topic Re: Potential for Cap1 QS1? in Rebuilding Your Credit

Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 19:06:19 GMT

Hey all, a little background info from me; I defaulted on a $4k motorcycle loan when I was younger which was about 10 years ago. Huge regret to this day. I let a $400 Verizon Wireless bill go to collections in 2011 and I have 2 medical bills, one $40 (yeah I know) and the other $900. They were from when I first started my current job and my benefits had not started.
I was miraculously approved for a $17k loan for my dream car through my local CU with a credit score (not sure which bureau was pulled) of around 550 I believe. It was a 8.9% rate with a .5% decrease because I enrolled in auto pay and had $100 direct deposited every week into that account. My payments are $390/mo and I have had the loan since September of last year. I was told I could refinance after 6 mos for a lower rate but have yet to do so. 2 weeks ago I got a CreditKarma alert that my score has changed and when I looked I was at a 628EQ and a 620TU. I was surprised so I looked into a Cap1 card and applied for the Platinum. Was approved for $300 and just got my card yesterday. I didn't want to get card happy but I was also interested in the Quicksilver 1 and thought about applying for that as well.
Does anyone know when Cap1 reports so I have a definitive date to have my balance paid and should I apply for the Quicksilver 1 as well or wait? Thanks for any advice!

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 19:23:00 GMT

You can only apply for one card every 6 month with Capital one so you will have to wait for 6 months from the day you applied for the Platinum.

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 19:27:34 GMT

Oh ok, thanks for the info!

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 19:41:01 GMT

@Anonymous wrote:
Hey all, a little background info from me; I defaulted on a $4k motorcycle loan when I was younger which was about 10 years ago. Huge regret to this day. I let a $400 Verizon Wireless bill go to collections in 2011 and I have 2 medical bills, one $40 (yeah I know) and the other $900. They were from when I first started my current job and my benefits had not started.
I was miraculously approved for a $17k loan for my dream car through my local CU with a credit score (not sure which bureau was pulled) of around 550 I believe. It was a 8.9% rate with a .5% decrease because I enrolled in auto pay and had $100 direct deposited every week into that account. My payments are $390/mo and I have had the loan since September of last year. I was told I could refinance after 6 mos for a lower rate but have yet to do so. 2 weeks ago I got a CreditKarma alert that my score has changed and when I looked I was at a 628EQ and a 620TU. I was surprised so I looked into a Cap1 card and applied for the Platinum. Was approved for $300 and just got my card yesterday. I didn't want to get card happy but I was also interested in the Quicksilver 1 and thought about applying for that as well.
Does anyone know when Cap1 reports so I have a definitive date to have my balance paid and should I apply for the Quicksilver 1 as well or wait? Thanks for any advice!

Congrats on your progress so far and welcome to the forums.

If you haven't already done so, you need to find out what your true FICO scores are. CK uses Vantage scores, so that is not an accurate reflection of your true scores. You can get a trial membership with CCT for $1 and find out what your scores are. What will assist you long term is taking care of the collections, especially if they are reporting monthly. It is usually recommended for FICO scoring purposes to have 3 tradelines reporting and 1 installment loan. As you have one Cap 1 card, you might consider Discover Card and/or BoA. If not approved, you might be offered the secured card instead and both have the potential to unsecure. NFCU at one time was a viable option, but they have restricted eligibility to those with military affiliation.

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 19:41:56 GMT

@Anonymous wrote:
Hey all, a little background info from me; I defaulted on a $4k motorcycle loan when I was younger which was about 10 years ago. Huge regret to this day. I let a $400 Verizon Wireless bill go to collections in 2011 and I have 2 medical bills, one $40 (yeah I know) and the other $900. They were from when I first started my current job and my benefits had not started.
I was miraculously approved for a $17k loan for my dream car through my local CU with a credit score (not sure which bureau was pulled) of around 550 I believe. It was a 8.9% rate with a .5% decrease because I enrolled in auto pay and had $100 direct deposited every week into that account. My payments are $390/mo and I have had the loan since September of last year. I was told I could refinance after 6 mos for a lower rate but have yet to do so. 2 weeks ago I got a CreditKarma alert that my score has changed and when I looked I was at a 628EQ and a 620TU. I was surprised so I looked into a Cap1 card and applied for the Platinum. Was approved for $300 and just got my card yesterday. I didn't want to get card happy but I was also interested in the Quicksilver 1 and thought about applying for that as well.
Does anyone know when Cap1 reports so I have a definitive date to have my balance paid and should I apply for the Quicksilver 1 as well or wait? Thanks for any advice!

