FIRST credit card

Anonymous · ‎11-13-2014

Hello all,

i have no credit whatsoever so i applied for a capital one journey card following instructions from a fellow member and got denied 2 weeks ago. Apllied for paypal credit card by mistake (aparently to have a paypal account you have to apply for a card in the same time) got denied too...

Tonight i applied for a capital one platinum , got approved but for $300 is that a joke?

Dan

FinStar · ‎11-13-2014

@Anonymous wrote:
Hello all,

i have no credit whatsoever so i applied for a capital one journey card following instructions from a fellow member and got denied 2 weeks ago. Apllied for paypal credit card by mistake (aparently to have a paypal account you have to apply for a card in the same time) got denied too...
Tonight i applied for a capital one platinum , got approved but for $300 is that a joke?
Dan

Hmmm... let's see, no credit and approved for $300? Nope, I don't see a joke... CONGRATULATIONS on your first credit card! I assume this is an unsecured CC? Oh, and welcome!

NRB525 · ‎11-13-2014

@Anonymous wrote:
Hello all,

i have no credit whatsoever so i applied for a capital one journey card following instructions from a fellow member and got denied 2 weeks ago. Apllied for paypal credit card by mistake (aparently to have a paypal account you have to apply for a card in the same time) got denied too...
Tonight i applied for a capital one platinum , got approved but for $300 is that a joke?
Dan

+1 No joke, real life, Congratulations!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

Anonymous · ‎11-13-2014

Welcome to the forum and your new journey. No, it is definitely not a joke. With no history at all, lenders will be reluctant to extend unsecured credit to you.

My advice: Use your new card to pay for stuff instead of a debit card. Pay your card off as soon as transactions post and keep it paid in full each month. By doing this you will be building a strong history. In 6 months Capital One will probably increase your CL to at least $500. After 1 year, you should have enough of a history to grab a better card (possibly a Discover It.)

Anonymous · ‎11-13-2014

Thanks you, i guess lol $300 dont help much. just applied for a discover it and was asked to attached copied of DL and SSC , it says a should hear in 7 business days...

Schrodinger · ‎11-13-2014

Congrats on your first credit card! Hey, we all have to start somewhere! Use your card to build up your credit and pay on time. Try not to apply to so many credit cards all at once. The companies are doing hard pulls each time and it will affect your score!

July 2014 FICO® ~ 686 TU, 675 EQ, 665 EX

-Cal- · ‎11-13-2014

@Anonymous wrote:
Thanks you, i guess lol $300 dont help much. just applied for a discover it and was asked to attached copied of DL and SSC , it says a should hear in 7 business days...

Congrats on your Capital One Platinum and it sounds like your Discover IT will be approved.

TURNERHOOVER · ‎11-13-2014

Congrats on the cap one but limit the apps. Too many INQs and not enough approvals can be damaging for awhile. Trust me I know.

@Anonymous wrote:
Hello all,

i have no credit whatsoever so i applied for a capital one journey card following instructions from a fellow member and got denied 2 weeks ago. Apllied for paypal credit card by mistake (aparently to have a paypal account you have to apply for a card in the same time) got denied too...
Tonight i applied for a capital one platinum , got approved but for $300 is that a joke?
Dan

SunriseEarth · ‎11-14-2014

@Anonymous wrote:
Hello all,

i have no credit whatsoever so i applied for a capital one journey card following instructions from a fellow member and got denied 2 weeks ago. Apllied for paypal credit card by mistake (aparently to have a paypal account you have to apply for a card in the same time) got denied too...
Tonight i applied for a capital one platinum , got approved but for $300 is that a joke?
Dan

Congrats on approval. As for the $300 CL, they start you off low. With no credit history, no lender is willing to hand you the keys to the kingdom right off the bat. The card is very likely in their Credit Steps program, so you should be automatically considered for a CLI in 5-6 months. If not, just request a CLI on this CC once it's been open 6 months. Once you've established a credit history, you'll begin to have more success with other lenders.

mtrsprt · ‎11-14-2014

Stop applying. Let some positive current history report.

Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011
Current Score: 753 TU, 764 EQ, 766 EX on 02/17/2014
Goal Score: 720-740 Across the board

Take the FICO Fitness Challenge