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Pre-qual dilemma **UPDATE Approval**

Brooklyn2018
Valued Contributor

Pre-qual dilemma **UPDATE Approval**

Hi Everyone,

I have a dilemma and not sure what to do(?) actually, I’m just scared to app. Should I leave the garden??

In the beginning of the start of my rebuilding I app’d for the Cap1 back in May of this year and was denied the Platinum. Took the 3 HP’s. Didn’t know any better then.🙄 Mind you, I had NO open positive reporting accounts with low scores in the 400’s(TU EQ) EX low 500’s...again, didn’t know any better.

I’ve recently prequal’d for the Cap1 Secured. Haven’t pulled the trigger just yet.

Is it worth the 3 HP’s AGAIN just for another Secured Card??? Granted it is a good bank card but, is it really worth it? Or should I just wait for the 2 HP’s I took for my Discover Secured(7 mos/never late) and Cap1(denial) to hit the 1 yr mark and then go from there??

I know I’m leaving points on the table for not having 3 revolvers and 1 installment reporting. Wonder how many points I’m leaving out there???I’m just so darn scared to app for anything. Plus an installment I’m trying to figure out??

In siggy-
Discover Secured $200
Fingerhut $500
Cap1(AU) $500
No open installments

Any advice would be extremely appreciated.

Thanks

😊


Mods hope I posted it the right forum?




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

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10 REPLIES 10
forestgreenrover
Regular Contributor

Re: Pre-qual dilemma

My first card for my rebuild in Jan 17 was a secured Primor (was First Choice, then Berkshire, now it's Green Dot, I think) Gold, I put $400 on it and it was a soft pull. So no worries there. 3 HP's, or zero? Easy decision. Don't worry about the name of the bank because you will likely end up closing the secured Cap 1 down the road in your rebuild anyway, since it is bucketed. I will say that the payment situation on that Primor card was quirky, but it worked. Closed it after 15 months. It helped (as always with rebuilds, I had a few irons in the fire) raise my scores from 470-490's to 600 within a couple of months.

 

I did have a secured Cap 1 Plat at the outset of my rebuild though. I threw $1k at it to make it useful (I guess), they unsecured it after a year. Then upgraded it to a QS, which late last week I got my first CLI on from $1300 to $1450. 

 

Personally, I wouldn't do the Cap 1 since 1.) you already are in with Disco, 2.) I wouldn't take another 3 HP's, 3.) the Green Dot secured was a fantastic option as a SP and opened a lot of doors for me. 

 

Best of luck with your journey and whatever you choose.

AmEx Gold, BECU Cash Back 38k, PSECU Founders Visa Sig 30k, IKEA Projekt 28k, NFCU CashRewards 28k, Macy's AmEx 25k, NFCU More Rewards 24.5k, PNC Cash Rewards Visa Sig 20k, PNC Core 20k, Lowe's 17k, Overstock.com 16k, NFCU Plat 15.3k, FNBO Visa 12.3k, AmEx BCP 12k, AmEx EDP 12k, Citi DC 11k, AmEx Delta Gold SkyMiles 10k, PayPal 2% 10k, NFCU CLOC 10k, BBVA Clear Points 9.5k, Amazon Store 8k, Discover it 7.9k, PenFed Power Cash 6.25k, Kay 5.25k, Huntington Voice Plat 5.1k, J.Crew 4.5k, 5/3rd Trio 4k, Citizens Cash Back+ 3.8k, BB&T Bright 3.5k, BB&T Spectrum CR 3.5k, WF Cash Wise 3k, Huntington Voice Rewards 2.9k, WF Propel 2k, BECU Visa 2k, Citi Goodyear 1.9k, Cap 1 QS 1.75k, Cap 1 QS 1.45k
Message 2 of 11
Brooklyn2018
Valued Contributor

Re: Pre-qual dilemma

Thanks forest for the reply.👍

I gave cards like that a thought. The SP is the plus. You’re right about possibly closing Cap1 down the road as I’ve read so many have.
I’m really just scared to app. I’m thinking the longer I stay in the garden the better. Allowing the HP’s🙄 I’ve taken to age the full year and get those few precious points back and possibly then some, while the accounts age as well and the see where I’m at then(?)
It was easy in the beginning to app to build scores but, now time and on time build scores. So, it definitely is a dilemma, for me anyways.




