Okay, so through this "credit card" process I've learned a lot. I'll at least give you my stats.
I'm currently rebuilding my credit, made some young, dumb decisions to say the least. My credit score isn't the best TU 675, EX 682 and EQ 679. It's taken me two years to get it in the upper sixties. Now, onto the card...I've taken my time and actually started rebuilding with capital one. Two years ago I got the credit rebuilder card, made every single payment on time. A year later I applied for the Quicksilver card and was approved with LOW scores, but I was showing I was being patient and making payments.
Finally two days ago I called and applied for the Venture card and was instantly approved for 15k. I was shocked, but it was my plan all along to take it slow and build up to this card. Now, as I was speaking to the application guy on the phone he actually told me Capital One doesn't neccessarily base their decision off your credit score, but rather credit utilization, history of on-time payments and credit to debt ratio. Now of course credit score plays some role in their decision, but based off my scores, they seemed to go after what my history was reporting. I of course have history with capital one and two years worth of on-time payments with two cards.
If you have scores like mine, simply build history with the card company you want to do business with. Your approval odds will sky rocket and be patient with the process. It took me two years to get this card, but I finally did it. No this isn't the best card when it comes to travel rewards (do your research) but for me, it was a start. I plan to work my way up to some type of black card and it's possible even though currently, by myself I only make $58k a year.
Helpfull tip: I've learned to always pay balance in full every month, and I even apply extra money on my card to give myself "credit" on a credit card, if that makes sense. That will REALLY impress the card companies and by doing that over a period of time, you can get any card you want. It shows the card companies you are capable of handling a higher limit. Even though my 15k limit isn't the highest, for my scores, that's pretty hight. By doing it this way, next month my scores will finally be in the 700's. Just remember to be patient!
