At this time, you should pull your reports and look for other baddies on it.Also, if you can speak on it: what happened with the student loans? If this was not your fault, you may be able to get lates off. I thought your loans are due until 6 months after graduation. Capital One may grant you a platinum or Student Journey card. But first, I would see what you can do about cleaning your reports first. You stand a better chance of getting approved with a better limit.
@pyjamazombie wrote:Hi! I've been in the long process of trying to rebuild my credit. I'm back in school after a student loan disaster, and I had my credit up 659 (I was 488 when I started using myfico.. oof).
I have one Cap One card with a $1,500 limit and a balance of $525. I had a secured credit card and a Care Credit account that were open but unused. Care Credit closed due to inactivity and knocked me down a bit, then the secured credit card closed too and knocked me down an additional 32 points!! Now I'm down to 587.
I pay my Cap One card on time and my student loans are currently on in-school deferrment (I graduate in May). Should I apply for a second card? Would that help my score or would the pull actually hurt it?
I want to be in a good enough place to try and buy a car next year.
No, applying for a card will do nothing to help you at this point.
You need to take real good care of the card you do have, paying it down to zero over and over.
You can also send verification letters to the bureaus trying to get your negatives removed.
@pyjamazombie wrote:I have a Capital One Platinum at the moment.
The federal loans went into default back in 2006 (the first time I attempted college) and got completely out of control. I was able to rehab them in 2012 and go back to school in 2013 while making sporadic payments when I can. When I use the "8 ingredients" tool it shows that my amount of debt is too high due to the current student loans. So should I wait until I start paying those back?
Of course not, you should start paying those back if you can.
If the fraud was recent, you could have did a police report an kept the secure card or just got your money back. Not sure if you can clear that one if its been some time, it may have to fall off. Like South Jamaica said, if you pay, go ahead , for the loans you do have. You may be able to put them in forbearance if needed for some time. But, if you can budget money, pay them down. Also, keep the Cap one and pif every month.