Question about best time to app with Cap One

[Anonymous]

Capital One can be strange, I have had cards with them for around 8 years and they have grown very slowly. Started at 500, now at 1750 and 1950 and they will not do a CLI, reason is that they are evaluating my spend at current limits. Also they refuse to PC to a non-AF card, recently closed a 3rd card with them to avoid the AF. So I apped for Venture, instant approval for 15k, the two small cards are SD until the AF then canceled if they don't change. The Venture will get decent spend each month along with my other rewards cards, more then enough to make it worth the AF to me at least.

[Anonymous]

Yes CO is paid in full. Hadn't considered the secured route but I suppose I'll have to if that's my only option.

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@Anonymous wrote:

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?

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[Anonymous]

You can always try the unsecured first. Quicksilver One or Platinum (the Quicksilver no AF requires slightly better credit). I was approved with scores in the high 500's, and my most recent baddie was 3 years prior to my approval (multiple COs).

If that fails, then your best bet will be secured.

[Pway]

What are your current scores?

[Anonymous]

Current scores are EQ 601 TU 615 EX 616

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@Pway wrote:

What are your current scores?

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[degs138]

App now and even if you get in the credit steps program you could end up with a higher limit in 6 months then if you waited until your utilization on your Jared card was back down.  When I did credit steps years back I went from a 300 dollar limit to a 1300 dollar limit after 6 months.  I then got a 5000 limit a month later when I called the EO.  Just get your foot in the door and worry about limit later.

[Anonymous]

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@Anonymous wrote:

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? 

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So you have 2 collections , one paid that are 6 years old, and you had a paid charge off with Capital One only a year ago, and your scores are in the low 600's. What is your limit on Discover and on Jared? When was the Cap One charged off? Is that an old account too, or did you have credit problems since the old ones?

IF Capital One approves you having charged off with them recently you are most certainly looking at a $300 limit AF card. That charge off last year  really hurt you. It's so recent. If you get declined that is 3 inquiries on your bureaus. I would wait if it were me.

[Anonymous]

Thank you for your input. My limit on the Discover is $2200 with a current balance of $680 and the limit on the Jared is $2100 with a balance of 1900 (used it when we opened it to pay for part of the ring purchase). I haven't had any credit problems since April 2014 (unemployment was my credit downfall) but I do know that damage has been done and only time will heal the wounds. I have mulled over everyone's thoughts and suggestions and think I am leaning toward holding off on trying for a CapOne or any other cards at this time. I do have the new Visa card from my CU that isn't reporting yet. That one has a $2000 limit. That will make 2 bank cards and 2 retail cards (also have a Macy's with a $0 balance). Since most people here have suggested having 3 bank cards as being an ideal mix, that is why I was considering going for a second chance with CapOne. But that $300 limit may not be worth the trouble. Hopefully when my CU Visa starts reporting and we pay down the Jared I will get a score boost. I appreciate everyone giving me their take!

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Swampy99 wrote

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So you have 2 collections , one paid that are 6 years old, and you had a paid charge off with Capital One only a year ago, and your scores are in the low 600's. What is your limit on Discover and on Jared? When was the Cap One charged off? Is that an old account too, or did you have credit problems since the old ones?

IF Capital One approves you having charged off with them recently you are most certainly looking at a $300 limit AF card. That charge off last year  really hurt you. It's so recent. If you get declined that is 3 inquiries on your bureaus. I would wait if it were me.

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[Anonymous]

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@Anonymous wrote:

Thank you for your input. My limit on the Discover is $2200 with a current balance of $680 and the limit on the Jared is $2100 with a balance of 1900 (used it when we opened it to pay for part of the ring purchase). I haven't had any credit problems since April 2014 (unemployment was my credit downfall) but I do know that damage has been done and only time will heal the wounds. I have mulled over everyone's thoughts and suggestions and think I am leaning toward holding off on trying for a CapOne or any other cards at this time. I do have the new Visa card from my CU that isn't reporting yet. That one has a $2000 limit. That will make 2 bank cards and 2 retail cards (also have a Macy's with a $0 balance). Since most people here have suggested having 3 bank cards as being an ideal mix, that is why I was considering going for a second chance with CapOne. But that $300 limit may not be worth the trouble. Hopefully when my CU Visa starts reporting and we pay down the Jared I will get a score boost. I appreciate everyone giving me their take!

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Swampy99 wrote

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So you have 2 collections , one paid that are 6 years old, and you had a paid charge off with Capital One only a year ago, and your scores are in the low 600's. What is your limit on Discover and on Jared? When was the Cap One charged off? Is that an old account too, or did you have credit problems since the old ones?

IF Capital One approves you having charged off with them recently you are most certainly looking at a $300 limit AF card. That charge off last year  really hurt you. It's so recent. If you get declined that is 3 inquiries on your bureaus. I would wait if it were me.

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 I think holding off is best. Let them see you back on your feet a bit. Sorry you had lost your job, and am glad to see you were able to get 2 new accounts since then. I think once you've had the Jared for 6-7 more months and build some history with the CU, some new doors will open.

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