topic Re: Rebuilding my Credit with Capital One. Should I get another one? in Rebuilding Your Credit

Rebuilding my Credit with Capital One. Should I get another one?

Derrick1977 — Wed, 26 Aug 2015 01:01:05 GMT

Hi All. Recently, I have been aggressively rebuilding my credit. Earlier this month, I was approved for a Capital One Platinum CC with a $300 cl.

It also stated that after 5 months of successful payment, they will automatically increase the cl to $500. This is currently the only card I have. My question is, should I apply for another Capital Once credit card like the Capital One Quick Silver One card right now? If so, is the Quick Silver a good credit buider or any suggestions would be greatly appreciated.

Thanks

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 01:07:17 GMT

I can't offer much advice, but I CAN say...

Check their prequal site.

https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_UNS_QUICK_RWD_V01.aspx

And IF you have a card pop up, you'll most likely be accepted. If it says "Sorry, we can't find any offers for you right now" RUN LIKE HELLS BELLS. You most likely will not be approved. A thought in regards to getting Cap1 cards.

Now, the others can chime in with AAoA, what your current scores are, are you working on your baddies, are there any Credit Unions you are currently in or could get in, how long ago did you get the Platinum, are you a Student to get Student cards...

etc.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Derrick1977 — Wed, 26 Aug 2015 01:20:30 GMT

Hi Buyao.

Thanks for replying. My credit score is TU 572, EQ 578, EX 566. I was approved earlier this month with a TU 523, EQ 526 EX 532.

Currently, I am not a member with a Credit Union but will be joining one this week.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 02:00:22 GMT

Then investigate and research with the credit union first IMO. Reason: NFCU is mine and here's my story:

Cap1 secured June. : $300 CL
Cap1 Platinum July: 24% $500
NFCU GORewards Aug: 17% $1900
Closed Secured Aug.
PC'd Platinum to QS. No AF.
I like to believe cap1 saw how nice NFCU was to me and allowed the PC. *nods and smirks*

Basically, the credit union really gave me an amazing deal, a lower apr and waaaaay larger limit.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Derrick1977 — Wed, 26 Aug 2015 02:06:38 GMT

I will definitely check them out this week and let you know how it turns out.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 02:11:24 GMT

Side note bro. Try for a CLI after your 3rd statement with your Cap1 card. Use it, micropayment the hell out of it to keep utilization down by statement date.

I've been doing that and they PC'd my card no prob. I've got 3rd statement Oct 7th, so...that'll be my test for the CLI.

Re: Rebuilding my Credit with Capital One. Should I get another one?

credgirl — Wed, 26 Aug 2015 03:05:01 GMT

It will be another HP. Check prequal site and weigh your options as stated. I have two Capital One CCs which are apart of Credit Steps. They have been beneficial for the rebuild. Good Luck!

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 03:13:47 GMT

@Derrick1977 wrote:
Hi All. Recently, I have been aggressively rebuilding my credit. Earlier this month, I was approved for a Capital One Platinum CC with a $300 cl.
It also stated that after 5 months of successful payment, they will automatically increase the cl to $500. This is currently the only card I have. My question is, should I apply for another Capital Once credit card like the Capital One Quick Silver One card right now? If so, is the Quick Silver a good credit buider or any suggestions would be greatly appreciated.

Thanks

Yes, apply for a second card. Make sure you register online for account management. After your third statement (on each account), go online and request a credit limit increase, don't wait for the credit steps increase.

Use the cards a lot for everyday expenses, and pay them down multiple times each month, only let a small balance show on one of the cards the day the statement closes.

Re: Rebuilding my Credit with Capital One. Should I get another one?

rockbttm442 — Wed, 26 Aug 2015 03:32:45 GMT

I posted in another thread but me personally I'm glad I didn't do the CLI at the third statement. They only offered me a $500 increase. Sure for a person with limited credit most people would jump on it but I waited the 3 months and after the 6 statement cut went from $300-$3300. So I'd tell you to do what you think is best. If you need the extra credit go for the increase at the third statement.

Side note Cap 1 likes to see heavy utilization use the cars make multiple payments before the statement cuts. Good luck with whatever choice you make.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Derrick1977 — Wed, 26 Aug 2015 04:02:59 GMT

Great News Everyone! I was approved for the second cc with Capital One with a $500 credit limit. I am definitely going to use them carefully and pay them off befofre teh due date. They currently have my due that as 9/15 for the first one and I won't know the billing date for the second one until I use it I guess. I will make sure to follow what you all were saying as well. I am wanting to get my credit score high as possible. Thanks Everyone.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 04:14:38 GMT

Great Job!! Cap One has gotten a lot of people including myself back on track.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 16:33:46 GMT

@Anonymous wrote:
I can't offer much advice, but I CAN say...

Check their prequal site.

https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_UNS_QUICK_RWD_V01.aspx

And IF you have a card pop up, you'll most likely be accepted. If it says "Sorry, we can't find any offers for you right now" RUN LIKE HELLS BELLS. You most likely will not be approved. A thought in regards to getting Cap1 cards.

Now, the others can chime in with AAoA, what your current scores are, are you working on your baddies, are there any Credit Unions you are currently in or could get in, how long ago did you get the Platinum, are you a Student to get Student cards...

etc.

Hi Everyone!

I can't say that I agree with running 'LIKE HELLS BELLS' although that was funny. As long as your CR is fairly acceptable, you may still get approved for a card from Cap One. Recently, I went on the site to see if I would qualify with a CO, some late reporting and a charged off account which is closed with a zero balance reporting. Cap One said the same thing.... 'Sorry, we can't find any offers for you right now...' and suggested other cards I might be interested in applying for. The Qucksilver Rewards card being one them. So, I said 'Whattheheck...' and went and applied for the QS card. Lo and behold, Cap One approved me instantly with a $1K CL. I was amazed, and excited, to say the least. I honestly did not expect to be approved. But, getting a $1K card was music to my 'eyes...' And, just a note, the inquiry gave me a 2 pt drop on TU and EX, and a 3 pt raise on EQ.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Dj4Money — Wed, 26 Aug 2015 19:21:55 GMT

On Norman's suggestion after I got a line increase and paid my balances down to 8%, I applied for QS from Cap One and got it. Limit was $500. My secured card increased from $229 to $529 = $300 Line increase in June.

I am waiting for my scores to finish updating before I ask for a line increase around the time of Sept's statement. I don't know if waiting or skipping a line increase will help in all cases, I think some line increases are obviously based on income.

That said, the secured Platium card is a bit notorious for it's low line increases and that's one of the reasons I got the QuickSilver, plus I needed a 3rd card.

I will go for a 90 day increase on both in Sept, can't hurt.

Re: Rebuilding my Credit with Capital One. Should I get another one?

Anonymous — Wed, 26 Aug 2015 19:29:12 GMT

@rockbttm442 wrote:
I posted in another thread but me personally I'm glad I didn't do the CLI at the third statement. They only offered me a $500 increase. Sure for a person with limited credit most people would jump on it but I waited the 3 months and after the 6 statement cut went from $300-$3300. So I'd tell you to do what you think is best. If you need the extra credit go for the increase at the third statement.

Side note Cap 1 likes to see heavy utilization use the cars make multiple payments before the statement cuts. Good luck with whatever choice you make.

Just to be clear - the increase given at the third statement does NOT negate the automatic credit steps increase. They will still give that to you. Whether or not the end result is different is impossible to know, but it often helps to get that increase earlier.