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I applied for a capital one card Tuesday. They gave me the message that they would send me a decision in 7-10 days. Next day I received an email stating they needed a copy of my SS card, and proof of address. So I sent them my DL, Copy if SS card, and bank statement via email. I called today, and they still have not made a decision and the lady told me it could be an additional 3 weeks.
I have recently gotten all derogatory marks removed from my credit reports, with 0/1 inquiries. Now 1/2 inquiries since capital one pulled my report. I have only checked credit carma which had my scores (before capital one pull) of 637 and 654. After capital one pulled my reports, credit carma reported a decrease in scores to 630 and 639. I had no idea one inquiry would decrease my score so much.
Anyways, in your experience, how long after submitting additional information did you get your decision? Does it really take an additional 3 weeks?
Also, does the 7-10 day Message, and the additional information message usually mean denial like with some other companies?
I am really looking forward to hopefully using this card to rebuild my credit!
Thank you all so much in advance for your help!!
Mod note: I've updated your subject to reflect your approval; feel free to change/edit if you would like. --UB
1. Be patient, credit profile rebuilding is a marathon.
2. Gain access to your FICO scores, CK provides Vantage Scores which most lenders do not use including CapOne, you can get all 3 Fico8 scores for $1 7day trial at Credit Check Total, just make sure you cancel within the trial period.
3. Typically, it's a good sign when CapOne asks for ID verification, why waste time to verify if the initial screening points to denial, CapOne CSR says it CAN take up to 3 weeks doesn't mean it will take 3 weeks, I would call again if you don't hear anything in a week.
Good luck
I got 7-10 or 7-14 day message, id verified on phone, no paperwork needed, I had several accounts.
I was prequalified.
I got $30k SL Venture @ 13.99% few days later.
Generally, 7-10 and id verification is good sign not bad.
GL!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
Any updates OP?
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
@Anonymous wrote:
I applied for a capital one card Tuesday. They gave me the message that they would send me a decision in 7-10 days. Next day I received an email stating they needed a copy of my SS card, and proof of address. So I sent them my DL, Copy if SS card, and bank statement via email. I called today, and they still have not made a decision and the lady told me it could be an additional 3 weeks.
I have recently gotten all derogatory marks removed from my credit reports, with 0/1 inquiries. Now 1/2 inquiries since capital one pulled my report. I have only checked credit carma which had my scores (before capital one pull) of 637 and 654. After capital one pulled my reports, credit carma reported a decrease in scores to 630 and 639. I had no idea one inquiry would decrease my score so much.
Anyways, in your experience, how long after submitting additional information did you get your decision? Does it really take an additional 3 weeks?
Also, does the 7-10 day Message, and the additional information message usually mean denial like with some other companies?
I am really looking forward to hopefully using this card to rebuild my credit!
Thank you all so much in advance for your help!!
Dont worry about Credit Karma score its for educational purposes and 1 inquiry wont hurt your Fico which is what 90% of lenders use Congrats on the massive approval!
@Anonymous wrote:
Yes! I actually checked Friday and I have been approved for a $300 SL with the Platinum cars. Which is better than nothing!
I am so excited to begin building my credit!
Only thing is, now I don’t know if I spend $40 should I pay the balance to zero every month or just a certain percentage? What would look better on my credit score? I am completely new to this!
Congrats on the approval, I would leave a balance to report on the card then PIF before due date, both for scoring purposes as well as showing other potential lenders that you're using the card and using it responsibly, reporting $0 will likely result in FICO scoring penalty and give the impression that you're not using the card at all.
To maximize your score it's best that you report less than 8.9% UTI, but if you do not plan to app again soon, I would just let the charges post to statement and set your CC autopay to pay the full statement balance on due date (this should be done anyway as a safety net), then make an extra payment to bring UTI under 8.9% the month before new application to maximize the score, no need to micromanage all the time.
Congrats OP!
DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!
Congrats on your approval !!!
Congrats on the approval! In the early 2000's I start with a Capital One Platinum myself which eventually PC'd to a Quicksilver, but it was a good place to start. You'll have much success going forward.