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Capital One Process - Update: Approved

Civil
Regular Contributor

Re: Capital One Process After Submitting Additional Information

Make sure you keep up with your card and payments...After 5 to 6 months they will give you an increase. I went from 500 to 3.5k last week so keep up the good work






Message 11 of 15
Xiang182838
Established Contributor

Re: Capital One Process After Submitting Additional Information

Congrats on the approval!Smiley Very Happy




Message 12 of 15
Jerry45
Valued Contributor

Re: Capital One Process After Submitting Additional Information


@renesloan01 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. A Cap One card looks great on your CR for rebuilding.

Message 13 of 15
Meanmchine
Super Contributor

Re: Capital One Process After Submitting Additional Information


@oldman87 wrote:

@renesloan01 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.


Good advice

 

I would however set your autopay to pay your balance one week before your due date. This way, if there is an unforseen issue that pops up, you have plenty of time to submit a manual payment.


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>12/2020 CCT EX 821 TU 826 EQ 840


"Survival kit contents check. In them you'll find:

- One forty-five caliber automatic
- Two boxes of ammunition
- Four days' concentrated emergency rations
- One drug issue containing antibiotics, morphine,
vitamin pills, pep pills, sleeping pills, tranquilizer pills
- One miniature combination Russian phrase book and Bible
- One hundred dollars in rubles
- One hundred dollars in gold
- Nine packs of chewing gum
- One issue of prophylactics
- Three lipsticks
- Three pair of nylon stockings.

Shoot, a fella' could have a pretty good weekend in Vegas with all that stuff."

Major Kong (Slim Pickens) in Dr. Strangelove 1964
Message 14 of 15
Shooting-For-800
Senior Contributor

Re: Capital One Process After Submitting Additional Information

Use the card for everything a make a payment every WEEK leaving a balance to report each month.

 

Treat it like a debit card.

 

GL!

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2022.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!


Message 15 of 15
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