topic Re: First Post!! in Credit Cards

First Post!!

Anonymous — Sat, 06 Oct 2012 16:39:49 GMT

Hail! I'm new to myFICO and have been learning a lot just from the past hour of browsing the forums.

So I just recently got pre-approved for a Cap1 platinum (my first CC, $300 CL ) after having been denied for the GE/Amazon card. (insufficent credit history)

Now I'm kinda wishing I had gone with another CC after reading about how stingy Cap1 is with their limits. I'm not sure what my FICO score is yet as I need to call customer care to confirm my idenitity so I can sign up for myFICO.

When should I consider getting a second CC and are there any other tips on how I can increase my score other than keeping my UTL <9% in the meantime? Thanks!

Re: First Post!!

creditnocash — Sat, 06 Oct 2012 17:52:58 GMT

Welcome and Congrats!.

so im guessing thats a unsecured card?

any card is a good card for rebuilding or building for that matter.

if you got denied for unsufficent history use the cap one. and get another secured card. use it and garden for a year or 2 and then walla. as long as you have no baddies show up your scores and credit history should reflect nicely.

Re: First Post!!

Jlu — Sat, 06 Oct 2012 16:48:12 GMT

Happy first post.

Re: First Post!!

shakalaka — Sat, 06 Oct 2012 16:50:44 GMT

Welcome.

CapOne is not bad itself. The rebuilder/buildercards just will not grow and the cs is crap. But it will start you and give you history.

I did start with two CapOne (unsecured and secured) and after 6 months I was approved for Zync and Discover.

Just always pay on time and handle them will. After they have served their purpose, you can drop them. They will report 10 more years even after you closed them. So no harm them.

Re: First Post!!

TheConductor — Sat, 06 Oct 2012 17:43:55 GMT

Even if they're not a great place to grow, Cap1 is a great place to start.

Maintain a spotless payment history with them for at least 6 months before you apply for more unsecured cards.

Also, join a local credit union or one of the national ones popular on this board (e.g. NASA, Navy, etc.) Get a secured card from the CU now if you can.

6 months from now, I'd ask the CU for an unsecured card and have another go at applying for a GE-issued card like the Amazon. Both of these will be options that will grow further with you than Cap1, but Cap1 is going to be your foot in the door that makes it happen.

Treat them well and respect them for what they are - a lender willing to take a risk on you when you have zero history, thereby enabling you to escape the Catch-22 of "how do I build history if I need history to get credit?"

Welcome, and congrats on starting your credit journey!!

Re: First Post!!

Anonymous — Sat, 06 Oct 2012 18:55:41 GMT

Thanks for the input everyone! I'm looking into the local CU as we speak. And yes, it is an unsecured card. I'm assuming they'll have me on the credit step/s program..

Re: First Post!!

aplast — Sat, 06 Oct 2012 19:06:14 GMT

@shakalaka wrote:
Welcome.

CapOne is not bad itself. The rebuilder/buildercards just will not grow and the cs is crap. But it will start you and give you history.

I did start with two CapOne (unsecured and secured) and after 6 months I was approved for Zync and Discover.

Just always pay on time and handle them will. After they have served their purpose, you can drop them. They will report 10 more years even after you closed them. So no harm them.

+1 My I started with a Wells Fargo secured card and within 6 months I had a few unsecured cards. Capital one being one of them. I too started with a 300 dollar limit. Now im sitting at 3500 with capital one. I have a few really good prime cards with no AF and decent limits. Use Cap1 as a stepping stone for now - and not a stumbling block in the future. There are so many other good cards you will get if you are diligent in your building process. we are here for you, and Good Luck!

Re: First Post!!

Anonymous — Sat, 06 Oct 2012 19:51:55 GMT

@Anonymous wrote:
Hail! I'm new to myFICO and have been learning a lot just from the past hour of browsing the forums.

So I just recently got pre-approved for a Cap1 platinum (my first CC, $300 CL ) after having been denied for the GE/Amazon card. (insufficent credit history)
Now I'm kinda wishing I had gone with another CC after reading about how stingy Cap1 is with their limits. I'm not sure what my FICO score is yet as I need to call customer care to confirm my idenitity so I can sign up for myFICO.

When should I consider getting a second CC and are there any other tips on how I can increase my score other than keeping my UTL <9% in the meantime? Thanks!

$300 is pretty much their standard limit for marginal credit / thin file applicants. If possible, look into obtaining a second, secured card, preferably from another lender besides Capital One. IMO it looks marginally better to see lines from multiple lenders on a thin report.

Keep your utilization below 20% maximum, and if possible pay the statement balance in full each month. Within 6 months to a year, you should be in a much improved position and be ready to start pursuing larger options.