Thanks a lot CapOne

[enjoimorenow]

Well, I have been waiting to apply for a CC from NavyFed the last couple weeks.  Decided I would wait until my next statement cut with CapOne to hopefully improve my odds.

I paid down my CapOne card to $1 so it would show good utilization.

Well, looks like CapOne decided to credit my account $1 and reported the balance as $0.  Just got the notification this morning and my Experian just dropped 18 points to 636.

Smh, guess I'm gonna have to put it off for another month now so that I can get those points back.

Figured I would share in case others were thinking about paying their CapOne card down to $1... might be better off leaving it at $5 to ensure they report SOMETHING!

[SouthJamaica]

---

@enjoimorenow wrote:

Well, I have been waiting to apply for a CC from NavyFed the last couple weeks.  Decided I would wait until my next statement cut with CapOne to hopefully improve my odds.

I paid down my CapOne card to $1 so it would show good utilization.

Well, looks like CapOne decided to credit my account $1 and reported the balance as $0.  Just got the notification this morning and my Experian just dropped 18 points to 636.

Smh, guess I'm gonna have to put it off for another month now so that I can get those points back.

Figured I would share in case others were thinking about paying their CapOne card down to $1... might be better off leaving it at $5 to ensure they report SOMETHING!

---

Many banks round it down to zero.

I wouldn't intentionally leave it at less than $10 if I wanted it to report.

[Anonymous]

Cap1 and others will report $0 if there is $2 or less, possibly $3 or less, balance.
Sorry about your score drop, but you know how you can get those back

[enjoimorenow]

ya, last month it reported $3, and I just figured I would be ok leaving just $1 so when I scheduled my final payment before the statement I just did a dollar less than the balance.

Lesson learned, I should have just let it report a higher amount because now I don't think there is any way to get them to update and report something until my next statement.

Would I be better to try to app for the NavyFed right now since they will probably pull EQ or TU and they haven't updated yet? Or just wait until next month?

[601flyguy]

Leaving a small balance never helped me. When i tried it, my score dropped a few points. I seem to get the best score at 0% utilization

[Anonymous]

Up to you to app. Navy pulled TU for my membership and cc

[Dalmus]

They pulled me TWICE for my CC App...  Once for the application and another for the recon.  Both TU.

[enjoimorenow]

Well, decided to app for the Navy today just to see what would happen.

I only have 2 inquiries, and I plan to garden once I get this card anyways and let my current cards grow, so I figured an inquiry wouldn't hurt.

I got this message:

"Your application has been accepted and is currently being reviewed.
The processing time for a credit card application is 24 hours unless additional information is needed."

Anybody know if that is a good sign with Navy?  Should I try to recon or wait?  Is there a certain number to call?

Thanks for any help!

[CreditInspired]

When I got the NFCU 24-hour review, it was for a CLI request. I wasn't even notified of the approval. I checked my account the next day and my CC amount had been increased.

[rmduhon]

We got the 24 hour review also, was approved by the next morning.