Starting Over, Approved for Capital One Platinum- Next Steps?

[Anonymous]

Hello,

Although I have been following this forum for some time, this is my first post. In 2008-9 I had a business and credit melt down. Time has passed and the only baddies left are a couple of state tax liens (one paid, the other not) and a default judgment from Capital One. The judgment is supposed to come off this month. I also had no open credit accounts. I tried to get myFICO scores, but I was told I needed to get 6 months of credit history.

I tried applying at US Bank in June (I bank there), Barclays in December, PayPal in January. I was reluctant to try Capital One with the judgment, but I applied for the Platinum card and was approved for $500 (January 8th). (From what I have been reading here, I guess I should have also applied for the Quicksilver 1.) So, I have 4 inquiries on Transunion, 2 on Equifax, and I think 1 on Experian. With the new card, my Credit Karma scores are now 706 and 712.

I have been using my new card like a debit card and making extra payments to refill the credit limit. I will be coming up on my second statement in a few days. What should I do now?

[Anonymous]

---

@Anonymous wrote:

Hello,

Although I have been following this forum for some time, this is my first post. In 2008-9 I had a business and credit melt down. Time has passed and the only baddies left are a couple of state tax liens (one paid, the other not) and a default judgment from Capital One. The judgment is supposed to come off this month. I also had no open credit accounts. I tried to get myFICO scores, but I was told I needed to get 6 months of credit history.

I tried applying at US Bank in June (I bank there), Barclays in December, PayPal in January. I was reluctant to try Capital One with the judgment, but I applied for the Platinum card and was approved for $500 (January 8th). (From what I have been reading here, I guess I should have also applied for the Quicksilver 1.) So, I have 4 inquiries on Transunion, 2 on Equifax, and I think 1 on Experian. With the new card, my Credit Karma scores are now 706 and 712.

I have been using my new card like a debit card and making extra payments to refill the credit limit. I will be coming up on my second statement in a few days. What should I do now?

---

Inq's come with the territory and all the more so when you are rebuilding. If you had 20 then it would be a different story.

You're right about the QS1 and (I think) you should go back and get it even though it will cost you the HP's again. The day your 2nd statement cuts on the Platinum you need to go on live chat with Cap1 and ask to upgrade it to a QS. Or simply ask if there are any offers for you. They will look at everything and tell you if you are available to a CLI, PC or any other offers pop up. The Plat. is a great card in that it upgrades out of sub-prime status so quickly and that's what you want. Once both cards have reached the 6mth point you can combine the QS1 into your QS and have 1 prime CC with the combined Cl of the 2.

Keep in mind that with the STEPS cards you need to start hitting the LUV button for CLI's after the 3rd statement and do it every mth. You should squeeze 2 CLI's out of the program wince you are guaranteed one after 6mths.

Let us know how it goes...

[Anonymous]

Thank you skybuilder! I will definitely report back.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:

Hello,

Although I have been following this forum for some time, this is my first post. In 2008-9 I had a business and credit melt down. Time has passed and the only baddies left are a couple of state tax liens (one paid, the other not) and a default judgment from Capital One. The judgment is supposed to come off this month. I also had no open credit accounts. I tried to get myFICO scores, but I was told I needed to get 6 months of credit history.

I tried applying at US Bank in June (I bank there), Barclays in December, PayPal in January. I was reluctant to try Capital One with the judgment, but I applied for the Platinum card and was approved for $500 (January 8th). (From what I have been reading here, I guess I should have also applied for the Quicksilver 1.) So, I have 4 inquiries on Transunion, 2 on Equifax, and I think 1 on Experian. With the new card, my Credit Karma scores are now 706 and 712.

I have been using my new card like a debit card and making extra payments to refill the credit limit. I will be coming up on my second statement in a few days. What should I do now?

---

Inq's come with the territory and all the more so when you are rebuilding. If you had 20 then it would be a different story.

You're right about the QS1 and (I think) you should go back and get it even though it will cost you the HP's again. The day your 2nd statement cuts on the Platinum you need to go on live chat with Cap1 and ask to upgrade it to a QS. Or simply ask if there are any offers for you. They will look at everything and tell you if you are available to a CLI, PC or any other offers pop up. The Plat. is a great card in that it upgrades out of sub-prime status so quickly and that's what you want. Once both cards have reached the 6mth point you can combine the QS1 into your QS and have 1 prime CC with the combined Cl of the 2.

Keep in mind that with the STEPS cards you need to start hitting the LUV button for CLI's after the 3rd statement and do it every mth. You should squeeze 2 CLI's out of the program wince you are guaranteed one after 6mths.

Let us know how it goes...

---

+1

This is a great, on point post.

Too many ppl get caught up in 'general rules' or 'mature' credit SOP.......when you have remember NOT eveything applies to where YOU are along the path.

