topic Re: Pre-Qualified Capital One in Rebuilding Your Credit

Pre-Qualified Capital One

Anonymous — Mon, 15 Nov 2021 22:18:35 GMT

I'm trying to rebuild my credit after some bad decisions and bad circumstances.

I took the first step a few months ago and got myself a Discover It secured card and have been using it for bills and my weekly grocery purchase. I pay the balance every Sunday.

My score went from 580 to 610 pretty quickly.

I just received in the mail the Capital One Platinum card. It says I'm pre-qualified for the offer with no annual fee. APR is 26.99%.

Should I apply for this card or just stick with the secured credit card till my score is closer to 700 (or even over 700)?

I don't want to do anything that will hurt my rebuild efforts, only things that will help.

Thanks!

Re: Pre-Qualified Capital One

Ilinferno — Tue, 16 Nov 2021 01:23:32 GMT

Do you have any other cards open and reporting or just the Discover?

Re: Pre-Qualified Capital One

Anonymous — Tue, 16 Nov 2021 02:01:58 GMT

No other credit cards.

My 2 Chase accounts were charged off. I'm on a payment plan with Chase for those.

I do have a small balance on a student loan I'm still paying off as well. That should be paid off this year.

Re: Pre-Qualified Capital One

SUPERSQUID — Tue, 16 Nov 2021 04:58:39 GMT

@Anonymous wrote:
I'm trying to rebuild my credit after some bad decisions and bad circumstances.

I took the first step a few months ago and got myself a Discover It secured card and have been using it for bills and my weekly grocery purchase. I pay the balance every Sunday.

My score went from 580 to 610 pretty quickly.

I just received in the mail the Capital One Platinum card. It says I'm pre-qualified for the offer with no annual fee. APR is 26.99%.

Should I apply for this card or just stick with the secured credit card till my score is closer to 700 (or even over 700)?

I don't want to do anything that will hurt my rebuild efforts, only things that will help.

Thanks!

Even though you got the pre approval letter go to capital one's prequalify page and see if anything pops up. you might qualify for more than 1 card and it will take you directly through the application process if you are prequalified. in my opinion the prequal page is more accurate than letters. if you apply with the letter and get denied its 3 hard pulls on your credit reports which will ding your score temporarily. if you are approved you will have the same 3 hp's but its worth it if you get a card too

Re: Pre-Qualified Capital One

SUPERSQUID — Tue, 16 Nov 2021 05:19:31 GMT

Keep in mind the gap between cap 1 cards has to be 6 month or its an auto denial. even if its a low starting limit dont fret, in my case i qualified for a platinum with a 300 sl. after 5 months they upgraded me to Quicksilver no annual fee and gave me a raise in cl 300-1800.

if you use the card for 30-40 percent of the limit and pay in full every month you will probably get a nice raise, i did.

last week i prequalified for the savor one 3000 sl no af from that same prequal page. do an internet search for cap 1's prequal page.

Re: Pre-Qualified Capital One

Anonymous — Tue, 16 Nov 2021 19:26:11 GMT

@SUPERSQUID wrote:
Keep in mind the gap between cap 1 cards has to be 6 month or its an auto denial. even if its a low starting limit dont fret, in my case i qualified for a platinum with a 300 sl. after 5 months they upgraded me to Quicksilver no annual fee and gave me a raise in cl 300-1800.
if you use the card for 30-40 percent of the limit and pay in full every month you will probably get a nice raise, i did.
last week i prequalified for the savor one 3000 sl no af from that same prequal page. do an internet search for cap 1's prequal page.

So getting this additional card could help me rebuild my credit more quickly than just relying on the Discover It card?

That's what's most important to me. If it will help, then it's worth it. If not much, the no reason to add extra noise into the mix.

Re: Pre-Qualified Capital One

MileHigh96 — Tue, 16 Nov 2021 19:45:21 GMT

@Anonymous wrote:
@SUPERSQUID wrote:
Keep in mind the gap between cap 1 cards has to be 6 month or its an auto denial. even if its a low starting limit dont fret, in my case i qualified for a platinum with a 300 sl. after 5 months they upgraded me to Quicksilver no annual fee and gave me a raise in cl 300-1800.
if you use the card for 30-40 percent of the limit and pay in full every month you will probably get a nice raise, i did.
last week i prequalified for the savor one 3000 sl no af from that same prequal page. do an internet search for cap 1's prequal page.
So getting this additional card could help me rebuild my credit more quickly than just relying on the Discover It card?

That's what's most important to me. If it will help, then it's worth it. If not much, the no reason to add extra noise into the mix.

The optimum trade line on your credit report would be 3 revolving accounts (credit cards) and one installment loan of some type. That is what would boost your scores the most.