Building credit + cc app

[Snipper117]

I received a similar letter when applying for my venture card about 3 weeks ago. I called capital one applications phone number 2/3 days after I received the message and they notified by I would receive a phone call in a day or 2. Sure enough next day cap one called to verify it was me who applied. They told me I would receive a letter in the mail regarding the application decision in 7-10 days same message I originally got when applying online. I called back about 2/3 days later again and the CSR told me I was approved. Phone calls will absolutely help move this process along quicker than waiting for letters in the mail. Good luck !

[Anonymous]

I am also a recent immigrant and I wrote a long article about this topic . 

http://ficoforums.myfico.com/t5/Credit-Card-Approvals/New-life-in-the-USA-New-SSN-how-I-went-from-no...

So basically others have already pointed out you shouldnt have gone for the secured Discover because they approved me for the Discover IT unsecured without anything on my credit report and 500 limit. But all the perks of the Discover IT .

Also second thing you that would have been good let the secured card report. I think you would have gotten an approval then . 

But you should still try to recon that decision . 

After my first month of discover reporting. AMEX gave me an instant approval on the Delta Gold . 

Good luck

[Anonymous]

If your discover reported and is under 10 percent. I would move away from CapOne if recon failed and try for example the place you bank with . Where you get your salary deposited into and try for an unsecured one . 

[bondsandloan]

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Also second thing you that would have been good let the secured card report. I think you would have gotten an approval then . 

But you should still try to recon that decision . 

After my first month of discover reporting. AMEX gave me an instant approval on the Delta Gold . 

Good luck

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Can I clarify your point here - are you saying if I had let the secured card report, I would have been approved for the Amex Everyday or Capital one QS? Maybe I didn't clarify in my post, I apped for the AMEX in June 2017 and once the 4506-T came, didn't do anything about it and just gave up on credit. Only decided to app for the Discover Secured on 25 Jan 2018 and now the QS today. 

In any case, AMEX never decliend me for the Everyday (never got letter and reason for decline in mail) and the online application status still says "additionals documents pending". Online it says it needs me to updload a bank statement and PGE bill - which I did like 3 or 4 times (bk st is joint with wife & PGE bill is in my name), the 4506-T form request only came via snail mail. Is there any way now to get this app approved? 

Amex has also sent me pre-selection offer for the Everyday to my address in Nov& Dec 2017, to which I never replied - as I thought they would ask for the 4506-T again, which we won't sign. Any thoughts/ advise? 

[bondsandloan]

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wrote:
I received a similar letter when applying for my venture card about 3 weeks ago. I called capital one applications phone number 2/3 days after I received the message and they notified by I would receive a phone call in a day or 2. Sure enough next day cap one called to verify it was me who applied. They told me I would receive a letter in the mail regarding the application decision in 7-10 days same message I originally got when applying online. I called back about 2/3 days later again and the CSR told me I was approved. Phone calls will absolutely help move this process along quicker than waiting for letters in the mail. Good luck !

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Thanks Snipper - Will try this tomorrow. 

[bondsandloan]

Hi everyone - so I basically did what Snipper suggested. Called them yesterday to ask about status and if anything was needed from my end. Capital one said they'll call me in the next day or two.

Lo and behold, they called me in 2 hours, it was an indentity check, multiple choice questions. Waiting another day to call them back!

Had another quick question - I understand some of you said that I short changed myself in terms of apping the Discover Secured and not the Discover IT unsecured. Is this concern only in relation to the credit limit I have on the secured ($800) vs what could have been on the unsecured? Or is there any concern in terms of how the secured reports to the CBs - does it report as revolving credit? And does it report as a secured card? Leading to longer period to build credit vs an unsecured.

Also, the QS app was in before the Discover reported the statment and think also before the HP reported. Think maybe it was a secured card, the HP doesnt appear in Experian and when I look at TU and EQ through CK. The Capital one pull reports on all 3 as suggested.

[Anonymous]

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wrote:

Hi DTF and Harvey - thanks for this. I  think i didn't clarify in my original message - I signed up for the Experian 1$ service 6 months ago and now see my scores through free membership from time to time. The Experian Fico 8 score is 756 as of 25 Jan 2018. Only TU and EQ scores I mention above were from CK. TU and EQ sites want $7.99 a pop for the scores so haven't gotten them.

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If you are still looking for options to get your TU and EQ FICO 8 scores, signing up for Experian IdentityWorks Premium is an option. They have a 30 days free membership plan (then it goes to $19.99 a month). You can get your current 3B FICO 8 scores (and several other EX FICO scores), and the daily EX FICO scores for the next 30 days. Just make sure to call and cancel your membership before the trial period expires. 

[bondsandloan]

Thanks. Appreciate here. Here are Fico 8 scores after signing up:

EX: 756; EQ: 762; TU: 766. 

[bondsandloan]

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wrote:

Hi everyone - so I basically did what Snipper suggested. Called them yesterday to ask about status and if anything was needed from my end. Capital one said they'll call me in the next day or two.

Lo and behold, they called me in 2 hours, it was an indentity check, multiple choice questions. Waiting another day to call them back!

Had another quick question - I understand some of you said that I short changed myself in terms of apping the Discover Secured and not the Discover IT unsecured. Is this concern only in relation to the credit limit I have on the secured ($800) vs what could have been on the unsecured? Or is there any concern in terms of how the secured reports to the CBs - does it report as revolving credit? And does it report as a secured card? Leading to longer period to build credit vs an unsecured.

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Thanks everyone. I just called Capital One 2 days after the phone call and they told me I was approved for the QS with a SL of 10,000$. They said application was approved on 30th Jan (apped on the 29th, called them on the 30th) itself. So they maybe approving apps on the day they call u itself.

Any ideas what I should do with my Discover secured card now? I called yesterday and they said the card has not been mailed out yet and they need 8 business days after application to set everything up. I apped on the 25th of Jan I think. Secured deposit has been debited from account on 30 Jan. Can I cancel it and app for an unsecured one now or in 2 months? OR should I just keep it?

[ChessChik47]

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wrote:

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Any ideas what I should do with my Discover secured card now? I called yesterday and they said the card has not been mailed out yet and they need 8 business days after application to set everything up. I apped on the 25th of Jan I think. Secured deposit has been debited from account on 30 Jan. Can I cancel it and app for an unsecured one now or in 2 months? OR should I just keep it?

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I recommend keeping it.  You took the HP so now build the relationship with Discover.  Use the card "normally" and PIF and you'll graduate out of secured status and have a good relationship with them.