have recent baddies, so I would certainly apply if I were him/her.