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BK7 Year One: Rebuilding

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Thegreatreset
Member

BK7 Year One: Rebuilding

Hello,


It has been a year since my discharge date and I haven't been applying for credit cards, except one. Me being desperate 8 months after discharge, I decided to go for the pre-approved credit card by CAP ONE that I have received through the mail. I was told that I made a mistake doing that because of the hard inquiry on my credit history.

The card that I have right now is Cap One platinum with credit line of $500 and have been paying it off and keeping the utilization below 30%. Credit score on the CAP ONE app says I'm at 670, but I know that it's not accurate. I will hit the 6 Month mark with the card. Is there any suggestions on what to do next?  

I have burned NFCU, USAA and SDCCU. Yes I am in San Diego, so if there is any suggestion of local banks in the area let me know! 

16 REPLIES 16
FireMedic1
Community Leader
Mega Contributor

Re: BK7 Year One: Rebuilding

Welcome @Thegreatreset 

You can go to this link and upgrade the Plat to a cash back QS for one.

https://www.capitalone.com/?external_id=%2Fproductupgrade 

Once thats complete. Request a CLI.

You can use all you want on a card. The <30% is whats reported come statement date. Not usage. Got it backwards due to the internet is flooded with that 30% stuff. More you use it better chance to get a CLI. Always PIF and dont carry balances. You dont want to pay interest. $ you'll never see again.

You'll want to get to 3 cards and have 1 report a balance of say $20 ucks. Statement post, PIF. If you have no loans. Grab a SSL at NFCU or PENFED.

Give Disco a pre-qual check. Its pretty soild if they show you the iT card. Mission Lane is another good card. They give auto CLI's with responsible usage. Good Luck!


Message 2 of 17
Thegreatreset
Member

Re: BK7 Year One: Rebuilding

This is awesome to hear and thank you for the advice! A few questions regarding your reply...

 

1. If I get pre-approved to quicksilver will they change it from platinum? If so, request CLI right when I get the quicksilver card? 

2. I did have PenFed, but I didn't burn them and my checking account was a long time ago (parents made me one when I was still in my teens. Will my BK affect me getting a card with them? 

3. what is iT from Discovery?

 

4. did you mean Mission Federal instead of Mission Lane? 

Apologize for all the questions... I just don't want to make the same mistake again.

 

Message 3 of 17
FireMedic1
Community Leader
Mega Contributor

Re: BK7 Year One: Rebuilding


@Thegreatreset wrote:

This is awesome to hear and thank you for the advice! A few questions regarding your reply...

 

1. If I get pre-approved to quicksilver will they change it from platinum? If so, request CLI right when I get the quicksilver card? 
When you sign into the link at Cap1. If its available. It will say would you like to upgrade your card. Yes. It goes thru and you'll have a QS. Same account and everything. A new card will be shipped to you. You can check for a CLI now if you want.

 

2. I did have PenFed, but I didn't burn them and my checking account was a long time ago (parents made me one when I was still in my teens. Will my BK affect me getting a card with them? I got the card 6 months ago with my BK. Dont know the time frame after BK when you can first get in. I've had NFCU for a couple yrs now.

3. what is iT from Discovery? Discover iT Card https://www.discovercard.com/application/preapproval/initial?opp=true&adobe_mc_sdid=SDID%3D55D794A57... 

 

4. did you mean Mission Federal instead of Mission Lane? Mission Lane. https://www.missionlane.com/ Has a pre-approval link on the page.

Apologize for all the questions... I just don't want to make the same mistake again.

 


No problem. No dumb questions on here. Ask away. Thats why were here. Good Luck!


Message 4 of 17
Thegreatreset
Member

Re: BK7 Year One: Rebuilding

I recently upgraded to CAP1 QS and request CLI. Going to go to a PENFED bank next week to see if I can get a Card through them. I plan to get at least three cards, should I not rush applying for new cards? I know it'll affect my credit score if I inquire to much. 

Regarding the 30% when you say before statement date your talking about before the cards statement balance? It's true about too much info. through the internet. It confused the hell out of me. 

Message 5 of 17
FireMedic1
Community Leader
Mega Contributor

Re: BK7 Year One: Rebuilding

@ThegreatresetHave the card report <8% on statement date. Then PIF before the due date. The more you use the card. Easier to get CLI's. There not going to up your limit if you barely use it. As stated. You can use up to almost the entire credit line. Its whats reported come statement date. Just pay it down before then. Then no interest is paid which is throw away money you'll never see again.


Message 6 of 17
Thegreatreset
Member

Re: BK7 Year One: Rebuilding


@FireMedic1 wrote:

@ThegreatresetHave the card report <8% on statement date. Then PIF before the due date. The more you use the card. Easier to get CLI's. There not going to up your limit if you barely use it. As stated. You can use up to almost the entire credit line. Its whats reported come statement date. Just pay it down before then. Then no interest is paid which is throw away money you'll never see again.



Got it! I will keep this in mind and hopefully I can get a PenFed CC. If not I will try Discover then Mission Lane.

I will come back to this post if I have more questions or need some advice. Thanks for  all the help! 

Message 7 of 17
FireMedic1
Community Leader
Mega Contributor

Re: BK7 Year One: Rebuilding

@Thegreatreset Cool. Kill it! Keep us updated please


Message 8 of 17
Thegreatreset
Member

Re: BK7 Year One: Rebuilding


@FireMedic1 wrote:

@Thegreatreset Cool. Kill it! Keep us updated please


Just got word regarding CAP1 CLI. Got denied as expected, given my CC is only 4 months old.

Message 9 of 17
FireMedic1
Community Leader
Mega Contributor

Re: BK7 Year One: Rebuilding

Thats fine. Cap1 works in weird ways with bucket cards. Dont let it get to you. Keep on rebuilding. It does get better. Promise!


Message 10 of 17
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