Approved for Capital One QS1 with $2,000 CL

[Anonymous]

I've been a lurker on this forum for a few months now and I must say the wealth of information contained here has been nothing short of helpful. I am currentlly in the rebuilding phase after tanking my score from a 730 FICO average across the board to the 500s, as a result  of some poor financial decision making and flatout lack of proper credit knowledge. 

Over the past few months, I've successfully had some baddies removed with the help of a CCCS company;  these include 2 collection accounts( my TU has 1 left), and the following defaulted accounts which were all deleted from EQ but currently report as closed but Derog on EX & TU:

1.)  Santander auto loan with a  $11,000 balance

2.)  Cap1 Platinum with a $3,000 balance

3.)  Credit One with a $0 balance

Positive/Current accounts are:

1.) Student loan with a $32,000 balance (reporting to EX and TU)

2.) AU on a $16K BoA CC with 2% UTIL( reporting to EX, EQ and TU)

3.) AU on a $15k CITI CC with 0% UTIL (reporting to EQ as open & TU as closed)

4.) AU on a $1.5k Chase CC with 0% UTIL (reporting to TU as open)

My FICO 8 scores ATTOW are: EX: 558 with 9 INQs, EQ:763 with 1 INQ, TU:558  with 2 INQs. However,  FAKOs are TU & EX : both 605, EQ: 763 ( according to CK & WalletHub).

On 02/28/2019, I applied for a Cap1 QS and got the "pending. please wait 7-10 business days" message. The next day, I realized I had a fraud alert on my EQ.  I promptly had that removed and called Cap1's CSR line to inform them of this change. While on the phone, she asked for permission to conduct a HP on my EQ a 2nd time, which I agreed to as I had already used one from the initial app. I was put on hold and after a 3 minute wait, she infomed me that I had" other issues on my credit application" and that I should be receiving a notification via email or mail within a few days.

On 03/02/2019, I received an email from Cap1 with the subject title "Your new card has shipped". After calling in again, I was informed that I had been approved for a QS1(Not the QS I applied for) with a $2k CL and the option of a CLI after 5 billing cycles. I intend on using under 40% of my CL each month and PIF before the statement date.

A huge thanks to everyone who takes the time to detail their experiences. It's what keeps this community going strong!

[Anonymous]

@MonoP0ly -

I see that you're a new visitor. Welcome to the myFICO forum!

Super Congrats on your Capital One QS1 $2,000 CL!

BTW, after reading the FICO 8 scores you shared I couldn't help but notice

that your EQ8 763 is significantly higher than your TU and EX FICO 8 scores.

By way of suggestion, it might be worth it to you to establish a relationship

with banks/CUs that primarily pull Equifax. Two favorites here in the forum

are PenFed CU (EQ FICO 9) and Suntrust (EQ Bankcard 8). So if your EQ F9

and Bankcard 8 scores are in the same range as your EQ F8, then approval

for any of their products shouldn't be a problem for you.

Congrats once again on your approval and your rebuild. Thanks for sharing!

[Anonymous]

Welcome to the community and congrats on the approval!

[Anonymous]

@AllThingsInTime

Thanks! I already have a savings account with PenFed.I was denied for their cash rewards visa card(02/28/2019) for having too thin of an EQ file - 2 AUs. I plan on reapplying in a few months.  I'll look into suntrust.

[Anonymous]

Congrats on your approval !!

[Anonymous]

---

@Anonymous wrote:

@AllThingsInTime

Thanks! I already have a savings account with PenFed.I was denied for their cash rewards visa card(02/28/2019) for having too thin of an EQ file - 2 AUs. I plan on reapplying in a few months.  I'll look into suntrust.

---

I'm glad to hear that you're already in the door with PenFed.

You are 100% correct. Just give it time and try again later.

Navy Fed CU may also be a viable option for you. The file they pull

depends on the product you apply for. Navy Fed pulls FICO 9s. If you're

eligible to join, start with their nRewards Visa secured card. The minimum

used to be $500, but it's now been lowered to only $200. Care and feed the

card, then wait 3 statement cycles + 1 day and app for a 2nd card (91/3 strategy).

You don't have to wait for the nRewards to unsecure (usually within 5-6 months).

But when it does unsecure, other forum members have reported an SL of $2,000.

Navy Fed will look at your scores, but they are primarily concerned with your overall

DTI ratio and payment history. These two factors carry the most weight for approvals.

Forum members who are Navy Fed members and who used the 91/3 strategy have reported

5-figure SLs on the 2nd card. So while you're waiting to app with PenFed for a new credit card,

Navy Fed could help accelerate your rebuild considerably. Again, this is just food for thought.

Congrats again on your approvals and rebuild!

[pinkandgrey]

Welcome and congratulations! That’s a great SL for that card. Enjoy!

[Anonymous]

@AllThingsInTime

That is actually a viable option for me. I am supposed to be receiving an access number from a sponsor tomorrow. My plan is to then apply for membership and as you mentioned, their nRewards Visa secured card. I will execute the 91/3 strategy, and I believe it will work for me just as it has for others. Thanks again!

[800FICOGoal]

Congrats on your QS1 approval !!

[simplynoir]

Congrats on your new card there!

Someone correct me if I'm wrong but doesn't the 5 month CLI hinge on paying the balance generated every month? What I mean by that is if there's no balance to pay on the statement then that doesn't count as a month logged in to take into consideration for the CLI. This might have changed however because I recall reading this months and months ago. Would probably help to take a closer look at what steps are needed to get that CLI there.