Thank you Capital One!

[GettingBetter2015]

I posted in the App board earlier this evening, so I will give a quick run down of my history since this is my first couple posts here...

I have current scores of 572/578/586 

I also have some derogatory info on my CR, but some of it should be falling off here very soon. 

I applied a year ago after the SCT pulled up pre-approval for a Vickie's card... Instant $500 approval which has since grown to $900 (I shop there a lot)

Last week I was making some home purchases at Macy's and the saleswoman asked if I wanted to apply for a Macy's card. I started to say no because I hate apping in store and getting turned down, however, my 6 year old kept urging me to do it, so I went for it. Approved for $300 and I have already run that much through it and paid it off already.

Yesterday, I decided I needed a major bank card in my record to help build my scores up to respectable... I figured I would only get approved for a secured card so I chose Capital One. I was approved to do the $49 deposit but chose to add $51 to make a $100 deposit. I decided for the fun of it to check their pre-approval website...It showed the  Platinum Mastercard and the Quicksilver 1. I liked the Quicksilver 1 better because of the cash back offer, but I was afraid of getting a decline. Following someone's advice, I decided to pull the trigger and app for it anyway. Instantly approved for $500! I am so excited because it finally feels like I am getting back on track! 

What should I do now though? I want the cash back, but I know I should also use the Secured card as well. Should I use the QS1 card for my everyday purchases like groceries and gas and then pay it off, and then only use the secured card for an occasional purchase like <$50 and pay it off each month? I want my credit score to grow so that I can hopefully finance a HVAC unit for our house next year.

[Anonymous]

Nice.. Congrat!!!!

[blunderer]

Congrats on your recent approvals.

Sounds like using the QS1 for everyday purchases is a good way to go especially since it does offer cash back on purchases.  I'm not sure why you feel you "should"  use the secured card other than the hope that it'll graduate to non-secured.  As long as you keep your credit cards in good standing your credit will grow especially the QS1 which will probably get an auto credit limit increase (CLI) in 4 to 6 months if it's on CapOne's Credit Step Program. Even if you don't get an auto CLI you can select their link for a credit limit increase request (luv button) to request a CLI which is usually a soft pull with CapOne.

NOTE: Even if the secured doesn't get regular use it'll show in good standing on your credit reports, assuming payments are/were made on time.

Good luck on whatever route you decide.

[uswala]

Congrats!

[Anonymous]

Congrats!

Don't feel obligated to use the secured card. The QS1 is fantastic and should serve you well and grow with you over time. There is very little chance the secured card will grow with you as Cap One doesn't like to unsecure. I think they prefer you to reapply. Use that QS1 and you should be able to grow with it!

[GettingBetter2015]

Thanks, Blunderer! I guess I figured it would be better to show some usage on the secured card. I'm excited to get both of them in the mail! We're in the process of completing a huge home remodel, so I'll be able to use the QS1 for some purchases here and there. I just want my own good credit history and not have everything get put on my husband's credit...

[Anonymous]

---

@GettingBetter2015 wrote:
Thanks, Blunderer! I guess I figured it would be better to show some usage on the secured card. I'm excited to get both of them in the mail! We're in the process of completing a huge home remodel, so I'll be able to use the QS1 for some purchases here and there. I just want my own good credit history and not have everything get put on my husband's credit...

---

Congrats again and remember we are all here to help you and each other in our journeys to great credit

[GettingBetter2015]

Thanks Applurker! It definitely sounds like the QS1 is the way to go for me! I applied last summer for the platinum Mastercard through them but never sent in my POI. This app went through immediately tonight so I'm sure having the great history with Vickie's helped some with the decision process!

[Anonymous]

Congrats on your approval QS1! Stories like this are great to hear. Especially for folks like me rebuilding. I was approved for the Platinum $1k limit. We have similar profile so maybe I'll pull the trigger and do the quicksilver app…decisions...also some say if you app for more products in 30 days it's only one HP?

[GettingBetter2015]

I just went back and checked and they don't list the platinum one being pre-approved for me any more. I got the standard "We couldn't match you with an offer, but here's some of our cards you might be interested in" I didn't expect anything less, but if anyone happens to know about the HP within 30 days and I see a pre-approved offer from them again, I might consider it though the platinum card didn't interest me as much as the QS1!