topic Time to app for FIRST UNSECURED card in Rebuilding Your Credit

Time to app for FIRST UNSECURED card

Jazzcat — Sat, 19 Oct 2019 21:27:43 GMT

After decades of auto loans, home mortgages, credit cards and personal loans, all satisfied with no issues, I found ten years had passed and I had an empty file and NO FICO score..! I learned this after a series of health issues that left me with >$700k in medical bills and these were the only things reporting in my file..!

I began to rebuild 4 months ago with :

Cap One secured $1k

Open Sky secured $500

Amazon/Sync secured $500

Still under six months so still no FICO scores.

I receive pre-approvals from subprime cards I want no part of.

Since my Cap One will never graduate and the procedure is app for the non secured replacement....my question is;

shall I choose the platinum over the quicksilver one..?

I have tried the prequal for Disco several times but no luv.

Re: Time to app for FIRST UNSECURED card

Anonymous — Sat, 19 Oct 2019 22:18:58 GMT

@Jazzcat wrote:

shall I choose the platinum over the quicksilver one..?

My first card with Capital One was the Platinum because it didn't have an annual fee. After a few CLI's I asked capital one to simply upgrade my platinum to quicksilver through their live chat and now I have a quicksilver with no annual fee. Many people have done this and if it still works it is the way to go (you can research platinum to quicksilver on the forums). This seems like the better route than being stuck with a $39 annual fee forever.

If you get rejected for the platinum I'd wait until you actually show a FICO score. If NFCU is an option for you definitely explore that route (but I'm assuming it isn't).

Re: Time to app for FIRST UNSECURED card

FireMedic1 — Sat, 19 Oct 2019 22:26:14 GMT

Hold out for a score to generate so Cap1's computer can see it. Stay far far away from the QS1. Grab the Plat like @Anonymous said. Then you can upgrade at 3 months and get the same 1.5% CB as the QS1 but dont have to pay $39 a yr. Good Luck!

Re: Time to app for FIRST UNSECURED card

Anonymous — Sat, 19 Oct 2019 23:35:10 GMT

Changing to QS does still work. I just did it this week after having a platinum for awhile

Re: Time to app for FIRST UNSECURED card

Jazzcat — Sun, 20 Oct 2019 02:26:16 GMT

Thnx forum..

I have 3 cards in four months. I really wanted to open a secured card with $5k limit from a major bank that would graduate, and use the new card to pay collections but that would trash my UTL right off the bat anyway, so may as well go for my first unsecured...

Re: Time to app for FIRST UNSECURED card

Countryboy1 — Sun, 20 Oct 2019 02:27:08 GMT

How to you know when that option is available to do a PC to QS1. I’ve had my CapOne play for 3or4 months now and I wanting to do the sam. Will they offer it on my account page or so I have to call and ask ? Thanks for all the help everyone

Re: Time to app for FIRST UNSECURED card

AllZero — Sun, 20 Oct 2019 02:31:35 GMT

^ https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

Re: Time to app for FIRST UNSECURED card

Anonymous — Sun, 20 Oct 2019 03:34:12 GMT

@Jazzcat wrote:

I really wanted to open a secured card with $5k limit from a major bank that would graduate, and use the new card to pay collections

Does this type of secured card exist in the world (lol)? Save up a rainy day fund before you pay any debt collectors. Don't use your credit cards to pay collections. Not only will your score still take huge hits from high utilization but the banks will think negatively of you and this will ruin chances of CLI's. The only good thing about collections is the damage is already done and you've hit the bottom. Preventing more derogs is top priority while you save up money to handle the debts. Some collections report monthly, handle those first. The collections that report once and start to age are still just as valid but are not as much of a priority in terms of paying off.

Re: Time to app for FIRST UNSECURED card

FireMedic1 — Sun, 20 Oct 2019 12:27:27 GMT

@Jazzcat wrote:
Thnx forum..

I have 3 cards in four months. I really wanted to open a secured card with $5k limit from a major bank that would graduate, and use the new card to pay collections but that would trash my UTL right off the bat anyway, so may as well go for my first unsecured...

Getting 3 cards in 4 months is a bit much. Hit the brakes and let the hits to your scores rebound some . Wait at least 6 months before your next app. Its not a race but a marathon. Work on paying off those collections so they quit updating. In the meantime your new cards will age and help your score a tad. But un till all the collections are PIF or settled. That will still hamper your score. You dont get credit to pay of debt.

Re: Time to app for FIRST UNSECURED card

FireMedic1 — Sun, 20 Oct 2019 12:29:41 GMT

BTW.If you can list who has the collections. They may be some that PFD if PIF or settled. List them out and we'll see what we can do for you.