CC Questions

[Anonymous]

I've finally gone a full two months without applying for new credit!!  I've just started rebuilding six months ago and I'm trying to hang onto the cards I already have and make the most out of them.

Today, I just received my credit steps increase on my Capital One Secured card, so now it's at $700!

I would like to know something that I can't seem to find an updated answer to. When my Cap1 secured card unsecures, I'm thinking about product changing them. But I hear that Cap1 has had so many recent changes, I just want to know...

Could I still product change the Platinum (when it unsecures) to a Savor One card? Or can I combine limits with my Quicksilver? I thought  the best use for my current card would be to product change my card, but now I don't know if it's even allowed anymore. 

And also, is it possible to product change a personal card to a business card (Capital One)? Just curious.

Overall, I'm going to try to be good for the rest of the year and not apply for anymore credit. That's gonna be TOUGH! But I'm giving it my best shot! 

Thanks everyone for all of your tips! I'm learning so much by being here. Good luck to all of your financial endeavors!

[CreditCuriosity]

@Anonymous I moved your thread out of the FICO challenge thread to the CC section and changed the title for better exposure.  

[AllZero]

Congratulations on your success!

For 2019 secured cards data points show graduation to unsecured is not possible at this time.

Same for account combination.

Product upgrade is still possible if eligible. I'm not sure if it applies to secured card.
https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

[Remedios]

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@Anonymous wrote:

I've finally gone a full two months without applying for new credit!!  I've just started rebuilding six months ago and I'm trying to hang onto the cards I already have and make the most out of them.

Today, I just received my credit steps increase on my Capital One Secured card, so now it's at $700!

I would like to know something that I can't seem to find an updated answer to. When my Cap1 secured card unsecures, I'm thinking about product changing them. But I hear that Cap1 has had so many recent changes, I just want to know...

Could I still product change the Platinum (when it unsecures) to a Savor One card? Or can I combine limits with my Quicksilver? I thought  the best use for my current card would be to product change my card, but now I don't know if it's even allowed anymore. 

And also, is it possible to product change a personal card to a business card (Capital One)? Just curious.

Overall, I'm going to try to be good for the rest of the year and not apply for anymore credit. That's gonna be TOUGH! But I'm giving it my best shot! 

Thanks everyone for all of your tips! I'm learning so much by being here. Good luck to all of your financial endeavors!

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@Anonymous  unless something changed in the last couple of weeks or so, Capital One secured cards no longer graduate. There was a short period of time when cards opened after specific date did become unsecured, but they have since stopped that practice and there is currently no info on when/if they may resume. 

I'm not sure if you can do a product change on secured card. 

Either way, while their secured card is a decent option for building/rebuilding, they are not keeper cards

They do not grow past that steps increase, so managing them can be a problem if that's the card you use the most. 

I would not sweat it too much. Work on your negatives, let your accounts age and in time you'll qualify for better cards anyway. 

Also, auto pay can be your friend when rebuilding as one missed payment can send you right back where you started

Good luck! 

[Anonymous]

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@AllZero wrote:
Congratulations on your success!

For 2019 secured cards data points show graduation to unsecured is not possible at this time.

Same for account combination.

Product upgrade is still possible if eligible. I'm not sure if it applies to secured card.
https://ficoforums.myfico.com/t5/Credit-Cards/Capital-One-check-for-upgrade-link/td-p/4934733

---

Wow. That sucks... 

Thanks for your input... I still have my Discover card which is my favorite anyway! Hopefully that one still unsecures in a few months. 

[Anonymous]

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@Remedios wrote:

@Anonymous  unless something changed in the last couple of weeks or so, Capital One secured cards no longer graduate. There was a short period of time when cards opened after specific date did become unsecured, but they have since stopped that practice and there is currently no info on when/if they may resume. 

I'm not sure if you can do a product change on secured card. 

Either way, while their secured card is a decent option for building/rebuilding, they are not keeper cards

They do not grow past that steps increase, so managing them can be a problem if that's the card you use the most. 

I would not sweat it too much. Work on your negatives, let your accounts age and in time you'll qualify for better cards anyway. 

Also, auto pay can be your friend when rebuilding as one missed payment can send you right back where you started

Good luck! 

