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What can my scores qualify for?

Established Contributor

Re: What can my scores qualify for?


@MrYoung420 wrote:
For sure I'm doing research. But I did apply for the CO card. And after just having two cards I'll be satisfied and work with that. I'm not looking into major purchasers anytime soon.

CO = Capital One? If so which card?

 

I generally recommend people stay away from Capone for a few reasons:

1. They do a triple pull i.e. leave an inquiry on each bureau

2. If you're bucketed into a starter account, good luck getting that credit limit to grow

3. Lackluster rewards and sign-up bonuses

 

Unless they're the only that will approve you, I see no reason going with them. If you had to scratch that credit itch right now, I would've recommended Discover, since they take very kindly to young and thin files.


8/4/18:

Message 11 of 17
Member

Re: What can my scores qualify for?

Discover was my first credit card I have. Capone is just something i want to have on record. Build some more strong credit history.
Message 12 of 17
Super Contributor

Re: What can my scores qualify for?


@MrYoung420Capone is just something i want to have on record. Build some more strong credit history.

I guess my question here is why and what benefit do you see adding a Cap One account bringing to your file [over not having it]?

Message 13 of 17
Established Contributor

Re: What can my scores qualify for?

I wouldn't recommend Cap1. I have one and havn't had CL increase in ages. As mentioned before, whatever bucket you are in, that's where you end up staying. If anything, I would recommend the Chase Freedom card, they might start you off with a low CL but with time it can grow.

Message 14 of 17
Valued Contributor

Re: What can my scores qualify for?

I'm confused

 

you said:

 

Re: What can my scores qualify for?
I'm more looking into a loan for a business startup or maybe purchase a existing business.

And these scores are fico 8.. Experian.com provided these.
 
Then later
 
you said.
 
  
Member
 
Re: What can my scores qualify for?
For sure I'm doing research. But I did apply for the CO card. And after just having two cards I'll be satisfied and work with that. I'm not looking into major purchasers anytime soon.
 
 
So are you looking for a business loan or are you looking for personal credit cards?

FICO 8 Starting Score

Current Scores





Message 15 of 17
Member

Re: What can my scores qualify for?

The bussiness is not something I want now. Maybe sometime in the future. For now I guess you cam say I'm looking for a card
Message 16 of 17
Valued Contributor

Re: What can my scores qualify for?


@BrutalBodyShots wrote:

Credit profile is far more important than credit score.  Generally, as credit profiles improve, scores follow suit.  With any 2 given equal scores though, you can have dramatically different profiles.  

 

For example, take two people with a FICO 8 score of 730:

 

Cornelius has a 730 score with a clean file, but it's super thin (only a couple of accounts) and his oldest account is just 9 months.  

 

Rupert has a 730 score with a dirty file (4 accounts with late payments, 2 of which are 90-120 days late), but it's very thick (20+ accounts) and his oldest account is 20 years.  

 

As you can see, score is just one small piece of the entire picture. 


Income and utilization are also very important.  I get approved for everything even though I have a very dirty file.  

BOA Premium Rewards, AMEX BCE, AMEX PRG, AMEX Ameriprise Platinum, AMEX SPG, AMEX SPG BIZ, CITI AADvantage Platinum, CITI AADVantage Business, Chase Hyatt, Chase Southwest Premier, Chase Southwest Plus, Chase Marriott Business, Barclay Arrival +, Barclay AAdvantage Red Aviator, Barclay Aviator Business, USAA Prefered Cash Rewards, Citi Thank You Premier, JCrew, Pottery Barn, Express, NFCU Go Rewards.

Former Cards: Lendup L Card, Bank of America Cash Rewards, Capital One Quicksilver
Message 17 of 17