Capital one credit steps complete!!

[Anonymous]

The day has finally came where my sixth statement cut and I got my increase.  Now what I really want to know is how long from now should I generate a fico score and when would be best to try for another credit card? My first and only card approval was Jan 2nd....sixth statemtent cut june 22....Any and all advice welcome... 

[Anonymous]

Congrats! The good thing is that in another 6 months you should be able to get Cap1 to give you another CLI. Unless they want to become picky with saying you aren't making enough of a payment amount each month. Which is what I have ran into it but you may have some good luck!

As for your FICO score, I know that you get one generated as long as you had 1 account open for at least 6 months. I would assume if you just had the 6th statement cut and it's been over 6 months. It just kind of depends when Cap1 is posting your info to the CRA's.

You could always go to Credit Check Total and pay the $1 fee to get them to pull all 3 scores for you. Then you just cancel the membership within a week.

It'll let you know if you got a score posted right now. The other option is to just use the Discover Score Card as well. It's free and it'll pull your FICO TU score.

[jawbrkr]

Actually, the free scorecard from Discover is Experian, not Transunion. The FICO score you get from your Discover credit card is Transunion.

[zerofire]

Congradulations on getting your credit history stabilized. Usually the credit steps program is used by people that are new or rebuilding credit to get the basics down to proper credit use. For those that did not have a credit score before it was generated by the end of the program. Be aware that with short credit history minor scratches are really going to show as deadly injuries. For those that are rebuilding the fresh 6 months of good history will soften the damage that has started to age off. As to getting a second card for Capitol One you want to wait another 6 months to get a year of history to guarantee approval on good terms but you can apply to another lender now if you can find a card you like and can qualify for. You also can apply with Capitol One at any time but be aware that since they just gave you an increase the chances that you will get more credit from them as very low.

[rmduhon]

Our cap1 card updates usually show up on the reports about 4-6 days after the statement cut, depending on the CRA. I'd wait until around the 29th before checking. At that point you should have a score. If you want to try for another Cap1 card you'll need to wait until July 2 before applying or it'll be an automatic denial.

[Anonymous]

That's what I figured wait until July 2nd but if they denied me for an increase due to too many inq I assumed they'd deny me fore a new card.. I was gonna try someone else... Just don't know who as of yet.

[rmduhon]

Diversification is good. Wait until you have scores and you could be able to get something else. Do you have any derogatory items on your reports?

[Anonymous]

Nope just inq and too many I guess

[rmduhon]

Don't worry too much about the inquiries, that's a part of building credit. That doesn't mean go apply for everything under the sun though. With no derogatories, you should have a fairly decent score once you get one. Post what they are when you get them and you'll get recommendations for the next card. Eventually you'll want at least 3 for optimal scoring purposes.

[Anonymous]

OK I will