topic Re: Omg cap1 approval in Rebuilding Your Credit

Omg cap1 approval

Anonymous — Wed, 31 May 2017 04:31:24 GMT

Okay it's only 300$. But it's perfect. I don't have to go the secured route. I took the gamble after seeing a recommendation on my report.

Re: Omg cap1 approval

Anonymous — Wed, 31 May 2017 04:37:45 GMT

Congrats! All 3 of my Cap1 cards usually started around the $300 or $500 mark and although they all 3 are only at $850 right now. I know that with the way they step increase on CL's they will grow as long as you kind of follow what they want you to do with them every month.

Normally they will send you a letter saying make the first 5 monthly payments and they will increase, then usually will let you know to make payment of like $50 or $75 per month for another, and so on... Cap1 isn't bad to be with in my opinion!

Re: Omg cap1 approval

Anonymous — Wed, 31 May 2017 04:43:44 GMT

Cool stuff. I'm only going to use 10% every month to get it going.

Re: Omg cap1 approval

jdxprs1 — Wed, 31 May 2017 07:26:25 GMT

Congrats

Re: Omg cap1 approval

medicgrrl — Wed, 31 May 2017 09:57:36 GMT

Congrats

Re: Omg cap1 approval

Anonymous — Wed, 31 May 2017 11:21:33 GMT

Before being approved I went to the pre-qualify site of cap1. I was given only one option the secured card. Don't know how to explain. But should I stop here? What other cards have similar possibilities.

Re: Omg cap1 approval

Anonymous — Wed, 31 May 2017 11:24:44 GMT

Congratulations on your approval!!

Re: Omg cap1 approval

jdxprs1 — Wed, 31 May 2017 11:53:52 GMT

What are your fico scores?

Re: Omg cap1 approval

Anonymous — Wed, 31 May 2017 12:32:26 GMT

TU: 578 EQ: 589. EX: 594. I think having a good util..they might go up a bit. This month.

Re: Omg cap1 approval

rmduhon — Wed, 31 May 2017 16:01:53 GMT

Let the Cap1 card reporting a month or two them check your scores, you might be able to get another good card at that point. And just a heads up, Cap1 can take a month or two to rwport.

Re: Omg cap1 approval

Anonymous — Wed, 31 May 2017 16:07:11 GMT

Thanks for the advice. I will do this.

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 13:26:42 GMT

That's a good way to start. One of the biggest things that affects your credit is the percentage of credit that you are using. If you keep it under 10% you will see a drastic improvement. Get up to 30% and you will see a good point drop. The good news is that as soon as you pay it back down and it is reported back to the credit bureau as lower utilization percentage, then your score will jump back up

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 13:47:26 GMT

Capital One's utilization is a bit trickier to manage because they appear to be sneakier about posting charges.

I wanted to zero out my (brand new) Capital One card for this period so I PIF'd a few days before statement cut. The day before statement cut a $12 autopay went through as pending and the day of statement cut it was still pending so I couldn't PIF that. I figured it wouldn't post until the next day AFTER statement cut but nope -- it posted the day the statement cut and showed up on my CRAs as 0.4% usage, ugh.

So just be aware that even if you PIF, if you have pending charges you can't PIF, they may get tagged on the statement. I am going to change my statement date this month (move it back a few days) so my auto-charges go through after statement cut.

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 13:50:36 GMT

Oh wow. I'm planning on using only 8% each month. I have a good credit union. So I'm so wanting to build my credit.

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 13:54:46 GMT

So if I pay a week before the due date I should be good?

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 14:00:33 GMT

@Anonymous wrote:
So if I pay a week before the due date I should be good?

Correct but be careful about putting NEW charges on between when you pay and the statement date itself. Keep in mind that the statement cut date is a few days after the due date. For example, on my account the due date this month is June 24 but the statement should cut June 27. So if I pay down to 8%, I would pay BEFORE June 24 (say, June 17) but then not put any NEW charges on until AFTER June 27 so those charges go towards next month's payment and statement.

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 14:02:17 GMT

Omg thanks. Good advice. I was denied discover it. Should I recon?

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 14:05:35 GMT

The #1 rule of denials is always try recon. Always. You never know when you'll get an underwriter who is understanding.

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 14:38:56 GMT

Before I call what are some talking points should I be ready for recon?

Re: Omg cap1 approval

Anonymous — Thu, 01 Jun 2017 14:39:10 GMT

Congrats Eric. Nice on the unsecured card. So far my cap1 has been good. I had to go the secured route tho.