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Capital One QS *approval

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New Contributor

Capital One QS *approval

Called the application status line today. My application was approved with a $300 limit. Super excited since I'm rebuilding and just started January 26th of this year!

What tips can you provide? Should I use the card for a small purchase and pay off the balance before I get my statement?

My goal is to have a score in the high 700's within the next 4 years because I'll need to apply for a home loan.
Rebuilding in March 2018
TU: 590 EQ: 594 as of 3/18
CO QS1 400 SL
CO Platinum 300 SL
Auto loan 9k
Gettington 400 SL

Scores 7/26/2018
TU: 605 EQ: 615
Message 1 of 7
6 REPLIES 6
Community Leader
Senior Contributor

Re: Capital One QS *approval

The most important thing you can do is pay on time. As you probably know, utilization is just a snapshot in time. In other words, if it isn't ideal one month, it can be fixed the next.

 

If this is your only card and you'd like to optimize the utilization portion of your score, let a small balance report to the bureaus (without paying interest, of course). Pay your card down to between $5 and $10 before the statement cuts, and let that amount report. Reporting a balance of zero will ding you. If you have more than one card, leave the small balance on one card with the rest paid to zero.

 

For more information, search for AZEO on this forum. And of course, feel free to ask questions. Smiley Happy

Message 2 of 7
Established Contributor

Re: Capital One QS *approval

Everything HeavenOhio said and I'll add set up auto pay.


Message 3 of 7
New Contributor

Re: Capital One QS *approval

Perfect, thanks to both of you! Yes, this is my 1st and only credit card. I'll take your advice on this.
Rebuilding in March 2018
TU: 590 EQ: 594 as of 3/18
CO QS1 400 SL
CO Platinum 300 SL
Auto loan 9k
Gettington 400 SL

Scores 7/26/2018
TU: 605 EQ: 615
Message 4 of 7
New Contributor

Re: Capital One QS *approval

Congrats. If you're enrolled in credit steps make sure you request a CLI on your 3rd or 4th statement. 


Message 5 of 7
Valued Contributor

Re: Capital One QS *approval

Congrats on your Cap1 approval and good luck on rebuilding.

They can be very helpful for that it you take care of things 

State Farm Rewards (3,000) ~ Marvel MC (8,000) ~ PenFed Power Cash (10,000) ~ PenFed Promise (1,000) ~ PenFed OLOC (500) ~ Discover ($1,100) ~ Citi DC (2,200) ~ NFCU cashRewards (6,200) ~ NFCU Platinum (2,700) ~ NFCU CLOC (15,000) ~ Venture (10,300) ~ DCU Visa (5,000) ~ Chase Freedom (3,000) ~ Amex Hilton Honors (5,000) ~ Amex SPG (1,000) ~ Amex BCE (1,000) ~ Care Credit (15,000)
Current Scores (6/6/18): 697 Transunion, 659 Equifax, 674 Experian
Message 6 of 7
New Contributor

Re: Capital One QS *approval

I'll be sure to do that. Can't wait to be in the 700 club with y'all!
Rebuilding in March 2018
TU: 590 EQ: 594 as of 3/18
CO QS1 400 SL
CO Platinum 300 SL
Auto loan 9k
Gettington 400 SL

Scores 7/26/2018
TU: 605 EQ: 615
Message 7 of 7
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