topic Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!! in Rebuilding Your Credit

Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Sat, 13 Aug 2022 15:41:36 GMT

I'm in total shock right now. After receiving an ad in my Gmail inbox from Capital One to apply for a card without a hit to my credit, for grins and giggles, I thought "why not, it'll be a soft pull and I probably won't get approved but what the heck." It came back with two options, both unsecured, the Capital One Platinum with no AF and the Capital One Quicksilver with a $39 AF and 1.5% cash back. I selected the Platinum and now have a $300 CL. After CapOne did a hard pull on all three bureaus, CreditKarma shows my TU and Equifax Vantage scores dropped by 3 points each. I'm okay with that to get this card.

Last month I started rebuilding my credit and my scores have increased a little but I have a long way to go to reach 700 (or even 600!) AND, get this, I have a CO for a former Capital One Platinum CO that I will be settling very soon.

I now have (since July 15, 2022):

*$200.00 secured OpenSky Visa

*Sesame Credit Debit Card

*Seedfi $500.00 loan

*$300.00 unsecured CapOne Platinum (yet to be received)

*Credit Karma Spend Account

Question: should I temp fate and also apply for the CapOne Quicksilver (that was the other option from CapOne) and that option to apply is still on my screen or leave well enough alone for now?

Re: Holy Toledo ~ I was just approved for an unsecured Chase Platinum Card!!

Jnbmom — Thu, 11 Aug 2022 20:24:58 GMT

@Gigi-DFW Do you mean CAPITAL ONE? Those are not chase cards ????

Re: Holy Toledo ~ I was just approved for an unsecured Chase Platinum Card!!

Gigi-DFW — Thu, 11 Aug 2022 20:29:34 GMT

@Jnbmom wrote:
@Gigi-DFW Do you mean CAPITAL ONE? Those are not chase cards ????

Yes, I mean CapOne. I have edited my original post to reflect CapOne and not Chase. Thanks for the heads up!

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gidgetmom — Thu, 11 Aug 2022 21:00:16 GMT

Congrats on the new card! If it was me...I wouldn't tempt fate and apply again. I would take my new card to the garden and use it responsibly. But that's just me. Good luck!

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Thu, 11 Aug 2022 21:06:12 GMT

@Gidgetmom wrote:
Congrats on the new card! If it was me...I wouldn't tempt fate and apply again. I would take my new card to the garden and use it responsibly. But that's just me. Good luck!

Thanks for your response. That's what I was thinking (don't tempt fate) but wanted to get someone else's opinion.

I want to keep my utilization across the board between 5% and 10% and avoid interest fees so I won't be using the cards I now have very often and will pay them off monthly. I'm on a mission to correct my credit mistakes and reach the 700s, where I was before the 2018 debacle sunk my credit score.

Thanks again!

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gidgetmom — Thu, 11 Aug 2022 21:18:03 GMT

While Cap One cards don't "usually" grow much, I had success starting with the $300 CL on a QS 1. I used it and paid it just like you intend to do. As my scores improved, I applied for another Cap One card and moved the credit line from the first card into the new card. Over the course of 7 years, through new cards and combining credit limits, my little $300 starter card is now a WEMC with a $17,000 CL.

Cap One has always been good to me. It's the old adage..."teach me the rules and I'll play the game"! 😉

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Brian_Earl_Spilner — Thu, 11 Aug 2022 21:51:33 GMT

Congrats, you can only be approved for one card every 6 months.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Thu, 11 Aug 2022 21:58:29 GMT

@Gidgetmom wrote:
While Cap One cards don't "usually" grow much, I had success starting with the $300 CL on a QS 1. I used it and paid it just like you intend to do. As my scores improved, I applied for another Cap One card and moved the credit line from the first card into the new card. Over the course of 7 years, through new cards and combining credit limits, my little $300 starter card is now a WEMC with a $17,000 CL.

Cap One has always been good to me. It's the old adage..."teach me the rules and I'll play the game"! 😉

Congrats on growing your little $300 starter card to a WEMC with a $17,000 CL! That's amazing and your hard work has definitely paid off!!

The reason I chose the Platinum ($0 AF) over the Quick Silver is I don't think I'll spend enough on the CapOne card to recoup the $35.00 (or $39.00???) AF with the 1.5% cashback.

What are your thoughts on the two cards if I get an opportunity in the future to get the QS?

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Thu, 11 Aug 2022 22:37:41 GMT

@Brian_Earl_Spilner wrote:
Congrats, you can only be approved for one card every 6 months.

Thank you for this information. I will mark my calendar for six months from today and try again for the Quick Silver card. By that time I'm hopeful my scores will be much higher than they are today and I won't have an issue qualifying.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

MileHigh96 — Fri, 12 Aug 2022 13:00:17 GMT

Congrats on your approval, that's great! It took me 11 months to get back in with CapOne after I burned them in BK.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

FireMedic1 — Fri, 12 Aug 2022 14:21:38 GMT

Congrats on the starter card! That itch is there to keep looking. But now its time to clear the past so the future is brighter for better cards with lower APR's. And higher SL's too. Get that CO in the past so it can age off and quit updating on a monthly basis. Scores will climb then also once settled. You have enough for now to build on. More goodies dont erase the baddies. Nice job so far to get things rolling. Remember its a marathon and not a race.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Fri, 12 Aug 2022 15:50:23 GMT

@MileHigh96 wrote:
Congrats on your approval, that's great! It took me 11 months to get back in with CapOne after I burned them in BK.

