0/6, 3/12, 10/24
@Soundersfan1 wrote:So I applied for the Capital One Quicksilver Student and got denied. I recently closed my Discover account. I had applied right after I closed it and got denied. Now Capital One has pre approved me for the Quicksilver and Savor for good credit as well as the platinum card. I had also applied for the BILT Mastercard and got rejected. I'm currently waiting a few months to call Wells Fargo and have them reconsider my BILT Mastercard. They citied debt to income was too high (I've already fixed it) and lack of credit history which is why I'm waiting as long as I can to have Wells Fargo reconsider vs re applying. Right now my 3 options are A have Capital One reconsider my Quicksilver Student, B apply for a new Quicksilver, C have Wells Fargo reconsider my BILT Mastercard
Data Points:
Experian - 691Equifax - 693
TransUnion - 663
Credit History started Feb 2024 with 11 experian inquires since
My 2 cents is:
1. Forget about the Bilt card, reconsideration months down the line isn't going to happen.
2. Forget about the Student card, you're past that stage and don't need that kind of thing.
3. You have enough credit cards for now. Just maintain them at low utilization.
4. Revisit in 6 months.
@SouthJamaica wrote:
@Soundersfan1 wrote:So I applied for the Capital One Quicksilver Student and got denied. I recently closed my Discover account. I had applied right after I closed it and got denied. Now Capital One has pre approved me for the Quicksilver and Savor for good credit as well as the platinum card. I had also applied for the BILT Mastercard and got rejected. I'm currently waiting a few months to call Wells Fargo and have them reconsider my BILT Mastercard. They citied debt to income was too high (I've already fixed it) and lack of credit history which is why I'm waiting as long as I can to have Wells Fargo reconsider vs re applying. Right now my 3 options are A have Capital One reconsider my Quicksilver Student, B apply for a new Quicksilver, C have Wells Fargo reconsider my BILT Mastercard
Data Points:
Experian - 691Equifax - 693
TransUnion - 663
Credit History started Feb 2024 with 11 experian inquires since
My 2 cents is:
1. Forget about the Bilt card, reconsideration months down the line isn't going to happen.
2. Forget about the Student card, you're past that stage and don't need that kind of thing.
3. You have enough credit cards for now. Just maintain them at low utilization.
4. Revisit in 6 months.
This is a good example of how when a person won't pump the brakes and slow down, the system and potential lenders will pump them for you. Adding (or trying to add) more new accounts in an effort to build good credit faster is generally an exercise in futility... it just doesn't work that way.
Another application with Cap One is going to be 3 more HPs. A reconsideration for the BILT now would be a reconsideration, months down the road isn't going to happen, it will be reapplying, (more HPs). By continuing to pile up more HPs by applying for more credit, you're now also potentially setting yourself back for any CLIs with your current lenders in the near future as they are likely to also pump the brakes.
You've been advised by several people, in several threads... to slow down, as well as why you should slow down, yet you continue to ignore that advice... but continue to ask for more advice? I get the fact that you don't particularly like what people are telling you, but it's not coming from people trying to be negative, or demeaning, it's coming from experience. They're simply trying to convey what the best path to building a strong credit profile entails, and what not to do. So far, you seem to be providing a good example of what not to do. I hope that changes.
Simply put, don't keep trying the same thing and expect a different result. Look at what factors makeup FICO scoring, and you'll see that all you have done is make your position and scores worse. Just wait.
Also, another thing to consider with Capital One specifically, they have buckets. If you were to get approved now and it is a low credit limit, it is highly likely it will remain a small limit FOREVER until C1 changes its ways. Maybe you get a 500$ Quicksilver card like I have which I decided to get when I was dumb and saw the preapproval, it is now a whopping 100$ higher.
The senior members here are giving you -the only- direction to go for higher scores and higher limits. Go that way. There is no faster way, no shortcut, but trust me it probably won't take as long as you think to get where you want to be. They've helped me in the past and their advice will help you too if you follow it, be patient, and trust the process.
