topic Re: More than 1 Capital One Card in Credit Cards

More than 1 Capital One Card

dddewdrop — Fri, 08 Feb 2013 22:58:17 GMT

I was shocked to be approved for a Capital One Platinum unsecured card a few weeks ago. I am very excited because it seems like a good vehicle to help me improve my credit. If one is good, is two better? Should I apply for a cash rewards Capital One card as well? Do I have a chance of being approved? Is it worth it?

Re: More than 1 Capital One Card

daybreakgonesXe — Sat, 09 Feb 2013 00:38:08 GMT

@dddewdrop wrote:
I was shocked to be approved for a Capital One Platinum unsecured card a few weeks ago. I am very excited because it seems like a good vehicle to help me improve my credit. If one is good, is two better? Should I apply for a cash rewards Capital One card as well? Do I have a chance of being approved? Is it worth it?

Due to Capital One's current CLI policies, it's best not to go for another Cap One until you're ready for one of their "excellent" tier cards. Do you have a chance of being approved for another average/rebuilding cap One? yes. but let the one you have garden at least 6 months, then maybe go for a Barclay's or GE card instead! You want something to grow with you! Next best card will be the Walmart card, to receive a free TU FICO!

Re: More than 1 Capital One Card

SnackTrader — Sat, 09 Feb 2013 01:14:19 GMT

@daybreakgonesXe wrote:
@dddewdrop wrote:
I was shocked to be approved for a Capital One Platinum unsecured card a few weeks ago. I am very excited because it seems like a good vehicle to help me improve my credit. If one is good, is two better? Should I apply for a cash rewards Capital One card as well? Do I have a chance of being approved? Is it worth it?

Due to Capital One's current CLI policies, it's best not to go for another Cap One until you're ready for one of their "excellent" tier cards. Do you have a chance of being approved for another average/rebuilding cap One? yes. but let the one you have garden at least 6 months, then maybe go for a Barclay's or GE card instead! You want something to grow with you! Next best card will be the Walmart card, to receive a free TU FICO!

I see what daybreak is saying, and waiting a few months will certainly help improve your credit. But, if you are okay with taking the inquiries now and risking a denial, adding two unsecured cards will improve your utilization and add a second positive tradeline.

At the end of the day, I think you should think through the pros and cons. But daybreak and I both laid out some of those - and daybreak seems to agree with adding a second unsecured card but disagree with using Cap 1. I've had good luck with Cap 1, but my limit hasn't moved since approval. So if that is a concern make sure you think that through. But now is a fine time to try for another card or two, but if you get denials be ready to stop and wait for a few months.

Re: More than 1 Capital One Card

dddewdrop — Sat, 09 Feb 2013 01:51:05 GMT

Thanks for all the help everyone....

Having just tried to order my equifax fico on this site and finding I don't even have one and finding that my fako scores are in the looow 600s, I realise now that I should not have applied for a Citi Simplicity Card on a reach last week. Oh well, live and learn. I have done good stuff this week by initiating a 12277 irs withdrawal of federal lien process for my lien which was released in 2008 as well as getting a duplicate record of it removed from one of my reports. I am gonna wait a month for my Capital One card to show up on my reports then make a decision on the next ap. I have 2 hard inquiries now. I was looking at the Walmart as a next one. If I had done my research better on here I would not have gone for that Citi card. Thanks everyone for the help. I am facinated with this credit stuff and have been reading online for hours and hours and hours since I have a lot of extra time at work now. I work in a resort town and it is the middle of the off season right now so perfect time to do some research and get my life together

Re: More than 1 Capital One Card

mmmlive1999 — Sat, 09 Feb 2013 02:12:03 GMT

@dddewdrop wrote:
Thanks for all the help everyone....

Having just tried to order my equifax fico on this site and finding I don't even have one and finding that my fako scores are in the looow 600s, I realise now that I should not have applied for a Citi Simplicity Card on a reach last week. Oh well, live and learn. I have done good stuff this week by initiating a 12277 irs withdrawal of federal lien process for my lien which was released in 2008 as well as getting a duplicate record of it removed from one of my reports. I am gonna wait a month for my Capital One card to show up on my reports then make a decision on the next ap. I have 2 hard inquiries now. I was looking at the Walmart as a next one. If I had done my research better on here I would not have gone for that Citi card. Thanks everyone for the help. I am facinated with this credit stuff and have been reading online for hours and hours and hours since I have a lot of extra time at work now. I work in a resort town and it is the middle of the off season right now so perfect time to do some research and get my life together

Hey dddewdrop!!

I am in your same situation thought I was good enough for the Amex green ( in my dreams) got shot down then successfully apped for Cap 1 plat. Tried to recon for the Cash Rewards...No such luck, they said wait 45 days before trying again, only have 2 inqs so I might, seeing how the plat has no perks. I too am waiting to see what the score does with this first Cap 1card reporting. My plan is to SD the plat and cancel it in a year rather than pay 2 AFs if I get the rewards card.

Additionally, I got the WM store card with 6 baddies( 2 liens and 4 collections) so you are golden.

Let me know if you go for it!

