@MrDFinance wrote:
I don't recommend applying for a card every month.... Even for a person with good credit this will damage their score....
I suggest considing a self lender loan and trying discover again.... Discover is the best secured card out there with the cash back and the option to product change to the 5% cash back Version after u graduate from secured.... And with self lender you will add alot of postitive payment history.... I was able to raise my score by 132 points in a year with the combination of 2 secured cards.... a self Lender Loan and 2 car loans being paid on time...
You can product change after the first statement. I called in the day I received my card and the switch happened immediately after my statement posted.
To the OP, I was approved for my secured Discover with a 512 Fico. Cold app it. Just make sure you have enough for a workable balance. You can add more later, but you have to call in to get approval.
In regards to self lender, its fine if you don't have any inatallment loans and need a quick score boost for a year. Yes, it's a little pricey, but you don't get a HP.
As for the Cap1 secured. Once it graduates, you won't get a CLI. Apply for a Platinum and close it. After opening the platinum, request a CLI in month 4-5. It will only be $100, but that's normal. You'll still get your credit steps increase in month 6. About the same time you request the CLI, start checking for an upgrade. I upgraded my platinum in month 4 to a Quicksilver. AVOID the Quicksilver One as it's too hard to product change later.
@Anonymous wrote:
Did you go from platinum secured to quick silver? What did you do with the platinum close it or keep it?
I closed the secured once it did it's job because it will not grow, ever. Cap1 will allow you to product change your cards (except the secured and journey). The value in this is being able to get a prime card you wouldn't be approved for normally. So, you can apply for a platinum, and 4 month's later convert it to a Quicksilver, Savor1, or Venture1. All cards that require excellent credit for approval.
In my case, I opened the secured. After about 8 month's I opened the qs1 and closed the secured. I opened a Discover secured and concentrated my spend on that for the last year as the cash back match meant I would get between 2-10% cash back for the first year. I then opened a cap1 platinum and 4 mos later converted it to a qs. Immediately after the conversion I applied for a CLI. 2 moths later I received my steps increase. Since it's so hard to to convert the qs1, I will most likely combine it into my QS. Unless, now that the Savor1 exists, I can PC to that instead.
Just keep in mind, while you can PC to a prime card, the only thing you're changing is the rewards structure. You wont get a lower rate and it won't grow very fast. But when you're re/building, a decent rewards card is usually out of reach. I couldn't even get one from my CU who I've been with for years, so this was a huge plus when I started rebuilding.
@Anonymous wrote:
Cap-1 🏃 3 HPs for ALL thier cards...it's just their policy, period.
So Yes, you can get a Porsche with 1 HP but NOT a Cap-1 $500 CC of any type😁
Cap-1 is about the only vendor I know of that runs a triple pull, like freaking mortgage app for a CC but it us what it is...
Just so there is no misunderstanding I'm referring to them HPing each of the 3 CRAs not them pulling 3 from one bureau
But the fact is most companies choose one CRA and perhaps 2 ( Citi will double pull) from time to time, however Cap-1 as a corporate policy pulls every bureau ( it's their company, they can do as they please)
I'm not trying to bash Cap-1...I've got the QS card you desire ( don't use it but cute looking card) my question for you to consider is WHY you're 'eyeing' the card...
I know marketing sucks us to 'who the freak' knows decisions but b4 you let the game play you...play the game....what does the QS have...other than 'cute' marketing and paid for pitch people on 📺
What 1.5% cash back....a gazillion Bert n Ernie, Yellow, Red, White & Green cards offer that crap....there all special Cap-1 only protections via Visa or MC that my Cap-1 card offers that isn't the same as my CU Visa Signature cards, so WHAT's so special about the QS...again the design is cool and Sam Jackson ads are cool but truth be told it's just the carbon copy of a bunch of other 1.5% Cash back cards....outside of Cap-1 routinely charging higher % rates what's the lure
The green Cash back card you see a lot of folks on these forum have in their sigs from Navy ( I've got that one just don't do the siggy thing) anyway same 1.5% cash back and it slides across the counter the same as my QS except if course I use the CU card and the QS looks nice in the sock drawer😊
Im mostly jk but pointing out you want to understand WHY you eye the QS and once you conclude it's nonsense choose your vendors carefully and don't let the ads play you
The qs is highly rated for its ease of use in redeeming rewards, which also post almost immediately. It's not a bad card and personally, I prefer it over my NFCU Cash Rewards. My payments post in 1-2 days, my rewards post in 1-2 days, when I redeem for statement credit it posts in 1-2 days. In comparison, my NFCU card takes up to 5 days for payments, up to a month for rewards to show, and up to 5 days for statement credit to post. People just go gaga over the NFCU cards because of the generous limits they give out, even if your credit sucks. Also, the qs was the first 1.5% cash back card making everyone else the carbon copies.
While you can maximize the use of hard pulls elsewhere, if you dig through all the b.s., the only real complaints people have about cap1 are the triple pull and slow growth of limits. My PayPal cash back will probably grow to upwards of $5k in less than 9 months, but I don't have to worry about cap1 balance chasing me, slashing my limits, or closing my account because my Discover reported a 40% UTI for one month. That kind of peace of mind is worth 1 or 2 extra HP.
I mean, they could be like Chase. 2 HP applying through the dealership, then 2 HP to actually do my auto loan. And I went directly to them first before the dealership. SMDH....