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Man! That's really disappointing. I was really hoping I could product change it to a Savor One because I'm not really interested in them triple pulling my credit again... haaaa.

Well, fortunately I absolutely love my Discover It secured!  I'm going to wait for that one to unsecure and at the 1 year mark, I'm thinking I'll product change it to the Discover It Miles if possible. Trying to avoid cold apping for awhile...

But I want my deposit back! Should I close it when my Discover card unsecures? I know that's pretty taboo, and I wouldn't do it if they weren't holding my own money hostage lol. Sneaky sneaky capital one. 

Man, that really threw a wrench in my plan. But thanks for commenting!

[Anonymous]

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@CreditCuriosity wrote:

@Anonymous I moved your thread out of the FICO challenge thread to the CC section and changed the title for better exposure.  

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Thank you! 

[Anonymous]

You can get your money back by closing it out... however if you want to keep yoru scores going up you'll want to make sure you find a replacement for it to fill the slot.  If youw ait long enough you can re-apply for a Cap1 and possibly get a decent limit out of it and then cancel the secured card to get your $ back.

Starting out in credit is a bit of a minefield when it comes to doing things in the right order to minimize damage while trying to grow your scores and success.  Keep reading and asking questions to get pointed in the right direction before blindly making a decision and getting an undesirable result from it.

[Anonymous]

Ok.

So, hi! Currently, I'm rebuilding so the next card I apply for won't be for a few months (I'm thinking maybe around January or February I might want to try applying?).

I'm over a year post bk7 discharge. I also have a charge off that I want to pay off for $500.

Other than that, I'm strictly rebuilding. I don't have any other debt. No new car loans, no student debt, etc. Just three credit cards (discover secured, capital one secured and QuickSilver one). My scores are 607 EX 591 EQ and 582 TU.

I just like to plan lol. So I'm trying to figure out what card I should work towards next?

I'm really getting into traveling, and I wanted to invest in a great travel card. But I've included so many good banks, I feel like it'll be YEARS before I get the ones I REALLY want (*cough Chase Sapphire!)

I iib Chase (2 cards, about $7k total), Citi (a bank and a store card, about $3k total), Barclays (one card about $1k) and Capital One (one card at about $2k).

I also realize Amex won't touch me until at least another three years lol.

Which is all fine. I was going to swear off credit ENTIRELY, but then I came across a house I wanted to buy and...obviously...couldn't get it. =(

Which is why I'm trying to build credit again, but I wanted to start small.

With the cards I have, I'm pretty much solely using my QuickSilver for "business expenses" (I'm a new digital artist freelancer) and my Discover It Secured for personal spend.

I've found that keeping it simple with the two cards really helps prevent me from overspending and, obviously, racking up debt I can't readily pay back. So I want to keep to just two cards, three at the most.

Which brings me to the point of this thread LOL.

I want to travel more, but currently I don't travel a lot. I eat out quite a bit (more than I should...), but I do grocery shop a bit mostly at Wal-Mart, target or Publix. I do spend on tolls, gas, online shopping at Amazon, and... really that's it. Lol

I guess I just wanted some different perspectives on an ideal personal card that I could get within the next few months, maybe a bit longer, to boost my rewards on the spending I already do.

I like cash back, but I'm also interested in miles too. I just feel like the only cards that are being pushed are from Chase, American Express, Citi and Capital One.

Orrrr should i just stick with Discover? I actually really love the Discover bank, but I'm worried about the travel benefits and if they're accepted should i start traveling outside of the country.

Thoughts?

[Anonymous]

I would just keep working the cards you have, especially Dioscover. Put spend on it and eventually they'll graduate you, and get higher limits.

I would wait to app nayhting until your Scores are btween 620 and 650 at least.  

IMO it's bit too early to go for a travel card, at least a good one. Once you score is higher I would recommend Citi, they also have  a secired product if you fine you cannot wait. Or still find it difficult getting unsecured CC.

If you eat out that much, perhaps the Savor should be on your short list. Especially since Amex and Chase are a while off.

Also, now that Cap One has he Walmart card. You might look into getting that for shopping. I'm not much of a fan of Cap1, but since you're already in with them there's that.