Re: More than 1 Capital One Card

dddewdrop — Sat, 09 Feb 2013 03:07:53 GMT

Hmm. Thanks for all the advice. I am really kind of broke or I would get a secured card for a second card and do it for a few thousand. I read about the Barclay card but it seems to have kinda bad customer service. I was looking at the nfl barclay cards. They have some good promotions with points and no annual fee as I remember. I have an old record on one of my credit reports the exp one and it is a citi card with 1000 limit that for some reason is still there since way back when so that score is higher. For some reason that report didn't get the info that the account was closed or something. Thus I have a better shot at getting a card that pulls exp. It would be great to get a card in the next tier up and it would be great to get on with the whole ageing thing but the thing is my credit is really bad and I was really lucky to get the Capital One card and I was really really irresponsible with credit cards in the past so I think I should just stick with one and prove to myself that I won't impulse buy with it or actually use it at all other than to build my credit. So i think im gonna wait a month minimum before any new apps. Thanks for everyone's advice. I am a lot less mature than my age due to years of substance abuse and this is my fresh start and I don't wanna mess it up so I'm gonna er on the conservative side. Thanks all for presenting my options.. more to come...

Re: More than 1 Capital One Card

jsucool76 — Sat, 09 Feb 2013 03:18:30 GMT

I would use the "Chat Now" and just ask if you can add rewards. They let me PC from plat to cash rewards after only 2 weeks. Def worth a try, but it is a pretty rare occasion they'll say yes.

Re: More than 1 Capital One Card

dddewdrop — Sat, 09 Feb 2013 03:26:49 GMT

If I get 2 capital one cards and try to backdoor combine their credit limits does that help me? I don't want to be closing one fo the two cards anyway right?

Re: More than 1 Capital One Card

dddewdrop — Sat, 09 Feb 2013 03:32:37 GMT

Jsucool wrote:

I would use the "Chat Now" and just ask if you can add rewards. They let me PC from plat to cash rewards after only 2 weeks. Def worth a try, but it is a pretty rare occasion they'll say yes.

Can you explain what you mean here? I don't understand exactly

Re: More than 1 Capital One Card

jsucool76 — Sat, 09 Feb 2013 03:48:11 GMT

When you log into your account, there should be a button that says "chat now." you can click it and talk to a csr and ask if they can add rewards. They might say no, but they might say yes. This way at least (if they did say yes) your card would earn rewards.

Re: More than 1 Capital One Card

mmmlive1999 — Sat, 09 Feb 2013 03:51:58 GMT

@jsucool76 wrote:
I would use the "Chat Now" and just ask if you can add rewards. They let me PC from plat to cash rewards after only 2 weeks. Def worth a try, but it is a pretty rare occasion they'll say yes.

I will have to try that after the card comes. If you don't mind what was your orig CL and TU score when you got the upgrade?

Re: More than 1 Capital One Card

dddewdrop — Sat, 09 Feb 2013 04:51:06 GMT

Ok so my sig says it all. I decided to go for the walmart one and was approved with really bad credit. So now its gardening time for 6 months. Thanks for all the help everyone. Walmart card with 400 limit. I will use for fico score and thats it. Awesome! 2 weeks into credit repair I have 2 new credit cards and have sent out 4 letters and have had 3 disputed items on my card processed with some success. Yay, Thanks to everyone for all the help.

Re: More than 1 Capital One Card

daybreakgonesXe — Sat, 09 Feb 2013 04:58:34 GMT

@dddewdrop wrote:
Ok so my sig says it all. I decided to go for the walmart one and was approved with really bad credit. So now its gardening time for 6 months. Thanks for all the help everyone. Walmart card with 400 limit. I will use for fico score and thats it. Awesome! 2 weeks into credit repair I have 2 new credit cards and have sent out 4 letters and have had 3 disputed items on my card processed with some success. Yay, Thanks to everyone for all the help.

Congrats! Garden, garden, garden for a year and you'll be in prime card land!

Re: More than 1 Capital One Card

jsucool76 — Sat, 09 Feb 2013 15:56:23 GMT

Mmmlive1999:

My starting cl was 3k on a cap1 plat(for avg credit), dont know any FICO scores at the time, but mu creditkarma was around 650,credit sesame aroubd 660-670. Only student loans reporting, and about 6 inqs on each report.

Re: More than 1 Capital One Card

dddewdrop — Sat, 09 Feb 2013 23:29:53 GMT

Im in gardening mode fer sure now.... in six months I'll check my scores and see if I am ready for a

"real" cc. Anyone know if I can get fico scores from Walmart before my car arrives?

Re: More than 1 Capital One Card

chnceit — Sun, 10 Feb 2013 01:47:11 GMT

Congrats on your approvals! Just remember keep your overall reporting utilization low!

Walmart help

dddewdrop — Sun, 10 Feb 2013 21:13:40 GMT

Thanks for the advice. My plan was going to be to keep my capital one utilisation low. By that I meant use only up to 50 dollars of it with a CL of 400. I was thinking I would not use the Walmart card at all. My question is, is it ok for me to just not use the walmart card at all? or would it be better for me to use it a few token times? Will it make a difference as far as credit score? From what I understand here it is best to have one card with a tiny balance and the rest with zero. I do want to do the right things to get Walmart to raise my credit limit in the future. Are they more likely to do that if I have a few token charges as opposed to having none?

There is no Walmart near me but there is one like an hour away which I could certainly drive to at some point. i read the fine print on the card and they don't charge a fee for cash advances and the same interest rate as other is applied a for that. So a possible plan would be to go to the store, get a cash advance for 40 dollars, then stop by my bank, deposit the money, and then pay the bill as soon as the charge appears on my electronic Walmart bill. What do you think? I'm afraid if I just throw the card in my sock drawer forever then they will never raise my credit limit. I'm on a shoestring budget so I cannot afford any impulse buying with credit cards. i actually held off getting a new credit card for years because I was afraid I lacked self control. So the more that I keep cards in the sock drawer and don't even have them with me, the better off I will be.