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Approved for Average credit capi 1 cash rewards

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Frequent Contributor

Approved for Average credit capi 1 cash rewards

Finally after all that hard work! EQUIFAX - 597 per myfico... approved 500 limit 19% apr 39 annual fee... will i not see it in my accounts until I recieve the card?

 

I also tried to apply for another one and I was automatically rejected and it said you cannot apply for another capital one card until 45 days have passed.. But its all good! Now I am going to garden until Jan 2015..

 

Cap1 cash rewards - 500

Cap 1 plat auth user - 500

first primier - 300

orchard bank 300

Cap1 secured - 200

 

I know I have all small limits but im going to build my secured upto the max of 3k.. Keep it  and every other card at 0 balance and just use the cash rewards and PIF..

 

I will probably cancel FP before the 1st annual fee.. Should I keep the orchard bank? There converting it into cap 1 but what is it going to offer? LOL

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Message 1 of 20
19 REPLIES 19
Valued Contributor

Re: Approved for Average credit capi 1 cash rewards

Congrats...just keep paying monthly on time and keep your balances super low and your score will continue to improve.

ccpics2.jpg
Message 2 of 20
Frequent Contributor

Re: Approved for Average credit capi 1 cash rewards

You know I am!!!! Im just going to build and build!

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Message 3 of 20
Valued Contributor

Re: Approved for Average credit capi 1 cash rewards

Congrats on the approval. Great start so close to a BK.

 

Although, I would not recommend you garden so long. One year would be a good mark. Then apply for a card that is slightly better than what you have now. Just keep building up your credit profile getting better products as you go.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 4 of 20
Valued Contributor

Re: Approved for Average credit capi 1 cash rewards

Congrats!!!! Nice rebuilder card!  I like it because you can recoup your AF with rewards!  Keep the other cards till the AF hits then see if it's worth it at the time to pay the fees.  Sometimes they are a neccesary evil to get where we want to be. Again....CONGRATS!I 


Starting Score: 642
Current Score: EQ 773, EX 780, TU 777 (All FICO)
Goal Score: 800+

Cards: NFCU Flagship 50K, DC 30K, BCP 28.6K, Arrival+ 25K, Citi DP 22.8K, CSR 20.5K, TotalRewards 25K, QuickSilver 20K

Message 5 of 20
Valued Contributor

Re: Approved for Average credit capi 1 cash rewards

Also, stop wasting money on the first premier/orchard bank cards. Close out the high fee cards, you have no need for them. If you need to get higher limits for utilization reasons. Go for some higher limit secured cards.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 6 of 20
Frequent Contributor

Re: Approved for Average credit capi 1 cash rewards

Well, I wanted to keep the orchard bank open until it fully comes over to capital one. I will chop First primier at the one year mark. The reason I want to garden for that long is because I don't really need anymore credit. I am going to just build what I have and build an investment portfolio. When I have 0 inquiries I know even with my BK i may be able to app for some really good cards.

 

2013 is garden year. 2014 is Garden Year. Jan 2015 is my app spree year... Smiley Very Happy 

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Message 7 of 20
Valued Contributor

Re: Approved for Average credit capi 1 cash rewards

I think you need to get some higher limits before you can get some good cards.

 

INQs are generally only a factor for one year. So gardening this year. Going for higher limits next year, then in 2015 going for some goal cards sounds like a better plan.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 8 of 20
Frequent Contributor

Re: Approved for Average credit capi 1 cash rewards

I will take your advice. Could you hook me up with some ideas on what to app for in 2014

BK: 7 filed 3/31/12 - Discharged 6/27/12
Made some poor choices and life snowballed
BK: 13 filed 7/29/16 - on a 36th month time out
No CC - No Loans - Student Loans all current.
Message 9 of 20
Valued Contributor

Re: Approved for Average credit capi 1 cash rewards

You might have some luck building higher limits with some store cards from places you like to shop. Best Buy (Capital one) and Walmart (GE) come to mind. Also some store cards backed by barclays may be possible. 

 

I also think the Chase Freedom has some potential. It can start with a low limit and build up to higher limits, and the whole time you will get good rewards. You may get declined because chase is notoriously not new BK friendly. You will need to call them to see if they will recon for a low limit and let you prove yourself.

 

If you can become a member with NFCU, they would be a great option as well. 

 

Discover is another company that could work for you.

 

If you can get a large deposit together. A high limit secured card would do great things for you.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 10 of 20
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