I love the statement "Inq's come with the territory " ...you can't BUILD w/o building!

Like I said general 'rules' CAN'T apply to every situation because some ppl have thin files, others have 10-15-20 years of history....and you can't get accounts w/o apping, it's just 'part' of the process.....and how else 'could' it be ????

[Anonymous]

Thank you for the comment. I got my statement yesterday, made an online payment today, and going to online chat tomorrow!

[Anonymous]

Sacrahg, I think you ahve bene given some sounds advice so far. Also, congrats on rebuilding of your credit, I know it's not fun or easy but it is worth it, as I am sure you can tell. Getting the Cap1 card is a good step.

In regards to what your next step should be. That can be a tough call,I know what you say your scores are, but there is more to it than just the score. Other than the account you say is going to be falling off shortly, are there any other negatives reporting on any of your cr's?

[Anonymous]

Thank you JamesMS. All of the charge-offs and collection accounts are gone! Going back and looking at my ACR’s, the paid state tax lien is scheduled to come off (Experian 3/16, Transunion 2/19). The judgment is scheduled to come off (Experian 11/16, Transunion 10/16). For some reason, I can’t find my Equifax ACR; I think it was so thin, I couldn’t answer any security questions online and I forgot to follow up by mail.

The judgment is unpaid. It was a $300 Capital One card that turned into a $4700 default judgment. I was apparently served at an address I no longer lived at and I never found out about it until I pulled my credit reports years later.

There are actually some good things on the reports:

My new Capital One card!

A closed (8/06) Capital One (highest balance $1066)- no missed payments

Authorized User UNLV/CITI (Inactive since 7/06 (paid off))- CL $23,000, no missed payments (This is a mistake, I think this account was closed long ago.)

I hope this gives everyone a clearer picture of my situation and your ideas and comments are welcome!

[Anonymous]

I just got done with Capital One online chat and they upgraded my Platinum to a Quicksilver! But no change in credit limit ($500). Does the Quicksilver still use the Credit Steps program?

I checked the prequal site, and the suggested cards are Platinum, QuicksilverOne Rewards, or Secured Matercard. Is the best thing to do is to apply for the Quicksilver One?

[Anonymous]

---

@Anonymous wrote:

I just got done with Capital One online chat and they upgraded my Platinum to a Quicksilver! But no change in credit limit ($500). Does the Quicksilver still use the Credit Steps program? Yes, so don't forget to start hitting the LUV button soon and do it at least once a week. They will send you the reply in your DOCS section on your acct.

I checked the prequal site, and the suggested cards are Platinum, QuicksilverOne Rewards, or Secured Matercard. Is the best thing to do is to apply for the Quicksilver One?

---

Congratulations on your successes so far. It takes time and patience to get your scores back up where you want them to be.

I think getting the QS1 would be a good move. It will work hand in hand with your new QS and help you build a bigger CL in 6mths.

[Anonymous]

---

@Anonymous wrote:

Thank you JamesMS. All of the charge-offs and collection accounts are gone! Going back and looking at my ACR’s, the paid state tax lien is scheduled to come off (Experian 3/16, Transunion 2/19). The judgment is scheduled to come off (Experian 11/16, Transunion 10/16). For some reason, I can’t find my Equifax ACR; I think it was so thin, I couldn’t answer any security questions online and I forgot to follow up by mail.

The judgment is unpaid. It was a $300 Capital One card that turned into a $4700 default judgment. I was apparently served at an address I no longer lived at and I never found out about it until I pulled my credit reports years later.

There are actually some good things on the reports:

My new Capital One card!

A closed (8/06) Capital One (highest balance $1066)- no missed payments

Authorized User UNLV/CITI (Inactive since 7/06 (paid off))- CL $23,000, no missed payments (This is a mistake, I think this account was closed long ago.)

I hope this gives everyone a clearer picture of my situation and your ideas and comments are welcome!

---

Cap One did something similar to me as far as adding SO MUCH in fees and interest to my original $500 balance that I am not paying it just out of spite at this point.  Mine is not as bad as yours. I did have 2 Cap One accts that I defaulted on in 2009, $500 each so $1,000 total.  One did result in a $1,800 judgement that I paid in full.  The other just shows as a charge off with a $2,023 balance.  In my opinion, since I paid them $1,800 and I only owed them $1,000 total across both cards, I  have paid them in full plus some and am not paying any more. I realize they do not see it this way and it is not reporting this way but it's just principle at this point. I refuse to give them any more money on those accounts  The account is set to fall off my reports this year and I'll just live with it til then.  Cap One is the only creditor I've had (and there have been a lot) that added such an obscene amount in fees and interest.  Yours though... wow...$4,700 owed on a $300 balance. That actually should be illegal.