Credit One Mastercard Pre-Approval

[Anonymous]

Good morning all,  I'm about a month away from my year date from my most recent bankruptcy discharge and I do plan on trying to put in some applications then but I did just close my Credit One Visa after having it for a year and before it would charge the annual fee or anything like that like their membership fee.  That card had a SL of $300 then went to $500 after six months in December, no change or higher line this month so I closed it earlier this week.  Today I see they are offering me the Mastercard with a SL of $800 with a $60 annual fee at 21%, I'm wondering if anyone has ever taken this offer.   

Right now I'm hoping that my Discover Secured will be graduating soon and Discover gave me an unsecured card as well.  Using the SCT I got a card with Victoria's Secret SL $250.  All my FICOs are at about 650 across the board.  Just wondering if anyone has any advice.  

When I got to my year mark, I was going to try for Barclay's, Capital One, and NFCU.  Any other advice would be very welcomed.  

[Brian_Earl_Spilner]

Don't wait for NFCU. They have a secured card that's been graduating at around the 5 month mark lately. Also, you should have 3 cards for maximum impact on revolving scoring impact.

[FireMedic1]

JMO. I'd go with Cap1. Your a year out. Not knowing scores or other data points. Stay far away from Credit One. I'd go with the Cap1 Plat or QS1 for cashback. Upgrade either to QS and you'll get credit steps. I was 6 months out from BK and started with the Plat at 2k. 2 years later all starter cards are gone and have 3 primes with a total of 36k CL's with Cap1 and now 2 Discover Cards. Again JMHO from experience after BK

[Anonymous]

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@Brian_Earl_Spilner wrote:

Don't wait for NFCU. They have a secured card that's been graduating at around the 5 month mark lately. Also, you should have 3 cards for maximum impact on revolving scoring impact.

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You saying I should just go ahead and apply? And yeah I know about the three cards, hopefully this VC card will count as my third for now b/c I have the two discover cards, the NFCU LOC and now this VC card.  

[Anonymous]

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@FireMedic1 wrote:

JMO. I'd go with Cap1. Your a year out. Not knowing scores or other data points. Stay far away from Credit One. I'd go with the Cap1 Plat or QS1 for cashback. Upgrade either to QS and you'll get credit steps. I was 6 months out from BK and started with the Plat at 2k. 2 years later all starter cards are gone and have 3 primes with a total of 36k CL's with Cap1 and now 2 Discover Cards. Again JMHO from experience after BK

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Well my scores are about 650 for Transunion, Experian, and Equifax.   I've tried the Pre-qualify for Cap 1 with no luck, they were a part of my most recent bankruptcy for about $1,500.  They charged it off and closed the account immediately after me filing so its been longer than a year on that one.  

[Jnbmom]

Pass on the Creditone, 60.00 annual fee alone is not worth it.

[Brian_Earl_Spilner]

If you're gonna garden for a year, sure. Get your CC history going with them. If everything goes well, it graduates in 5 or so months. At that point, you can apply for a new card and get a decent amount, or you can keep gardening and product change it to one of their other cards with rewards. The quick growth will help you when other lenders see your limit and try to match or beat it. Problem with having toy limits is nobody wants to be the first to give you a decent starting line. NFCU doesn't seem to mind.

[Anonymous]

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@Brian_Earl_Spilner wrote:

If you're gonna garden for a year, sure. Get your CC history going with them. If everything goes well, it graduates in 5 or so months. At that point, you can apply for a new card and get a decent amount, or you can keep gardening and product change it to one of their other cards with rewards. The quick growth will help you when other lenders see your limit and try to match or beat it. Problem with having toy limits is nobody wants to be the first to give you a decent starting line. NFCU doesn't seem to mind.

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Appreciate that advice!

[AverageJoesCredit]

Your scores are 650 you are way past the need for Credit One. If you had their Visa and closed it a MC would be no different. You are doing right with Discover, try Cap One and for credits sake USE Navy lol. Even if secured they are incredible and totally worth it.

[aspenius]

I agree with the others regarding NFCU.  My husband reactivated his account with NFCU last week, applied for a CC, has mid 600s for credit  score, and was instantly approved with unsecured CC.