Capital One Is Screwing Me Over

[gdale6]

Here is some info on how to get a real FICO score every month, you may want to put them on your list for cards

For EX:  FNBO or PSECU

For TU: Walmart (GECRB), Discover or a Barclays

For EQ: DCU

[xXIDaShizIXx]

I certainly will, and do you recommend getting another secured card in the meantime?

[MissCredit9]

OP, 4 months is not that long, try to be patient. I started off with a cap1 secured in November 2012, waited 8 months and got all the cards I have now between 8/13 and 1/14. I would not get anymore $500.00 secured cards or when you app for unsecured cards you will be stuck in low limit hell. I would wait til the account is 6 months old then app for Barclays or Discover (unsecured). I would wait to close the secured card until it has been open for 1 year. if you feel the need to invest more money in your credit then add a deposit make the Cap1 limit higher. Larger limits beget larger limits.

[xXIDaShizIXx]

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@MissCredit9 wrote:

OP, 4 months is not that long, try to be patient. I started off with a cap1 secured in November 2012, waited 8 months and got all the cards I have now between 8/13 and 1/14. I would not get anymore $500.00 secured cards or when you app for unsecured cards you will be stuck in low limit hell. I would wait til the account is 6 months old then app for Barclays or Discover (unsecured). I would wait to close the secured card until it has been open for 1 year. if you feel the need to invest more money in your credit then add a deposit make the Cap1 limit higher. Larger limits beget larger limits.

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So how much more should I deposit into the Capital One Card? And should I maybe start leaving a small balance to experiment and see if they will report that way?

[xXIDaShizIXx]

Also, did you only leave $500.00 on your card? Because that is all that I have on my capital one as well. 

[MissCredit9]

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@xXIDaShizIXx wrote:

Also, did you only leave $500.00 on your card? Because that is all that I have on my capital one as well. 

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My secured card was for $1000.00. They actually gave me an increase to 1300.00 on the card after 6 months though. The $500.00 Quicksilver in my siggy is the first unsecured card that I appe'd for. I couldn't understand why they gave me such a low limit on the Quicksilver when I had a good "history" with my secured. My theory now is why would a creditor give you a non-secured card with a higher limit than your secured card with them which will probably just result in you closing the secured card which is free money for them until you close it? That's why I advise putting your eggs in one basket with the secured cards. Discover or Barclays will be more likely to try to one-up a competitor creditor's limit than their own when you eventually apply unsecured. If you can afford to put more than $1000.00 you may even have quicker results. i believe what is holding your score down is low limits and a low number of trade lines. My scores went up by about 60 points after adding my 2nd and 3rd tradelines (Quicksilver and Barclays).

[Kenny]

IMO, you're expecting instantaneous results for far too many things. There is a reason why everything isn't just happening whenever you want it to with regards to your credit. You need more patience. Slow and steady builds far better results than wam, bam jobs.

good luck.

[xXIDaShizIXx]

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@KennyS2006 wrote:

IMO, you're expecting instantaneous results for far too many things. There is a reason why everything isn't just happening whenever you want it to with regards to your credit. You need more patience. Slow and steady builds far better results than wam, bam jobs.

good luck.

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You are absolutely right, if my card was reporting, which it is not.

[Gunnar419]

You're absolutely right that the card should be reporting if you've had it for several months. Some cards are slow to start reporting, but not that slow! And you say it reported initially after you got it, but then stopped? Definitely something to contact the EO about if the CSRs can't help.

But don't be disappointed if you don't get steady score growth once it starts reporting. In FICO scoring, you actually get no credit for paying on time month after month. Regular ontime payments are just expected behavior. Eventually that behavior leads to higher scores because of the aging of accounts, healthy utilization levels, and a solid record of ontime payments. But you're not going to see anything like regular monthly score increases each time you make an ontime payment, so don't be disappointed.

Good luck with the non reporting, though!

[xXIDaShizIXx]

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@MissCredit9 wrote:

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@xXIDaShizIXx wrote:

Also, did you only leave $500.00 on your card? Because that is all that I have on my capital one as well. 

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My secured card was for $1000.00. They actually gave me an increase to 1300.00 on the card after 6 months though. The $500.00 Quicksilver in my siggy is the first unsecured card that I appe'd for. I couldn't understand why they gave me such a low limit on the Quicksilver when I had a good "history" with my secured. My theory now is why would a creditor give you a non-secured card with a higher limit than your secured card with them which will probably just result in you closing the secured card which is free money for them until you close it? That's why I advise putting your eggs in one basket with the secured cards. Discover or Barclays will be more likely to try to one-up a competitor creditor's limit than their own when you eventually apply unsecured. If you can afford to put more than $1000.00 you may even have quicker results. i believe what is holding your score down is low limits and a low number of trade lines. My scores went up by about 60 points after adding my 2nd and 3rd tradelines (Quicksilver and Barclays).

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So should I just stick with this one at $500? Add more to it, and if so how much? And how long should I keep it until applying for anything unsecured?