Hi All. A newb here (Well, a lurker). So, in the fascination of rebuilding my credit, and determining which route would work, I got the Capital One Secured Mastercard. Wonderful card, had it for one month. Made my payments, never late (remember, one month). Card was reported at 23% utilization. So, fast forward. My child support bank changed. I was able to make payments from my 'old' child support card via the routing and acct number linked to it with no problem-did this for my Capital One Auto Loan as well as the Mastercard through the Capital One mobile app. Then with the switch, I simply set it up the same way. However, with this NEW bank (bancorp), they DO NOT allow the routing and account number to be directly withdrawn from, on the mastercard as a debit (a prepaid card needless to say). Well, I had no knowledge as when I got the card it basically said "here's your new card. Activate it." Well, I had two payments returned, and I could not figure it out. I called Capital One and they processed it over the phone and that one was denied as well. Call back and we three-way bancorp, who informs us of the account and routing number cannot be used for withdraws, only deposits. In the interim (between Saturday and Tuesday) I had set up a Capital One Checking account, and figured I would just move money around and pay via Capital One (still thinking the mobile app is the issue or something). So today (Thursday), I see there is a restriction on my card. Mind you, I paid in full. Well, Sebastian at Capital One said 'due to the returned payments we closed the card." I could die. How embarassing. He tried to get it re-opened, but I guess with secured cards it can't be done, and he informed me that unfortunately I won't be able to open a new account. Ok, fine. I am ok with that. It will report as closed, paid in full, by creditor-which I have read is way better than closed with a past due/amount due or closed by cardholder.
So, I am left with no credit card now to try to get my credit up. I had zero credit cards before, Capital One was my first. Then earlier this week I got a Victoria Secret CC (haven't received it in the mail yet). I have students loans (probably taking those to the grave), and depending on which report 2-4 collection accounts. A Capital One Auto Loan (on time payments, car paid off in 1.5 years). So, I got a pre-approval for the Credit One card. I figure I needed a Credit Card to use ANYWHERE. The pre-approval was easy, and said no ding to my report. But then I was denied. So now I am panicking that I took a 'hard hit.' I have two inquiries, one to fall off in July of this year per the 2 year rule.
Anywho, I guess where I am getting after all the background is-any recommendations at this point? Just use my VS and continue to pay my auto and student loans? Sit and wait? I appreciate any feedback, and this forum is absolutely my favorite (I am literally up all night pouring over these boards-it's oddly so fascinating to me).
Thanks all!