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

Take the myFICO Fitness Challenge













Message 3 of 11
Hillified80
Member

Re: Pre-qual dilemma

Open Sky is a good option. They dont do a credit check, report to all 3 bureaus, and their customer service is actually good. I certainly wouldn't waste 3 HP's for a secured card you will eventually close anyway. Good luck!
Discover It $10,500, AMEX BCE $12,000, BB&T Spectrum $5,000, Citi TY Preferred $8,600, Capital One Venture $7,000, Chase Freedom Unlimited $8,100


FICO 08: 3/15/20
EXP: 703
TU: 711
EQ: 707
Message 4 of 11
SomewhereIn505
Valued Contributor

Re: Pre-qual dilemma

I don’t think a Cap One account (secured or otherwise) is required to rebuilding. Follow you programs plans to get out of secure status, earn CLI, and develop good credit habits. It does take time, you can grow it aggressively, but having good scores will be worth it. 



9/16/17 FICO 9 TU-661 EQ-648 EX-607
12/27/17 FICO9 TU-706 EQ-672 EX-690
3/16/18 FICO9 TU-700 EQ-669 EX-716
6/26/18 FICO9 TU-750, EQ-672, EX-789


Message 5 of 11
Brooklyn2018
Valued Contributor

Re: Pre-qual dilemma **UPDATE Approval**

Ok. So, I slept on it. Woke up this morning and did some comparison shopping lol

Everyone I really want to thank you for you kind advice. I don’t want you to think I wasted anyone’s time. I didn’t I hope.

So I weighed all the pros and cons and here is what I came up with to make my decision. Hopefully, it’ll help others as well.

Ok. So comparing cc’s I looked at and saw most SP Secured cc’s have annual fees.
Cap1 does not. +1
(Most)SP Secured cc’s don’t offer auto/CLI’s.
Cap1 does. +1
SP Secured cc’s do not offer PC cc’s.
Cap1 does. +1
SP Secured cc’s do not graduate.
Cap1 does. +1
SP Secured cc’s don’t offer(upon approval) a lower security deposit to fund the cc.
Cap1 does. +1 (me $99)😃
Sp Secured cc’s don’t do 3 HP’s. +1
Cap1 does. 🙄 -1 or -3 😆

Although, I do understand that, in some cases, it’s not the cc’s name but, how responsible you are with the credit extended to you.
So, with all my comparison shopping...I decided to go with the Cap1 for all the reasons stated above. In the end, if I stay ‘bucketed?’ Like most, I will do as they have and close it once I’m in the position to do so...IF that happens.
Well, that completes my ‘3 cc’s’ in my name, finally. I’m excited. I’ve come a long way in 7 mos. So, back in the garden I go...for now

...now if I can only find the RIGHT installment, I’ll be set...

Thanks again guys.👍

DP
Pulled all 3B
Info decided was mainly EX 573(only score gave upon approval)
INQ 2/12mos
UTL 3%
1 CO/PAID(Feb/2018)
2 CO Repos/unpaid(Mar/2015 Oct/2015)
3 collections/unpaid(Dec/2012 Jun/2018 July/2018)

Again, thanks again guys!!👍👍

😊




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

Take the myFICO Fitness Challenge













Message 6 of 11
RonM21
Valued Contributor

Re: Pre-qual dilemma **UPDATE Approval**

Congrats on the progress and approval!
                

Total CL: $306.1kUTL: 3%AAoA: 6.8yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k |DISC-40.6k | PENFED-38.4k | AMEX-37k | NFCU-37k | LOWES-35k | ALLIANT-25k | BARCLAYS-15k | CITI-13.7k | CHASE-10k

Message 7 of 11
Brooklyn2018
Valued Contributor

Re: Pre-qual dilemma **UPDATE Approval**

Thanks Ron, I appreciate that.

😊




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

Take the myFICO Fitness Challenge













Message 8 of 11
VoltronM
Senior Contributor

Re: Pre-qual dilemma **UPDATE Approval**

Congrats on your approval !!!!

 

8-2019 / Fico 8 EX 8013 , EQ 8016 , TR 810
Amex ED 22k , CSP 17k , Discover iT 12.5k , Fifth Third Bank S2C 12k , BofA Cash Rewards 10k , Avianca Vida 10k , State Farm Good Neighbor Visa 10k , Citi DD 6k , Union Bank Rewards 5k
Message 9 of 11
Brooklyn2018
Valued Contributor

Re: Pre-qual dilemma **UPDATE Approval**

Thanks, Voltron!

Miss my morning Voltron cartoons 😀

😊




Goal Score: 600(within a year)**MET MY GOAL**
Goal Score: 700(by May/2021)>

Take the myFICO Fitness Challenge













Message 10 of 11
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