FICO drop of 94 points with TU

[Anonymous]

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@Shooting-For-800

Cap One is probably the most forgiving bank there is.

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Opinions on different lenders vary greatly based on personal experiences.  You think they're the most forgiving, the post above you feels the exact opposite.  Having no dog in this fight at all (no personal experiences), I disagree with them being anywhere near the most forgiving bank there is.  I've done a lot of reading in the rebuilding section of the forum and CO is one of the most difficult lenders when it comes to forgiveness in terms of things like GW adjustments.

[Sadie5150]

Like I said, lesson learned.  I have been able to get 3 deleted from my credit report, which helped tremendously, only leaving with 2 derog accounts. Cap one and Dept of Ed.  Dept of Ed is hopefully going to delete, as they have reported a completely innacurate account status and then verified it as accurate twice now with disputes.  I have escalated the dispute, citing sections FRCA 623, and 611.  NOW, they have decided they will investigate it.  So we will see.  Had I not opened up that can of worms with Cap One, my FICO would no doubt be in the high 700's.  Here's the kicker to this story.  I was told that another credit card with a higher limit would help my score.  Cap One came back with pre-approvals.  So, I applied for their QuickSilver1 card and got an approval of $3000.  Just emailed that my card has shipped... sheez...go figure...lol... I haven't given up hope yet.  I'm hoping that the multiple letters sent out to them recently, will reach someone who cares enough to at least reverse their most recent reporting and change it with the credit bureaus.  Fingers crossed.

[Anonymous]

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@Sadie5150I was told that another credit card with a higher limit would help my score. 

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Credit limits have no bearing on FICO scores.  Whoever gave you that information was misinformed.

[Shooting-For-800]

Cap One is one of the most forgiving banks there is based on blacklisting and 2nd chances.

Time and time again you read horror stories about Citi, Chase, Amex, etc never allowing one to open another account after having issues in the past.

The exact opposite is true with Cap One.

OP - opening higher limit credit cards can help one's score if the have cc debt as it lowers thier utlization ratio.

GL!

[Anonymous]

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@Shooting-For-800Cap One is one of the most forgiving banks there is based on blacklisting and 2nd chances.

Time and time again you read horror stories about Citi, Chase, Amex, etc never allowing one to open another account after having issues in the past.

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Keep in mind though that Capital One is welcoming to those with iffy profiles relative to the other lenders you mentioned, even with 1st chances.  Cap One has no problem approving someone for an entry-level product with a 590 credit score, where the other lenders you mentioned wouldn't touch such a profile in 99.9% of cases.  My point is that I don't know that it's so much about Cap One giving second chances as it is they have no problem taking on weaker profiles.

[Anonymous]

OUCH. It's so backwards that paying a debt off penalizes you. What incentive do people have when it comes to paying off debts??

[Anonymous]

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@AnonymousIt's so backwards that paying a debt off penalizes you. What incentive do people have when it comes to paying off debts??

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Less debt.

Less debt is always more important than FICO scores. 

I think it's also a misconception on this forum (from threads like this) that paying off debt penalizes you.  There are very few examples of that, such as having all revolvers report $0 balances and paying off your only open installment loan.  For every one of these examples, though, there are 100 examples of people paying down debt (lowering reported balances) that results in a score gain.