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Where to Go from Here

New Visitor

Where to Go from Here

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

15 REPLIES
Frequent Contributor

Re: Where to Go from Here

i think QS1 (39 AF) or discover it could work, but see if anybody else have better ideas.

Wallet: Groce. Dining Trav. Gas non-cat:
Rent: AMZN: Drawer:
EX-777; TU-775; EQ-breach!! The unknown unknowns! Current plan: Amex Delta GLD in Feb 2019, Garden til June 2020.
Message 2 of 16
Community Leader
Senior Contributor

Re: Where to Go from Here

PC one of your Platinum cards to Quicksilver, at least you will get something back.

https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade


Check Discover preapproval page and see if they offer you anything.

https://www.discovercard.com/application/prequal
Message 3 of 16
Community Leader
Senior Contributor

Re: Where to Go from Here

Welcome, @Howsoon_isnow.

 

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.

Message 4 of 16
Frequent Contributor

Re: Where to Go from Here

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.


Feb - May 2017

Current Fico 8

Goal:
Message 5 of 16
Community Leader
Senior Contributor

Re: Where to Go from Here


@Prestige4 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)

Message 6 of 16
Moderator

Re: Where to Go from Here

Amex is generally no HP when someone has a card already or has been previously blacklisted. I’ve not heard of non-members in this camp.

What type of rewards are you looking for? Cash back? Hotel points? Airline miles? Flexible travel points? Discover it (especially for the first year) may be a good match for cash back. And I agree Amex is likely obtainable, particularly if a Gold or Platinum charge card or Delta credit card makes sense for you.

Are you eligible for membership with Navy Federal Credit Union? They can be quite generous.

Message 7 of 16
Established Member

Re: Where to Go from Here

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.

Message 8 of 16
Regular Contributor

Re: Where to Go from Here

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.


Message 9 of 16
Established Contributor

Re: Where to Go from Here

As others stated - check prequals with both Disco and Amex. One thing I noticed was the medical debt. Has that been worked out? If not, I would definitely get more info on how that can be taken care of (visit the rebuilding section for more info).
Message 10 of 16