topic Re: Do you think this is fair ? in Credit Cards

Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 03:04:43 GMT

I had applied for the Cap1 Secured Card about a month ago. They required documents for income verification. I mailed them. And final decision letter received saying that, income cannot be verified. When I tried to call recon, they told that they would have to add one more HP just for this. Anyway as I dont want this secured, I am forgetting the prior inquiry that I made, but do you think this is fair?

On the side note: I was approved for the Cap1 platinum by sending the same income documents.

And what could be the reason for my score to invalid or missing, when I get the score from denials from other Lenders ?

Re: Do you think this is fair ?

TheFate — Mon, 04 Aug 2014 03:07:56 GMT

I would either write a letter to that PO box or email the EO

Re: Do you think this is fair ?

Anonymous — Mon, 04 Aug 2014 03:27:54 GMT

I had this problem when trying to get a CLI from Capital One a while back. Basically couldn't find my credit record at all, which was sort of amusing as I had had two cards with them for 10 and 15 years and they had been reporting my payment history all this time. I discovered that for the CLI they were using a UK address I wasn't aware they had, and that was enough for the match to fail. When the EO tried, everything worked.

Re: Do you think this is fair ?

Creditaddict — Mon, 04 Aug 2014 06:23:29 GMT

If you got cap1 unsecured than don't worry about the secured

Re: Do you think this is fair ?

yfan — Mon, 04 Aug 2014 07:08:16 GMT

Why would you even want a secured card when you have an unsecured one and pretty good scores?

Re: Do you think this is fair ?

Anonymous — Mon, 04 Aug 2014 07:51:27 GMT

Looking at your siggy, you indicate that you are in the verification process for EQ. As Cap 1 pulls from all 3 bureaus, without a CS on EQ, your app would have been rejected.

Re: Do you think this is fair ?

SevenNEW — Mon, 04 Aug 2014 12:47:06 GMT

@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?

+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!

Re: Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 15:21:35 GMT

@TheFate wrote:
I would either write a letter to that PO box or email the EO

@Creditaddict wrote:
If you got cap1 unsecured than don't worry about the secured

@TheFate & @Creditaddict: I am really not looking for any secured card from them now, but just thought its so unfair. If it was some Chase, I would leave the extra inquiry. But now, Im forgetting it.

Re: Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 15:22:24 GMT

@Anonymous wrote:
Looking at your siggy, you indicate that you are in the verification process for EQ. As Cap 1 pulls from all 3 bureaus, without a CS on EQ, your app would have been rejected.

@Anonymous:

Yeah, I think that can be a reason.

Re: Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 15:23:53 GMT

@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!

@yfan,

@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.

Re: Do you think this is fair ?

Revelate — Mon, 04 Aug 2014 15:44:34 GMT

@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.

That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.

Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.

Re: Do you think this is fair ?

newhis — Mon, 04 Aug 2014 16:36:13 GMT

@Chaselover wrote:
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.

I'm thinking the same, don't know if it is a good thing. But if my card is at $1000 and get a CLI after graduation I think it can only go to 2 or 3K, so I think is better to put some more money, get it to 5K and after graduation see if they can make it higher.

Re: Do you think this is fair ?

SunriseEarth — Mon, 04 Aug 2014 16:46:18 GMT

@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.

IMHO, it's better to use the credit to have wisely instead of "needing high limits." Having low UTIL, no matter what the CL is, is more important than simply having a high CL. It's really how you use your CLs that gets the scores up (and that can lead to higher CLs).

That being said, I think you'd be better off adding money to your BOA secured instead of getting a new secured CC with Cap One that will never graduate. I think it's good that you're looking at the positive side of Cap One's denial.

Re: Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 17:05:41 GMT

@Revelate wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.
That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.

Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.

@Revelate

yeah, il be increasing limits soon. I think getting an HP for increasing secured limit with BOA is not bad, atleast its a sure bet to get the higher CL. So, ur not literally wasting an inquiry.

Y im concerned about the secured tag is bcoz, when I applied for the BOA unsecured prior to the secured, the analyst clearly mentioned, you have 5 credit cards but 2 are secured cards and thats when I understood they get that info, (as i had not obtained a report till then).

Re: Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 17:05:58 GMT

@newhis wrote:
@Chaselover wrote:
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.
I'm thinking the same, don't know if it is a good thing. But if my card is at $1000 and get a CLI after graduation I think it can only go to 2 or 3K, so I think is better to put some more money, get it to 5K and after graduation see if they can make it higher.

@newhis

I feel its a good idea. Ur not loosing that money. And keeping that much money in savings is not going to give any good interest to talk about. On the other hand, the money would keep reporting every month to the CB's. And if ur in that emergency of cash, u can easily cancel the card and get your money back.

