Approved for Discover but nothing else...Help!!!

[Anonymous]

I just joined today but I have been following and relying on information from these forums for the past couple of months. I especially like the post about CCs that check only Experian since my highest Fico score of 649 is with them. 5 months ago I was at a measly 515. I got a Capital one secured card with a $600 cl back in February after paying an additional $400 out of pocket to increase the limit. I just applied for and got approved for a Discover It, unsecured, $800 cl on 7/14/2018. How excited I was!!! Now that I have closed out the Capital Once account which is now showing as positve but closed, I cant get approved for another card, not even a store card and I have only been applying at crediors that use Experian. I only have 6 inquiries on my cr so I dont want to keep applying. Is it because of the recent closure of Captial One that I cant get approved elsewhere? I thought I was on my way up. I have 4 items on my credit report. 3 positive (student loan, Capital One, and a personal loan) and 1 negative from 2011. Should I wait until the Discover card show on my report in a few months??? So confused.

[cf2701]

You have to keep in mind, this is a LIFE LONG marathon, NOT a sprint race.  This is something most of us struggle with at time. Just take a few breaths and realize you are making progress! 

Are you saying you closed your new Capital One secured card?  In my opinion that was a mistake.  You want to keep that positive history on your credit report at least until much better unsecured cards come along.

I'll let others more knowedgable give advise on what to do next, but I'm willing to bet most of it will be to just let what you have report as positive history for at LEAST 6 months before you do anyting else.  

[Anonymous]

Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit. 

Curious, why did you close your Capital One? I would have left it open for at least a year. 

[Anonymous]

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@Anonymous wrote:

Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit. 

Curious, why did you close your Capital One? I would have left it open for at least a year. 

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Because it was secured. I thought that having the open unsecured Discover card would look better on my report and help more than a secured card would. That and because I listened to the advice of someone whos credit had tanked. She told me to get one good credit card and one only. What does she know right? All of hers have been charged off.

[Anonymous]

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@cf2701 wrote:

You have to keep in mind, this is a LIFE LONG marathon, NOT a sprint race.  This is something most of us struggle with at time. Just take a few breaths and realize you are making progress! 

Are you saying you closed your new Capital One secured card?  In my opinion that was a mistake.  You want to keep that positive history on your credit report at least until much better unsecured cards come along.

I'll let others more knowedgable give advise on what to do next, but I'm willing to bet most of it will be to just let what you have report as positive history for at LEAST 6 months before you do anyting else.  

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That I can agree with. There was an almost 6 month gap between my Capital One and my Discover. Thanks for the input. I am still confused as to why my credit was good enough for Discover but not the Target and Palais Royal cards I applied for. I think it threw me for a loop.

[Anonymous]

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@Anonymous wrote:

Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit. 

Curious, why did you close your Capital One? I would have left it open for at least a year. 

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+1. The secured Cap 1 Platinum was the first card I got when I started rebuilding my credit at the end of 2015. I didn't close it until this spring when I had a handful of good unsecured cards, didn't need the small ($951) limit on the secured card anymore, and could close it and get my deposit back without hurting my utilization or AAoA excessively.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Yes, take a break from apping. Denials mean stop. Your file is new and thin, let it age a bit. 

Curious, why did you close your Capital One? I would have left it open for at least a year. 

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Because it was secured. I thought that having the open unsecured Discover card would look better on my report and help more than a secured card would. That and because I listened to the advice of someone whos credit had tanked. She told me to get one good credit card and one only. What does she know right? All of hers have been charged off.

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Yeah......don’t listen to her 😂

[CGeorge]

No more apping for now.

But your friend was incorrect. One and only one credit card?? NOT. You need a variety of cards for higher credit scores. Creditors like to see a good mix of V/M/D/AE, with limited store cards and perhaps gas cards.

You will need more than 1 card. And you don't want to put yourself in that position anyway - in case the creditor decides to lower your CL, or worse yet, cancel your card. Then you are left with nothing.

Just my two cents worth - good luck!

[Shooting-For-800]

I would quit applying for anything until I got a prequal from Cap One site for a QS or QS1.

You will get there.  GL!

[Anonymous]

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@Anonymous wrote:

I just joined today but I have been following and relying on information from these forums for the past couple of months. I especially like the post about CCs that check only Experian since my highest Fico score of 649 is with them. 5 months ago I was at a measly 515. I got a Capital one secured card with a $600 cl back in February after paying an additional $400 out of pocket to increase the limit. I just applied for and got approved for a Discover It, unsecured, $800 cl on 7/14/2018. How excited I was!!! Now that I have closed out the Capital Once account which is now showing as positve but closed, I cant get approved for another card, not even a store card and I have only been applying at crediors that use Experian. I only have 6 inquiries on my cr so I dont want to keep applying. Is it because of the recent closure of Captial One that I cant get approved elsewhere? I thought I was on my way up. I have 4 items on my credit report. 3 positive (student loan, Capital One, and a personal loan) and 1 negative from 2011. Should I wait until the Discover card show on my report in a few months??? So confused.

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If you are denied credit, the lender(s) who denied you are required by law to give you the reason(s) for the denial.  What were the reasons given in the letters you received from those lenders?

I find it hard to believe that a student loan and a personal loan in good standing would cause your credit score to fall to 515.  Are you certain there are no other baddies on your report?  What was the negative from 2011?  Unless it was a Chapter 7 BK it should have fallen off your credit report by now or will be falling off soon.

Also, what is the source of the scores you are citing?