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Hi guys. First I want to say this forum is OUTSTANDING. I have gotten to the point where I read through it for FUN! I'm starting out with this Plat Cap One Secured card as my ONLY card with a $300 CL. I want to ask a few things:
Thank you guys in advance!!
Congrats on the new card!
It should begin appearing on your reports in the next 30-60 days, at the latest.
Capital One will limit you when you are in their rebuilder product line... you will only be allowed to have two accounts, the secured one you have now, and then one more (QS1, Plat unsecured, etc). Anecdotally, some folks have three, but that is not the norm and so you can't count on it happening for you.
That being said, you are not too far from the minumum scores for both the Platinum unsecured and the QS1.
If you keep your payment history with the secured one clean, and work on getting your scores a few points higher, you should qualify for one or the other of the unsecured rebuilder products. Once you do that, I'd pay off the secured card's balance and close it, then open the other of the unsecured rebuilders. Then you're on track for all fo the PC and combining methods you see discussed at length here on the forum.
The secured card will eventually come up for one, single, solitary CL increase - but you may not even need to wait for that to happen to transfer yourself into the unsecured cards. The secured cards with Capital One never graduate into unsecured ones, and after that initial credit line increase, they're stuck. It's better to close it once your scores and history allow you into unsecured products, and use those to grow your credit file.
Thanks for the response...here is what I've gathered as my roadmap
I appreciate your response
@rubicon wrote:Thanks for the response...here is what I've gathered as my roadmap
- Plat Secured is my starting point <---this is where I'm at
- Next step would be apply for Plat unsecured or QS1 as I get my scores up a bit.
- Next step is to close my Plat Secured and apply for whichever of the Plat unsecured or QS1 cards I don't already have
- Then will look into the PC and combining methods
I appreciate your response
It looks to me like you have a plan for success!
I was where you are not that long ago... stick with the plan you've made and you'll have good scores and cards before you know it.