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Rebuilding - Capital One and Credit One approvals

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Gatortrout
Regular Contributor

Rebuilding - Capital One and Credit One approvals

I narrowly avoided having to file BK. I defaulted on 5 credit cards in 2015-2016 and somehow managed to keep my Discover IT active. I was able to settle all but my BofA account about a month and a half ago and have already seen improvement in scores.

Capital One let me back in already with a $400 limit Quicksilver One.

Credit One gave me the Platinum with also a $400 limit.

So I now will have a $5,000CL Discover, $400 Capital One, and $400 Credit One.

I have a pre approval for a first premier that I recieved in the mail today and am wondering if my rebuild would benefit at all by adding this card as well while I'm at it. Havent heard too many good things about them but seems to be a fairly popular card for rebuilding, just not sure if it would benefit my situation at all or not.

Thanks for any input.

All 3 scores are 590-600.
Message 1 of 10
9 REPLIES 9
Ardecko
Frequent Contributor

Re: Rebuilding - Capital One and Credit One approvals

There's no benefit to having the First Premier specifically, or any additional card right now.

Focusing on new cards or limits will not benefit you nearly as much as just letting these new cards age and possibly paying off any remaining bad accounts.
2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2020-02-07 FICO 08: TU 789
2020-02-10 FICO 08: EX 752

Gardening, mostly, again until... soon(I need to replace my car)

Message 2 of 10
Anonymous
Not applicable

Re: Rebuilding - Capital One and Credit One approvals

@Gatortrout -

 

Super Congrats on your approvals! Smiley Very Happy

 

+1 on what @Ardecko said. Care and feed your current accounts.

Keep your overall utilization extremely low, and pay off any baddies

you may still have. Before you know it, your 590-600 FICOs will be

in the 690-700s territory. At that point, you'll have much better choices. Smiley Very Happy

 

Congrats again on your success. Just stay the course

and everything will work out nicely. Thanks for sharing! Smiley Very Happy

 

Message 3 of 10
Gatortrout
Regular Contributor

Re: Rebuilding - Capital One and Credit One approvals

@Ardecko

Thanks, I didnt figure so.

@AllThingsInTime

Thanks! Even though they are starter cards, it was a good feeling to get accepted by both when I know nothing would accept me for the past near 5 years.

I will let these age and work on getting my BoA account settled.

I was honestly surprised Capital One gave me a card since I just settled with them for 60% of a $5500CL not even 2 months ago.
Message 4 of 10
Anonymous
Not applicable

Re: Rebuilding - Capital One and Credit One approvals

Congrats on your approvals !!!

 

 

Message 5 of 10
19eighty5
Senior Contributor

Re: Rebuilding - Capital One and Credit One approvals

Congratulations!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:


Message 6 of 10
RehabbingANDBlabbing
Established Contributor

Re: Rebuilding - Capital One and Credit One approvals


@Gatortrout wrote:
I narrowly avoided having to file BK. I defaulted on 5 credit cards in 2015-2016 and somehow managed to keep my Discover IT active. I was able to settle all but my BofA account about a month and a half ago and have already seen improvement in scores.

Capital One let me back in already with a $400 limit Quicksilver One.

Credit One gave me the Platinum with also a $400 limit.

So I now will have a $5,000CL Discover, $400 Capital One, and $400 Credit One.

I have a pre approval for a first premier that I recieved in the mail today and am wondering if my rebuild would benefit at all by adding this card as well while I'm at it. Havent heard too many good things about them but seems to be a fairly popular card for rebuilding, just not sure if it would benefit my situation at all or not.

Thanks for any input.

All 3 scores are 590-600.

I'm in a similar place right now. I had several cards charge off in 2016 (about $70k total). I just couldn't afford to pay them anymore. I did manage to keep a few open and paid, but I also paid off and closed some small ones from Synchrony (Amazon, Paypal, Mattress Firm). I have been settling as well, but money has been tight ever since. I think the tax refund I am getting this year and paying off my $400 a month car payment will be the turning point for getting back in shape financially (along with some cosnsitent disputing of negative items). Congrats on your approvals and good luck on your continuing credit recovery!

Message 7 of 10
hawkins
Frequent Contributor

Re: Rebuilding - Capital One and Credit One approvals

This is also how i started out. However, be very careful with Credit One. Matter of fact I advise to ditch that card right away. That bank is very shady and will try to trap you in many different ways. Since you have new Discover with $5000 limit you wont need that Credit One card anyways. Also, like the other person said do not go for First Premier that bank is in some cases even more shady then Credit One. When you get the chance PC your QS1 into a regular QS to avoid the AF. In time yor score will climb as well as your AaoA. Most of all good luck and have fun with it. Peace out!

Message 8 of 10
CivalV
Established Contributor

Re: Rebuilding - Capital One and Credit One approvals

I agree with Ardecko. My siggy shows I have two First Premier cards... but let me say it was all due to super hard times. Now I am trying to cut the 2 premier cards out but I want to even out the amount of credit so when i close them I wont take a huge hit in UTL.

First Premier is not worth it...

Funny thing they actually sent me another email stating I am preapproved for ANOTHER card. Imagine having 3 of those? NOPE haha
Message 9 of 10
Gatortrout
Regular Contributor

Re: Rebuilding - Capital One and Credit One approvals

@Hawkins

My Discover card I have had since 2013. It was the one card I was able to hang on to and not default on. They were also very nice to work with when I was going through my troubles.

Capital One letter said after 5 on time payments I will receive a CLI.

I did not get the First Premier card. I will ditch the Credit One by this time next year I hope.

Message 10 of 10
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