Approved for Capital one Platinum!

[Anonymous]

I started my credit report journey this past March by getting a credit builder loan via self lender and a secured discover it card in July.

My credit has long been pretty abysmal and it feels good to finally be taking some steps to remedy it. Yesterday on a whim I decided to go to the capital one pre qualification page (in the past would only pre qualify for the secured card) and to my utter shock I qualified for the nonsecured Capital one Platinum card. I then went through the actual application and instantly approved!

What a great feeling that was... Now make no mistake my fico 8 score is 606 which is still pretty darn bad and they weren't about to approve me for a high limit (it's only 300 dollar limit to start) but definite progress is being made.

Can't wait to receive my new card!

[Anonymous]

Congrats on your Capital One Platinum approval! Excellent step in the right direction! 

[Anonymous]

On a side note around early April when my self lender loan is fully paid off and the funds returned to me I am leaning strongly towards getting one more card and then just gardening for six months to a year before considering a fourth card (don't want to get too many cards too quickly)

Does this sound like a sound strategy?

[Anonymous]

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@Anonymous wrote:
I started my credit report journey this past March by getting a credit builder loan via self lender and a secured discover it card in July.

My credit has long been pretty abysmal and it feels good to finally be taking some steps to remedy it. Yesterday on a whim I decided to go to the capital one pre qualification page (in the past would only pre qualify for the secured card) and to my utter shock I qualified for the nonsecured Capital one Platinum card. I then went through the actual application and instantly approved!

What a great feeling that was... Now make no mistake my fico 8 score is 606 which is still pretty darn bad and they weren't about to approve me for a high limit (it's only 300 dollar limit to start) but definite progress is being made.

Can't wait to receive my new card!

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Super Congrats on your Capital One Platinum $300 SL!!!

All of us have to start somewhere, and the most important thing for

you is that you got started and took action. You should also know that

you should be able to product change (PC) your Platinum to a Quicksilver

anytime after the first statement cuts and after your scores rise. So garden

well, and you'll be on the path to much higher limits in the future.

Thanks so much for taking time to share with us.

Please keep us posted on your progress. Best of luck!

P.S. You only mentioned one FICO score of 606 in your post.

But I'm assuming that Cap One did a triple pull on all 3 reports.

Is this correct? If not, please let us know so we can keep track

for data point purposes. Congrats once again!!!

[Anonymous]

Congratulations!! This is a huge step, and arguably one of the most important steps you will take in your journey. Capital One was the first banks that gave me a chance, and it's been upward progress since. I started my journey in March of this year, with scores 100 points less than yours. Today, I am making a dramatic push for 700+ in under a year!

Spend your Inq wisely, keep your utilization low, and simultaneously attack your baddies (if applicable). Continue grabbing the low hanging fruit, and embracing the small victories as they present themselves! You're making excellent progress 👌🏾🙌🏾

[Remedios]

Let your new card report for a few months. It takes on average 1-2 statement periods before Cap1 reports to CRA. 

If this is your only credit card, you should expect to see a rise in your score.

After a few months, start checking Discover for pre approvals.

Also, if you are a member of any local credit union, they will frequently have "starter cards".

Good luck!

[Anonymous]

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@Anonymous wrote:
On a side note around early April when my self lender loan is fully paid off and the funds returned to me I am leaning strongly towards getting one more card and then just gardening for six months to a year before considering a fourth card (don't want to get too many cards too quickly)

Does this sound like a sound strategy?

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When you pay off your only open installment loan, your score is going to drop.  If you are going to apply for another card, I would do it before the loan is closed.

[MartyWrite75]

Congratulations on your approval!

[xaximus]

Congrats on your approval. I would definitely start another SSL loan as it is advised to have atleast 3 secured/unsecured cards and a loan to help maximize your score.