No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I opened my first Capital One secured credit card in July of 2016. My credit scores were quite low (~500) due to a $26,000 medical debt that was sent to collections. I opened another Capital One Platinum card in Early 2017. During the summer of 2017, I family member added my as an authroized user on two high-limit cards. At this point my scores leveled out around 600. I incurred some credit card debt after a difficult few months, and have been paying those balances down for the past 6 months. I started a new job with a $10k raise in August, and have made major progress in paying these cards down. In December, Capital One gave me a credit limit increase of $250 on both cards, and two inquries dropped off my report. These changes resulted in the following scores:
On CreditKarma (I've been told to ignore these)
TU:699
EQ: 708
Fico8 (from Experian CreditWorks)
TU:654
EQ: 655
EX: 655
I have never missed a credit card payment and pay my student loan every month. I would like to make the next step in improving my scores, but am feeling very anxious about what my next move should be. Is there anyone who has been in a similar situation that might offer some advice? I was thinking about trying to open a new Rewards Card and use it for monthly expenses, paying it off completely every month.
Additional info:
Capital One Platinum $750CL
Capital One Platinum $750CL
Chase SW Rapid Rewards (Auth User) $24,000CL
Barclay's American Airlines Card (Auth User) $6,500CL
Utilization 10%
100% On Time Payments
i think QS1 (39 AF) or discover it could work, but see if anybody else have better ideas.
Welcome, @Anonymous.
I agree with the suggestions to check Discover. Don't get any more Capital One cards at this time. Your next card should bring another bank into the mix. That doesn't preclude Capital One from possibly being a fit down the road if one of their products appeals to you.
Your card ages are great. You should have no issue with denials because of new accounts or young credit. How's your inquiry situation?
What are your balances, and which cards are they on? How fast do you anticipate paying them off? With 650-ish scores, it might pay to wait a bit before applying, especially when score increases are in sight.
1. PC one of the Platinum's to QS
2. Check prequal for Discover and Amex. Amex will pull Experian and your score may be adequate enough to get in with them. Both are reasonably accurate and Amex should not be a HP if declined.
@Anonymous wrote:1. PC one of the Platinum's to QS
2. Check prequal for Discover and Amex. Amex will pull Experian and your score may be adequate enough to get in with them. Both are reasonably accurate and Amex should not be a HP if declined.
Why would Amex be no HP if declined?
OP has no existing Amex cards (unless I am missing something again)
When I got my Amex (first and only one) there was no hard pull. It has been the best card for credit limit increases. In 2 months it is possible to increase your credit limit 3x with no hard pull.
I did some reseach and all the people I have seen that had no hard pull first time with Amex were already preapproved. That was the case with me as I got mail from Amex saying I was preappoved for the green card. I week later I applied for the BCE.
My 1.5 cents:
I would only recommend upgrading/PC'ing the Capital One card to a Quicksilver (if eligible). I would NOT product change them to a Quicksilver One. They are two different cards. Same rewards but the Quicksilver One has a $39 AF.