New to Forum, Capital One question:

Anonymous · ‎10-06-2018

So I have made bad financial choices throughout my life and divorced about five years ago. Last spring I decided to really look at and start working on my credit score. (I started at 538 and it's now at 650.) I enrolled in Credit Karma and subscribed to Nerd Wallet and got busy on their suggestions. I applied for a Capital One credit rebuilding Platinum Mastercard, was approved, did the credit steps thing, got another increase, etc. In the mean time, I also applied for a Quicksilver card just out of curiosity as my score improved and was approved for a QuicksilverOne Mastercard instead. Same, credit steps, etc. I also applied for and was given a gas station credit card from Valero (cheapest gas where I live) that offers 8 cents off per gallon, because I have an unreasonable daily commute and don't like to carry cash. After I got an auto loan recently, my bank (Chase) offered me a Freedom Unlimited Visa card. Then today, Capital One offered to upgrade my Platinum card to a regular Quicksilver, which I did, and immediately requested a credit limit increase. (They'll let me know in three days.)

To recap, I have:
Valero ($400 limit)
Quicksilverone ($500 limit)
Quicksilver ($550 limit, pending possible increase)
Freedom Unlimited ($1000 limit)

Should I combine those Capital One cards now, or wait to see if the QuicksilverOne eventually upgrades? Also, other than paying down old debt and making payments on time, keeping credit utilization low, etc., what should I be doing to actively build my score?

Felony_Phil · ‎10-06-2018

Clear off the QS1 and combine it with the no annual fee QS just before that card's anniversary. Realistically, I'd kick back for a couple of months before I made more moves. The only thing that nobody likes about credit building is that thing called Patience.

I started July 18, 2017 and I'm now seeing the benefits of that Patience.

FireMedic1 · ‎10-06-2018

Combine the QS1. It is a worthless not going anywhere type of card and hard to upgrade with the majority of folks. Included me. You list Vantage stuff. Get your FICO's at Discover Scorecard or Free Credit Score with Experian. Congrats on your Chase card. Closing the QS1 isnt your oldest card, so it wont sting too much. You didnt post much history. Try to get a 3rd card before combining so that will help the most in FICO scoring with 3 cards. Try the Discover pre-qual. If it shows up and a solid APR. Go for it. Then say bye bye to the QS1.

blindambition · ‎10-06-2018

I agree with closing. That card will never get out of Platinum status. While they gave you a chance, they hold you to a sub-prime card. It would affect CLI, product changes in the future. Cap One also has a max limit on those cards. Once hit, no more increases.

Anonymous · ‎10-06-2018

Thanks for the insight!
And I guess I should have mentioned that since my initial foray into the disturbing world of 'my credit score' I now use the Experian and CreditWise apps to monitor my credit instead of the ad-laden Credit Karna and Credit Sesame websites.
Thanks again for the advice!

FireMedic1 · ‎10-06-2018

@Anonymous wrote:
Thanks for the insight!
And I guess I should have mentioned that since my initial foray into the disturbing world of 'my credit score' I now use the Experian and CreditWise apps to monitor my credit instead of the ad-laden Credit Karna and Credit Sesame websites.
Thanks again for the advice!

Still Vantage scores with CreditWise. Get your FICO here: Discover FICO

Anonymous · ‎10-06-2018

Used your link; thank you! It's *sort of* what I expected. 647. But it seems to consider only my most debt. It says I have 5 accounts, 3 inquiries, no missed payments, 16% utilization, and the oldest account is 1 year. Every other app or site I've used shows 10 years or more and many more accounts including the closed ones from when I was married (because--bad decisions--most of the debt was in my name and all of the assets in his). This feels like a good thing. Could this be a good thing? (You seem to know things.)

FireMedic1 · ‎10-06-2018

FICO vs Vantage are 2 different animals. You have a Chase card. i dont know what FICO they use. Check your FICO with Chase.