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 20:16:01 GMT

Thanks kaykay65, what Discover card would you suggest?

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 20:28:36 GMT

That wasn't true for me at all. I applied for a plat and quicksilver 1 within a day of each other in Jan of 15. Both approved and still have both. They did do a triple pull twice but I got both the cards.

Re: Potential for Cap1 QS1?

medicgrrl — Tue, 06 Jun 2017 20:33:33 GMT

Cap1 has changed their guidelines since 2015.

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 20:44:11 GMT

Ok well any insight as to what card to try for? Or would it best to wait it out and see what this card does for my scores?

Re: Potential for Cap1 QS1?

medicgrrl — Tue, 06 Jun 2017 20:51:55 GMT

Have you pulled your FICO score? You can get all 3 for a $1 trial membership to Credit Check Total. Just make sure to cancel it!

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 20:55:29 GMT

Sure haven't, was wondering what CCT stood for when previously mentioned by kaykay. I will do that now and see, when do I cancel by?

Re: Potential for Cap1 QS1?

medicgrrl — Tue, 06 Jun 2017 20:57:41 GMT

It's a one week trial. You can cancel today and still have access for 1 week. After the week, you can pull another 3 bureau report.. it's part of the trial membership

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 21:12:45 GMT

Just checked it and it shows a 560EXP, 583TU and a 602EQ.

Re: Potential for Cap1 QS1?

medicgrrl — Tue, 06 Jun 2017 21:17:55 GMT

Ok cool. What's showing on the derogs? Has the MC loan fallen off or was that charged off less than 7 years ago? What are your plans regarding the collection accounts? Depending on the collection agency, you may be able to get those deleted with payment.

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 21:30:06 GMT

The MC loan has fallen off. Only shows 1 account in collections/ever late in both EQ and TU 3.8 yrs ago but 2 in collections/ever late in EXP. Wasn't able to navigate to where it would show me what those are specifically but I do know that Verizon has to be one of them. Assuming medical is the other as I have no others. My plans were to try to contact the collection agency for Verizon but it never happened and it will be 7 years for that soon. Never bothered with the Medical because I was always told that it was a non issue, maybe it is not after all?

Re: Potential for Cap1 QS1?

medicgrrl — Tue, 06 Jun 2017 21:36:09 GMT

There should be a place for you to review your reports. I usually go on that website from my phone so I can't really walk you thru the regular website. I think if you scroll down the page it'll show when you ordered your report and it'll say "view" and it's a link to the reports. From there you just click on the different agencies and review each report individually.

Medical collections affect your score. There are various versions of FICO depending on whether you're getting a mortgage, auto etc. FICO 8 is what you're seeing. I think medical collections over $100 affect scores on this version.

Working on the collections prior to your next application will probably open more doors to creditors than trying to apply now.

Re: Potential for Cap1 QS1?

Anonymous — Tue, 06 Jun 2017 22:25:55 GMT

I got my QS in today. Also my side it was the Platinum offer with code. Is this legit?

Re: Potential for Cap1 QS1?

Anonymous — Sat, 07 Apr 2018 07:35:24 GMT

Been awhile since my last post but I recently pulled again and I am now at a 605 EXP, 599 TU and 615 EQ. I've got my Capital One Platinum that was bumped up to $500 and was recently approved for QS1 for $300. Between the 2 cards I'm at 50% utilization, going to make another payment to both cards to get that around 75%. My score has not updated but did today on my creditwise showing an increase of 15 points. I know that is not a definitive score as well as Credit Karma showing a 630 for my EQ. Still haven't missed a payment on either cards or my current auto loan. Currently wanting to get another motorcyle under $6k but I am afraid of a inquiry hurting my credit... and pride. Taking this slow and maybe within the next year I can be at a 700. My auto loan started at $17k with 8.9% in September 2016 and is now at about $12.5k. I have been a bit disappointed in my scores, thinking that my auto loan would be doing a lot more than it actually is.