So, i feel its a very good option, do you have any other thoughts?

I feel if you have the money and ur credit scores are bad bcoz of less credit history, this is the best option. Deposit as much money in a graduating secured and wait for it to graduate during which ur CS would keep increasing and obviously take care of the UTIL.

Re: Do you think this is fair ?

Chaselover — Mon, 04 Aug 2014 17:06:33 GMT

@SunriseEarth wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.
IMHO, it's better to use the credit to have wisely instead of "needing high limits." Having low UTIL, no matter what the CL is, is more important than simply having a high CL. It's really how you use your CLs that gets the scores up (and that can lead to higher CLs).

That being said, I think you'd be better off adding money to your BOA secured instead of getting a new secured CC with Cap One that will never graduate. I think it's good that you're looking at the positive side of Cap One's denial.

@SunriseEarth

But, if you look at the factors for Vantagescore calculation, one of the factors is the amount of available credit. So, it definitely makes a difference if u have 1000$ in credit vs 5000$ in credit. However, definitely Util is a bigger factor than the amount of available credit.

My utils are at 4% for the 3600 current credit that I have, so that should raise the CS.

Yeah, planning the same what u said - going to increase limits on BOA secured. Yeah, its actually good that I got denied. orelse no use of getting an ungraduating card from Cap1 which wud also affect my AAoA.

Re: Do you think this is fair ?

DaveSignal — Mon, 04 Aug 2014 17:13:30 GMT

I will just leave a comment here that I agree with the idea of pumping up low limit cards to achieve high limit approvals. This is exactly how I got my limits up, rebuilding with only a secured card about 3 years ago. After 5 months payment history with the secured, the same bank approved me for a yet higher limit unsecured (which I was previously not approved for). From then on I started getting CLIs and much higher limit approvals. I am at a point now, only 3 years later, where I would be almost astonished if I applied for anything other than a store card and was approved for less than $5k.

Putting $5k on a secured card is more than I ever did, but it will certainly work as intended.

SunriseEarth's comment is accurate in that high limits are not needed to achieve high FICO scores (only utilization matters), but managing utilization is something you can think about a lot less if you have a lot of credit. Also, its nice to have the flexibility to be able to put all of your monthly credit card spending on a single card, if you feel like it for any particular month, and not have to worry about hitting the card limit without making multiple monthly payments.

Re: Do you think this is fair ?

Chaselover — Tue, 05 Aug 2014 02:13:41 GMT

@Revelate wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.
That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.

Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.

@Revelate

yeah, il be increasing limits soon. I think getting an HP for increasing secured limit with BOA is not bad, atleast its a sure bet to get the higher CL. So, ur not literally wasting an inquiry.

Re: Do you think this is fair ?

Chaselover — Tue, 05 Aug 2014 02:14:13 GMT

@newhis wrote:
@Chaselover wrote:
@yfan,
@SevenNEW

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.
I'm thinking the same, don't know if it is a good thing. But if my card is at $1000 and get a CLI after graduation I think it can only go to 2 or 3K, so I think is better to put some more money, get it to 5K and after graduation see if they can make it higher.

@newhis

So, i feel its a very good option, do you have any other thoughts?

Re: Do you think this is fair ?

Chaselover — Tue, 05 Aug 2014 02:15:06 GMT

@Revelate wrote:
@Chaselover wrote:
@SevenNEW wrote:
@yfan wrote:
Why would you even want a secured card when you have an unsecured one and pretty good scores?
+1. You seem to be past secured cards! Just garden the CLs you have and you'll be fine!

To answer your questions:

Even though I have those unsecured cards, they are all of less limits in the $500 range. The main reason I thought to apply for the Cap1 secured was because I heard it does not report as a Secured card in the CR's. I needed high limits reporting. However, now I am just forgetting about Cap1 as I heard their secureds never graduate. Now planning to increase my CL with BOA secured by adding 4k so that I get high limits reporting. And by chance, if they graduate a year later with some high limit, then probably I should be able to get some other primes which require a min CL of $5000, as I have heard Chase sometimes matches other card limits.

Open to any suggestions if you feel what Im doing is wrong.
That's what I'd do personally, just goose the BOFA card up and wait for it to graduate. Sooner the better, as the earlier it's done the more likely (Apparently) you may get that CL. It will be a HP but seriously, HP's are trivial at your (or even my stage) of credit, is worthwhile to burn it.

Reporting as secured /shrug, ain't no big thing. UW's aren't stupid, they can pick out cards which were starter ones: some of the bureaus list CL's over time in addition to high balances, so don't sweat the secured tag.

yeah, il be increasing limits soon. I think getting an HP for increasing secured limit with BOA is not bad, atleast its a sure bet to get the higher CL. So, ur not literally wasting an inquiry.