Question about best time to app with Cap One

[Anonymous]

Hi everyone. I am in the rebuilding process and would like to try and add one more bankcard to my mix before I garden. I was recently approved for a visa through my credit union with a $2000 limit and last month opened an account with a jewelry store so my fiance could finance part of my ring. Of the 2, only the Jared card is reporting so far and unfortunately it is reporting at 90% utl because we used it when we opened it. Will be paid off in 6 months though. I want to try for a Cap One card in May as that will make more than a year since I had a charge off (now paid) with them. My questions are when would be the best time to app for it? Before the CU card starts reporting or after? Will the temp high utl on the Jared acct hurt my chances of approval? Other items on my CR to note are my Discover card that currently has about 29% utl and there are 2 collections; 1 PIF due to fall off next year, and one closed with a balance of $312 also due to fall off next year. Any thoughts to help me make a decision on pulling the trigger? 

[Anonymous]

I would try with Cap One.  They're pretty good with all that you mentioned.  They might start you off with a lower limit, but your foot is in the door!  I would suggest QS.  

[Anonymous]

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@Anonymous wrote:

I would try with Cap One.  They're pretty good with all that you mentioned.  They might start you off with a lower limit, but your foot is in the door!  I would suggest QS.  

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Thanks for your input!

[Anonymous]

Best time to app with Cap One = Never.

Good luck.

[Anonymous]

Whelp, that two good answers!    You're very welcome. 

[Anonymous]

Well I got a DO and apply and a DON'T apply. Guess I'll flip a coin LOL. :-)

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@Anonymous wrote:

Whelp, that two good answers!    You're very welcome. 

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[Anonymous]

Honestly, I got a Platinum card with Cap One ($300 limit initially) when I had absolutely no credit cards open and reporting at the time.

15 months later, it's now a $4,500 Quicksilver.

Lots of people have feelings about Capital One (both good and bad), but they're great for rebuilding. I'd let the other card report and get the UTIL down on the Jared's card before applying, simply to get a higher limit (your APR is more than iikely going to be 22.99% regardless). You will, however, more than likely be approved anyhow as it is. The cards grow slowly, but they do grow.

Did you check the prequal site?

[Anonymous]

I did check the prequal site and didn't get any results. My guess is that it may be because of the charge off from a year ago. I know people have issues with Cap One, I was one of them, but I just don't see myself getting approved for any other bank cards right now with my scores (601/615/616) and I really want to maximize my rebuilding lines ASAP. I want to apply for a mortgage at the end of next year.

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@Anonymous wrote:

Honestly, I got a Platinum card with Cap One ($300 limit initially) when I had absolutely no credit cards open and reporting at the time.

15 months later, it's now a $4,500 Quicksilver.

Lots of people have feelings about Capital One (both good and bad), but they're great for rebuilding. I'd let the other card report and get the UTIL down on the Jared's card before applying, simply to get a higher limit (your APR is more than iikely going to be 22.99% regardless). You will, however, more than likely be approved anyhow as it is. The cards grow slowly, but they do grow.

Did you check the prequal site?

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[Anonymous]

Is the CO paid?

The CO being so recent will hurt you, and I don't know that Cap One would approve you with an unsecured card with such a recent CO...

Have you considered going with a secured card?

[Pway]

Capital One can care less.  They are good at giving second and third chances when applying for credit with them.  I would give it a try, maybe the quicksilver.  It does not hurt to try. I don't see them denying you for credit.  They are very forgiving.