@creditfan wrote:
@jcc332006 wrote:
@OmarGB9 wrote:You're focusing too much on your scores. While 720+ scores are great, it's the credit file as a whole that matters more to lenders. In your case, with only one revolver that's only 8 months old, you honestly can't expect giant SLs, especially from Capital One. Once upon a time they were known for that with their Venture card, but that was years ago. Someone with a thick file with 15+ years of history and your scores would've (probably) seen a better SL.
In any case, the account has been created, and whether you activate the card/cancel it or not, it's going to show up on your reports. You're already taking the hit for a new account, which, right now probably won't hurt much since your file is so thin and young anyway. I wouldn't worry too much about that hit. I'd suggest keeping the card, using it responsibly, asking for a CLI 6 months from now/hope for an auto-CLI at some point, and if the card doesn't/hasn't grown much after a year, then I'd close it and look towards other lenders. But of course it's completely up to you.
So if I dont activate the card and have $0 annual fee or any other charges associated with this account they will still report this account to the bureaus? Heck i havent even received it in the mail. What would they report if i havent done anything with the card? closed account 0 balance? I assumed they wouldnt bother.
To answer your question, they will report as a NEW ACCOUNT
Got It!
@Yankee2 wrote:
@jcc332006 wrote:
@simplynoir wrote:
@jcc332006 wrote:
@simplynoir wrote:
@jcc332006 wrote:
@FinStar wrote:
@jcc332006 wrote:
@OmarGB9 wrote:You're focusing too much on your scores. While 720+ scores are great, it's the credit file as a whole that matters more to lenders. In your case, with only one revolver that's only 8 months old, you honestly can't expect giant SLs, especially from Capital One. Once upon a time they were known for that with their Venture card, but that was years ago. Someone with a thick file with 15+ years of history and your scores would've (probably) seen a better SL.
In any case, the account has been created, and whether you activate the card/cancel it or not, it's going to show up on your reports. You're already taking the hit for a new account, which, right now probably won't hurt much since your file is so thin and young anyway. I wouldn't worry too much about that hit. I'd suggest keeping the card, using it responsibly, asking for a CLI 6 months from now/hope for an auto-CLI at some point, and if the card doesn't/hasn't grown much after a year, then I'd close it and look towards other lenders. But of course it's completely up to you.
So if I dont activate the card and have $0 annual fee or any other charges associated with this account they will still report this account to the bureaus? Heck i havent even received it in the mail. What would they report if i havent done anything with the card? closed account 0 balance? I assumed they wouldnt bother.
Correct, so don't assume.
It will report as a closed account with a $0 balance. It will stay on your credit reports for up to ~10 years.
Wow! so this is going to hurt my credit score. Man I'm bummed.
Because of your relatively thin credit file with only one other credit card on your reports I actually think you may see little to no change to your scores other than the HPs you took for the QS card. Because FICO scoring models need at least three cards to best assess your credit worthiness you might see some gains; FICO can be weird like that. If I were you I would keep the card for the time being since you already took the HPs and it has no annual fee associated with it and perhaps close it down the line once you have better cards to replace it
Yes more gains was what i'm hoping for. I'm leaning towards keeping it i just hate to have to take a hit for opening a new account. I already took a huge hit on the HP EXP -10, EXQ -6, TRAN -13. These were huge points which i still dont understand were so high.
It goes back to your thin credit profile at the moment. Anything new is going to hit harder as you build your credit up. The good news is hard pulls recover quickly from scoring hits. Your scores should recover shortly from those hits, in 6-12 months you should gain back most of the points from the hard pulls. I wouldn't worry too much about that it just takes time to recover is all
I kind of wished I would have waited a little longer, but i've been anxious to fatten my thin files. I got used to seeing my score go up and was excited about being as high as 769 on EXP now its 750 . That hard pull cost me 19 points which is outrageous!
I think people get way to hung up on looking at your credit score on a daily basis.
Part of your anxiety is your looking at credit waaaayyyy too short term... Credit is a long game and to get the constant scores your wanting takes time.(and accounts)
Your only in it 8 months. In credit, that's like 8 days.... be patient.
My advise, keep the card. Your getting 1.5% cash back. Enjoy..
Yeah, I do be checking it lol! Since i'm going to take the hit for inquiries and soon a new account it makes no sense to close it since its going to report regardless. I guess i should be grateful for the approval and remain patient as you and others have stated. It's only 8 months in.
@FireMedic1 wrote:@jcc332006I read the entire thread. In 2001 I trashed my back at work and had surgery. I was young and dumb (late 30's) as we say. Debt on 7 maxed cards. Once I got my disability check even though I went back to work 2 weeks later. I paid off all the cards and cut them up. I did not have 1 card for 15 yrs. Then I filed BK in '16 and my lawyer said you need credit these days. My file was all auto loans. So here comes the Cap1 Plat, then the QS1. And slowly more and more came along. The old timers know my lawyer sent me here to learn how to build credit. To make a long story short. 6 yrs later its all listed below.
I like you back when I started I wanted all those high limit cards and fancy names others have/had on here NOW! But it doesnt/didnt work that way. One by one each time it was a better card that I can use, not just to have. I took what they gave me. Started with $2000. Then the $10,000 SL's came in. As the file grew bigger and thicker. The new account hits were down to single point losses. Yes I had the 10+ point hits for new accounts just like you.
In time the same will happen to you. All of us had to start at the bottom. Even with a BK on my file for 4 more years. I didnt do so bad. So it's take what you can get and that card is doing wonders for you but you dont see it yet. Once your file grows and then realize hey it was a smart move to get that QS. With all honestly. I was a score freak. Checked everyday. Now? I really dont care. As my siggy statement says. Its not to brag. I own a home since Sept of '20. New SUV. I have a good set of cards that suits my lifestyle. In 2 months here comes FD pension and still work 2 jobs. ER and NASCAR. If someone said 6 yrs ago I'd have what I have now? Pfft. Have you lost your mind?
You dont see it now. But your on your way. 6 yrs from now come back and read this thread. You'll be surprised that the QS helped you grow and mature your file. And then in time you'll have all you wanted. Doesnt happen in a yr or 2. Slowly keep building and you will get there. I think I can say we all have been there done that. We stay here to help others get to where we're at because we've went thru the same thing as you once.
It may not be what we wanted then when we started. But once its all said and done. Those cards we really didnt want. Or made a mistake and accepted them. They really did help us get to where were at. Some better than others. Best of luck on your journey. Shoot if this cardless guy could grow to where I'm at now with a BK in 6 yrs. Anybody can do it. Read read read. Learn more and more. Every single move I made I researched on here before apping. It worked. Then you can say as I did last year once a homeowner. Mission Accomlished.
Thank you so much!!