Victory! Got My First Credit Approval! Now What?

[Anonymous]

Ah, sounds good then! Thanks for the info!

[Anonymous]

Mine was $30 a month, very professional and gives lots of great details from all three bureaus. However, you're report is only going to generate every three months on this plan. I may or may not keep it long term, have not decided yet.

[Anonymous]

Good to know it's a bit pricey but very detailed which is helpful. I keep getting mixed info between Free FICO/FAKO.

[brother7]

OP, which unsecured Cap One card did you get? The Platinum?

If you got the Platinum, I would either call or online chat to see if you have any offers. Specifically, I would see if you can "product change" to a Quicksilver card because I LOVE CASHBACK CARDS!

I'd definitely cancel the Cap One secured card, as it has served its purpose to help you get an unsecured card.

[Anonymous]

Congrats!!

[JustBPatient]

Well done, continued success!!

[Anonymous]

Congratulations on getting your first unsecured card! I agree you should see if you can product change it to the no AF Quicksilver that has 1.5% cashback rewards. I PC'd my Platinum after the 1st statement cut, but I've read where others have done it right away. Good luck! 

[Anonymous]

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@Anonymous wrote:
Does the MyFico update daily or monthly and how much is it? I'm considering joining congrats OP keep working and you'll be in 700's soon

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Hi Matt. MyFICO Ultimate 3B lets you pull a new 3 bureau reports every 3 months. You will get alerts about changes on all 3 bureaus throughout the 3 months between reports that will cause any score updates to reflect on your MyFICO dashboard. I like seeing the score changes, and I like trying to figure out what is causing them so I can try to replicate.

[Anonymous]

It won't affect your scores if you have all of your cards with one bank, but there is something to say for diversity too. What if suddenly Cap1 does something you can't stand and you no longer want to do business with them. If you have 1 card, you can close it and get 1 new one to replace it, no biggie. But if you have 3 cards and you suddenly want to close all 3 and open 3 new ones, your score is going to take a little bit bigger hit. (From the new apps and accounts, not the closings as those accts will stay 10 years.)

Also, take a look at what is happening with synchrony. If cap1 decides to start scrutinizing everyone with multiple accounts, you don't want all of your CL tied up in one lender. They are among the most forgiving and lenient, but you never know when things could change.

Congrats on your first approval! Enjoy that card (+1 for the QS upgrade) for a while and think about your next move before you app. 

[grillandwinemaster]

I agree that Lender diversity is important for all the reasons mentioned above. However, at this stage in your rebuild, your choices are going to be limited as far as which lenders will approve you. Continue to Focus on building what you currently have, and once your scores improve, you can work on diversity. 

As it stands right now, Barclay Rewards MC may work for you. Do the research on them and then you can make an educated guess if there worth a hp risk. 

Best credit wishes to you!