Should I add a Cap One card?

[Anonymous]

Best of Luck!

[Anonymous]

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@noochski wrote:

I did the pre-approval and they recommended that I apply for the Platinum card

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I think you should add a Capital One card.  It is a good idea for your 18 month outlook. 

If you want a small credit limit, apply for the Platinum card.   IF you want a larger CL and have the deposit money available, I'd go for the secured card.  

[Eschaton]

Unless there's a card you REALLY want from Capital One, I'd stay away. I don't like how they pull all three CR. 

That said, if you don't really have anything coming up in the next year in regards to a credit pull, by all means. But I'd go for nothing less than their Venture cards  

[jsucool76]

I got a capital one for my first card a couple days ago with a $3000 limit with absolutely no credit history, so you might have a chance. Mine was through a mail pre-approval offer though. 

[noochski]

WOW! They only approved me for $300 unsecured. This card is only going to be used 1-2 times a month and I don't plan to have the balance ever over $100.00, and that being PIF every month. So in summary I have 3 loans and two CC(AU on another) and will be paying on all religiously over the next 18 months. Actually I was going to consolidate the loans into two once I start making the payments(payments are deferred currently) with a plan of having my current 665 FICO being closer to 750 when the calendar hits 2014. Is this realistic?

[jsucool76]

Yeah, I'm not sure if my approval and credit limit were some sort of fluke, since I am a full time college student who is unemployed. Nevertheless I'm excited, and congratulations on your approval. From what I've heard they're not big on CLIs but you can always just garden with this card and eventually hope for a CLI or a new card. 

Unfortunately I'm not sure about the credit score thing, not so much an expert on that, however, I do think that consolidating your loans will slightly lower your aaoa, however, in the long run it won't be terrible if you can afford your payments.