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After decades of auto loans, home mortgages, credit cards and personal loans, all satisfied with no issues, I found ten years had passed and I had an empty file and NO FICO score..! I learned this after a series of health issues that left me with >$700k in medical bills and these were the only things reporting in my file..!
I began to rebuild 4 months ago with :
Cap One secured $1k
Open Sky secured $500
Amazon/Sync secured $500
Still under six months so still no FICO scores.
I receive pre-approvals from subprime cards I want no part of.
Since my Cap One will never graduate and the procedure is app for the non secured replacement....my question is;
shall I choose the platinum over the quicksilver one..?
I have tried the prequal for Disco several times but no luv.
@Jazzcat wrote:
shall I choose the platinum over the quicksilver one..?
My first card with Capital One was the Platinum because it didn't have an annual fee. After a few CLI's I asked capital one to simply upgrade my platinum to quicksilver through their live chat and now I have a quicksilver with no annual fee. Many people have done this and if it still works it is the way to go (you can research platinum to quicksilver on the forums). This seems like the better route than being stuck with a $39 annual fee forever.
If you get rejected for the platinum I'd wait until you actually show a FICO score. If NFCU is an option for you definitely explore that route (but I'm assuming it isn't).
Hold out for a score to generate so Cap1's computer can see it. Stay far far away from the QS1. Grab the Plat like @Anonymous said. Then you can upgrade at 3 months and get the same 1.5% CB as the QS1 but dont have to pay $39 a yr. Good Luck!
Thnx forum..
I have 3 cards in four months. I really wanted to open a secured card with $5k limit from a major bank that would graduate, and use the new card to pay collections but that would trash my UTL right off the bat anyway, so may as well go for my first unsecured...
@Jazzcat wrote:
I really wanted to open a secured card with $5k limit from a major bank that would graduate, and use the new card to pay collections
Does this type of secured card exist in the world (lol)? Save up a rainy day fund before you pay any debt collectors. Don't use your credit cards to pay collections. Not only will your score still take huge hits from high utilization but the banks will think negatively of you and this will ruin chances of CLI's. The only good thing about collections is the damage is already done and you've hit the bottom. Preventing more derogs is top priority while you save up money to handle the debts. Some collections report monthly, handle those first. The collections that report once and start to age are still just as valid but are not as much of a priority in terms of paying off.
@Jazzcat wrote:Thnx forum..
I have 3 cards in four months. I really wanted to open a secured card with $5k limit from a major bank that would graduate, and use the new card to pay collections but that would trash my UTL right off the bat anyway, so may as well go for my first unsecured...
Getting 3 cards in 4 months is a bit much. Hit the brakes and let the hits to your scores rebound some . Wait at least 6 months before your next app. Its not a race but a marathon. Work on paying off those collections so they quit updating. In the meantime your new cards will age and help your score a tad. But un till all the collections are PIF or settled. That will still hamper your score. You dont get credit to pay of debt.
BTW.If you can list who has the collections. They may be some that PFD if PIF or settled. List them out and we'll see what we can do for you.