I'm glad you were able to get back in with CapOne within a year of your BK! My CO is from 2018 and I've kept the checking and two savings accounts I have with them opened. There is, and has been, very little money in these three accounts (less than $10.00 total between the 3 accounts) so I'm not sure if that played a part in their decision to let me back in.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Fri, 12 Aug 2022 16:05:59 GMT

@FireMedic1 wrote:
Congrats on the starter card! That itch is there to keep looking. But now its time to clear the past so the future is brighter for better cards with lower APR's. And higher SL's too. Get that CO in the past so it can age off and quit updating on a monthly basis. Scores will climb then also once settled. You have enough for now to build on. More goodies dont erase the baddies. Nice job so far to get things rolling. Remember its a marathon and not a race.

Thanks for the congrats and sound advice! It's very tempting to keep looking but ... I now have a hard pull on my bureaus and I don't want any more for a while. I'm happy with my little starter collection and will just garden away while I clean up the mess I made (CAs and COs)!

I checked my three credit reports and I don't find CapOne on them with a CO. I do, however, see the charged-off account when I log into my CapOne account. Also, I find a CA with Jefferson Capital System with the original creditor "PLATINUM MC" so I'm presuming this is my former CapOne Platinum account. The first date of delinquency is 4/1/2018. It also reads: "Estimated month and year this item will be removed: 03/2025" and "Loan Type: FACTORING COMPANY ACCOUNT." The amount owed is a little more than $600. If I can get Jefferson Capital to PFD then there should be no record of my original CapOne Platinum Card CO on my credit reports, correct??

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

grower1 — Fri, 12 Aug 2022 16:15:57 GMT

Congrats!!

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

FireMedic1 — Fri, 12 Aug 2022 16:28:03 GMT

Yep. Jefferson does PFD if settled or PIF. Send that puppy down the road. Heres your chance! I know that itch from the start of my rebuild. I want to so bad but I cant. Glad i did it the right way from reading here. Put it this way. You got the Jr High School cards now. Build some history. NO BADDIES! Clear the past then its time to move on up to Sr High School! Then graduating to prime time college!

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Fri, 12 Aug 2022 16:24:36 GMT

@FireMedic1 wrote:
Yep. Jefferson does PFD if settled or PIF. Send that puppy down the road. Heres your chance! I know that itch from the start of mt rebuild. I want to so bad but I cant. Glad i did it the right way from reading here. Put it this way. You got the Jr High School cards now. Build some history. NO BADDIES! Clear the past then its time to move on up to Sr High School! Then graduating to prime time college!

Question re: Jefferson: Since the DOFD is from April 1, 2018, what do you estimate they'd accept on a little more than $600 owed? Of course, the lower the better for me but do you believe they'd take a 20% settlement (approx. $125)? I'd really like to keep the settlement at or under $200 (approx. 30%). Doable??

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

FireMedic1 — Fri, 12 Aug 2022 16:32:04 GMT

Four yrs old. Average is 50%+ roughly. Rarely none of them go below that 30% range. If it was 6+yrs or more. Might break the 30% range. I believe you can go on their site and it will show the options you have without talking to anyone. Doesnt reset anything.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

Gigi-DFW — Fri, 12 Aug 2022 17:22:52 GMT

@FireMedic1 wrote:
Four yrs old. Average is 50%+ roughly. Rarely none of them go below that 30% range. If it was 6+yrs or more. Might break the 30% range. I believe you can go on their site and it will show the options you have without talking to anyone. Doesnt reset anything.

Thanks for the info, especially since I can go to their website and see my options. Thankfully Chase sent me a settlement letter accepting a little more than $200 for a little more than $800 owed. I sent that payment to Chase CMRRR last week and I am hoping to receive similar settlements from the other CAs. Here's hoping ...

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

creditgnome — Fri, 12 Aug 2022 21:01:42 GMT

I did this very thing with capital one sprees. Got Walmart capital one first 2500 cl then capital one quick silver for good credit 800 cl no af. My credit is 560 to 570 range. I remember the day when capital one wouldn't give me a secured around 2 years ago. Lenovo prequalifier the other day said i have 447 credit score. I got maybe 8-12 derogs. Definitely was worth the gamble for my credit score.

Re: Holy Toledo ~ I was just approved for an unsecured CapOne Platinum Card!!

OmarGB9 — Sat, 13 Aug 2022 01:43:22 GMT

Congrats on the approval for sure, but are you sure it was a SP? It's an SP to run the prequalify, yes, but once you decide to continue with an application, they do a full, 3-HP pull (1 on each bureau).