Capital One applications Galore!

Anonymous · ‎11-10-2016

Hi! New memeber and first time poster here, so excuse me if I am all over the place. A bit of background, my credit is pretty terrible. I have about 11 collections (3k total and it is all medical debt but it is my only debt)
I recently got my first credit card after having some collections fall off of my report. I have terrible credit (570)but have been working on it in the last few months it has gone up 13 points since I got my new card and paid off a small collection . I got a tiny capital one card and I am proud to say that I have used it to 75% and paid it off in full every month. I sometimes use the card and as soon as my charges post I pay it off right away. I am really trying to show that I can handle my one little baby card. However, within the last few weeks, capital one has sent me 3 pre-apporvals! WHAT??! I am not going to apply for anything else until I am at atleast 650 so I have a ways to go, but why are they continully sending me pre-apporvals when I just got a small starter limit with them?

Any information is appreciated. Thanks!

Anonymous · ‎11-10-2016

I recieved a Capital One Platinum offer in the mail about four months ago. I went online and applied with that code and got approved that same night. A weel or two later I got another mailer for pre-approval for the exact same card again and I just threw it away because I already had it.

I don't know why that happens, but if I were you I would just treat them as junk mail. Congrats on getting in with Cap One though. I'm new to credit and they gave me a chance. After just two statements and me paying multiple times a month like you are I went online and did the live chat. Asked when I would be up for a product change (I wanted to turn my Platinum into a Quicksilver) and lo and behold she said I had an offer for the Quicksilver, so I accepted the offer and in came my new card. Way quicker to get that than I had expected and credit karma said my scores were about 680.

Capital One has been great for me so far. Hoping to increase my tiny limit soon, but that will come with time. Enjoy your card!

Anonymous · ‎11-10-2016

Thank you so much! I worked as an underwriter for chase for 9 years and was so ashamed of my credit but now as it grows I feel so much better! It is addicting keeping up with everything. My goal is to enventually have a 1k line on this card. I don't want to have a lot out there. They said after 6 months of just on time payments I get an auto increase to 500$ I am so glad they are working with me

Anonymous · ‎11-11-2016

@Anonymous wrote:
Hi! New memeber and first time poster here, so excuse me if I am all over the place. A bit of background, my credit is pretty terrible. I have about 11 collections (3k total and it is all medical debt but it is my only debt)

For the medical collections google the HIPAA Letter Process follow it exactly as laid out. If you have problems finding the website or any questions PM me.

rmduhon · ‎11-11-2016

After your 3rd statement (or roughly 65 to 75 days post approval) you can get a CLI (soft pull) and still get your 6 month CLI. After that, you can request a CLI every 6 months.

Anonymous · ‎11-11-2016

@rmduhon wrote:
After your 3rd statement (or roughly 65 to 75 days post approval) you can get a CLI (soft pull) and still get your 6 month CLI. After that, you can request a CLI every 6 months.

+1 However, I would add be responsible and stay on track regardless of your cl. Work to get the medical collections resolved - of all collections they typically have the least immpact on your score (especially with the newer credit models) and may be easier to remove. Also pay attention to utilization and your payment habits. Otherwise enjoy your Cap1 card!