Approved for Cap1 Platinum!

[JustKeepSwmng]

So I have a Cap1 Secured card (partially) for about 6 months now, SL was $1000 recently I received the auto CLI to $1300. After reviewing all my cards and getting the Amex BCE yesteday I decided to check the prequal site. Had Platinum and QS1 recommended, thanks to all the knowldege on here I went for the Platinum today.

Approved for a $1000 credit line! I think I will hold onto the secured for at least another 6 months, I don't need the deposit back and all my open accounts are pretty new. Does that make sense or will it not matter in the long run? I now have 5 cards- 3 opened in May/June this year, and now the BCE and Platinum just opened.

[AllZero]

Congratulations on your approval!

[JustKeepSwmng]

Thank you! That's it for apps this year. Need to garden. Hoping by this time in 2021 I will be looking at a mortgage. *fingers corssed*

[OmarGB9]

I don't think 6 months will make much of a difference in the long run. I'd close it and get my money back. It'll stay on your reports for up to 10 years after closing.

Also, congrats on the approval.

[Anonymous]

Congrats on your approval!

[Anonymous]

@JustKeepSwmng Congrats on the approval!

If you don't need the money right away, you should wait till the year mark and then close. 

Not to knock your decision, but I would have suggested against the Platinum since you have better cards and could get a better card.

After three months, you can PC the Platinum to QS using the upgrade link. 

[JustKeepSwmng]

@Anonymous  I think I am planning to wait for the year mark. No harm in waiting since I don't need the deposit. 

I got the platinum for the potential to PC, since the secured will never graduate. I think because my Exp is much higher I lucked out with AMEX. The remaining cards I have are a BOA secured and CITI secured. Just got the BCE approval yesterday. So to me I didn't have "better cards". The citi wont graduate for another year+, and BOA does not appear to be graduating soon I called and got a 7-10 letter response.

These are my only open accounts, my experian has one of my negative factors as "thin file". So wanted to get to 5 which they rank as average, AFAIK. Tried other prequal sites and didn't have any other offers avaiable.

[Anonymous]

@JustKeepSwmng Thanks for the info! I saw the Amex approval and was like you can do better than Cap One.

Also I understand! Amex I believe is more friendly to thin files.

Once your Citi card graduates it will be possible to pc it to a double cash. The only thing I don't like about the Citi secured card is how long it takes to graduate. 18 months is too long for me. 

And I know some people reported sucess with getting an early graduation with BOA (Usually 7-12). You can try again each month. BOA generally likes excellent credit scores so if you want you can wait 3 months before requesting graduation.

I'm surprised Discover didn't show you some love.

Basically, you want to follow the AZEO method and allow your cards to age. You should see scoring boosts as your accounts hit 6 months and 1 year.

[JustKeepSwmng]

@Anonymous Yeah I can't get in with Discover due to an old charge off on a joint account with my ex. I paid it off myself back in May. I don't think they'll let me in until that fall off, which is about a year from now.

The Citi is slow. But I am patient and it's not a primary. I haven't used credit for 5 years, since my separation. I have been focsuing on all the burned bridges this year and slowly rebuilding. Have been doing AZEO since I got the first 3, then got an AU on a $7000 AMEX. It has really helped a lot. Still have 2 baddies left, but down from like 10 at the start of the year!

I thought BOA would show me luv since I am a Platinum level Rewards customer with checking and savings with them in high volume. But again, I was starting from zero open credit accounts 6 months ago and a lot of older bad stuff. Will try them again in 3 months like you said.

[Anonymous]

Good luck and please keep us posted!