Finally!!! capital one and credit one

[Anonymous]

after waiting almost two weeks for both applications to be processed I got approved for a personal credit one card with a $400 limit and a capital one spark card with a $500 limit. I want to continue this little spree before anything hits my credit. I just got another car this month as well, so I am worried it will drop my scorwhen all three finally hit. I was turned down by AMEX unfortunately but another capital one card couldnt hurt. I already have a quicksilver one with a $1300 limit as well. any suggestions? 

I started this with a 630 something score in april and the inquiries have dropped me to a pitiful 602. I want to get them all in my wallet now so that I can garden for the next 6 months, but I do not know who else to apply with. I wasn't prequalified for the spark card or any other ones they have available but I was still approved.

[Vegas4Play]

Congrats to you, best of luck on your rebuild

[MrsCHX]

If you're down to a 602 -- do not apply for anymore credit. It'll more than likely be denials.

I started about 610; got some approvals, bumped up to about 630 so applied for a couple more! Now I have way too many INQs and my score has dropped again. Just garden, let that score build. Instead of adding new credit, work on removing any derogatory items you have. Getting negatives off + gardening (adding positive history) will make your score rise!

Slow and steady wins the race!

[Anonymous]

Congrats on cap 1, throw credit one in the trash!  I think you need to stop apping. Your scores are just too low and you will do more damage with wasted inquiries that will stick to your credit report for 2 years.  You need to let some history report.  If you have baddies holding you back, focus on cleaning those up.

When I started my credit journey, my scores were barely 600. I got a Cap 1 card and let it report for 3 months, then I got a store card I knew I would use and let it report. I got rid of an old derogatory account (tip - never cosign for someone).  It was 9 months before I went on a true app spree. After my first year of building credit, my scores were up 100 points and I had about $50k of credit. In 18 mo, I am at $125k and gardening to get my scores up to 750 across the board. I am shooting for 800 by this time next year.  It takes time so have patience!

[Anonymous]

With those scores I wouldn't recommend going on an app spree. You're setting yourself up for denials and your score will most likely go down even further. It's not worth it

I also don't get why anyone would app for a credit one with a QS1 with that limit. But congrats anyway!

[Anonymous]

Yeah don't apply for anymore right now.  Keep what you have and pay your balances in full. Then try for the next level of cards in 6 months when your scores get higher.

[Anonymous]

You need to flush Credit One down the toilet. Another card from the Hills that have eyes!

[NattyPButter]

Don't know why ppl are telling you to drop the Credit One it's to damn late he already took the hard pull and hit on his AAOA. Also Credit One isn't all that bade besides the activation fee. You don't have to pay any of the other fees if you don't ask for CLI and just take the auto CLI and close the card before the other annual fee hits. I have the card and used it muiltple times and have not paid a fee yet. I don't use it anymore since I have better cards though but the OP isn't going to get much better cards with his low Fico score.  

[Anonymous]

 Why say get rid of it? How about the enrollment and annual fee for starters? If a person is going to pay all the ridiculous costs associated with a credit one account, they would be better off just getting a secured card with a credible bank. Credit One begins charging interest the second a charge hits the account.  This means that you are even paying interest on the "enrollment fee".  Credible lenders don't charge interest until the statement cuts.  Credit One also doesn't give auto cli's.  They offer a cli and you can take it for a ridiculous fee of $25+.  I just stated the obvious. Research credit one (who likes to make themselves look like capital one to trick people) and look at all the underhanded things they do.  There are better options out there to rebuild credit.

 The posts deterring credit one are beneficial to those who are new to the forums and new to building credit, not necessarily the OP.  New credit builders need to be aware of the bad credit companies.

[pipeguy]

I understand the Cap-1, but I don't understand the Credit One. If it was me, with your scores and cards, I'd cancel the Credit One right now  You can probably get the activation fee refunded, but you'll save your self a lot of grief and additional fees for a card you end up canceling in a year anyway - $400 CL is basically worthless given your other cards.