Capitol 1 Platinum

[Becca]

I have had a rough go at credit for some time thanks to my EX. I just now have gotten my Ex score up to 754 and TU up to 640. I have on EX one closed collection, one credit union account (12yrs old) and one paid off account they consider it to be a credit card but really isn’t. On TU, I have the one closed collection, and closed/paid bank note. I applied for Cap1 Platinum card. Was approved for $2,000!!!! I am SO excited! I got an email Tuesday, 6-14 saying my card has been sent. I called today to verify that it was indeed sent. The rep said it had and was coming from Salt Lake City, Utah. I live in almost as far as you can go til you hit FL line. My question is, do any of you think the new. Card will be here by Saturday?

[fontanaman]

Hi Becca and welcome to the forums!

First of all, congratulations on your all your hard work. It looks like it’s paying off. Would you mind sharing with us some of the things you’ve done to improve your credit. 754 is a pretty good score!

If I remember well, it only took about 2-3 days for me to get my Capital One card once I got the email saying it had been sent. So I wouldn’t be surprised if you got it before Saturday.

[Becca]

Thank you! A lot of patience and time! I had a few medical bills that I finally paid off, had a few collections that were paid and fell off as well. I opened a small credit union account 12 years ago. I kept it open, but the main key to having that account in good standing was to auto pay it. That way I had to MAKE sure it was on time every time. That was HUGE for me. I never was late nor missed a payment. Medical bills were my killer as well as being a card user on my ex hubby’s accounts. He had 5 cards and maxed them all out. However, about a year after my divorce, he filed bankruptcy and that went against me. LUCKILY, and I mean LUCKILY, I was able to dispute it and for some miracle, I won that fight and was taken off my credit!!! A few years later I bought a set of TOWNECRAFT cookware and had it financed. That was forced through because of bad credit. The salesman pushed the company to grant me the credit. That was also on auto pay and again, was in good standing. That was a LOC for around $1500. (Yes, that seems like a lot of money for a set of pots, but I can tell you, you will NEVER have to buy another set to replace them!)
Now I show one paid collection, one paid house note, one paid credit card (Townecraft showed account as being a credit card for some reason.)
This Cap1 card is my very first on my own creit card. I applied foe a Good Sams Visa when I checked out at Camping World, however because I had changed my address moments before checking out, I was declied. I was like REALLY???? I called and called trying to dispute that denial, but each time was rejected. They said after a denial has been set you have to wait 30 days to re apply. I was charged 14 points on TU, and 0 on EQ for Cap1 card, but charged 6 points on EQ when I tried for Visa. I am going to try again for VISA and am going to try online with the checkout trick. I heard that was a soft pull. Not sure, but will see. I don’t know why Cap1 took 14 points though. My TU score is 640 EQ is 754. I have no clue what EX score is. I can’t find a solid free site to check that one. I was SHOCKED to have gotten approved for Cap1 Platinum for $2,000!!!!

[Becca]

And please excuse me, but in my original post, I called Equifax EX. I apologize for the mistake. I have no clue of my Experian scores.

[fontanaman]

It’s great that you were able to dispute and remove the bankruptcy from your credit files, because a bankruptcy filing remains on your credit report for up to 10 years. Paying on time, not maxing credit cards and being patient is really all it takes to improve your scores. Of course, it’s definitely easier said than done so kudos to you for that!

Why is your TransUnion score so much lower than your Experian score? Do you have more collections or late payments on your TU report? It’s more than a 100 points difference, which is a lot. Also, are these FICO or FAKO scores?

You might already know this, but a good place to get all FICO scores (the score used by most lenders) from all 3 bureaus is http://www.myfico.com. It’s not free, but they give you your real scores.

FAKO scores (scores not used by lenders) are available for free from sites like Credit Karma and Credit Sesame.

You are also entitled to get all your 3 credit reports for free every year from http://www.annualcreditreport.com. This is the only official site to get your free annual reports. You’ll get only your reports (without scores), but you can purchase your scores for much cheaper from here once you get your free reports.

P.S. Those must be some nice pots! I’m sure they were worth it 🙂

[Becca]

Well, only place I have looked it Credit Karma. I had more accounts on Equifax than on TU. TU only has the bank account. But also had the hospital bills on collection. I did not know that about FICO and FAKO. What id FAKO?

I did try to hook up with myfico but my bank debit wouldn’t let me use my card on that site.

As far as the pots go, yes they are. My parents ventured out once and sold them. The system is kinda like Tupperware parties. Anyway, I grew up with them. I aquired a set when my grandmother passed away. I gave that set to my brother when I bought a new set. I liked the new design! LOL

[fontanaman]

FICO scores are the ones used by lenders (like banks offering credit cards and loans) and insurance companies to determine what rates and insurance premiums to charge you. When you applied for the Capital One Platinum card, CapOne accessed your FICO score and made a decision based on that report and score to approve you for a credit card.

A FAKO score is a “Fake FICO” score. They are referred to as FAKO scores because they aren’t the real scores looked at by lenders to make a decision as to whether or not loan money to you. FAKO scores are offered by companies like Credit Karma using a different credit scoring system. This is not to say FAKO scores aren’t useful, as you can use them to have a general idea of how your credit looks, but they are not your real scores and might be significantly different from your FICO scores.

If you are applying for cards, buying/leasing a car or applying for loans, I wouldn’t trust FAKO scores. You should take a look at your FICO scores at least once in a while to get an accurate picture of your scores.

Wow, those pots are long-lasting for sure! LOL

[Becca]

Thanks! I sucked it up and did a pay look. Scores were off, but not as bad as I expected. I did receive my card in the mail today! Whoop whoop! Now I can start following the rest of my plan. The sole purpose of getting the card is to pay my bills, will meet the 30% credit usage, and pay off balance each month. I am thinking my scores should reflect a difference in about 6 mos. Now I can sit back and relax!

[fontanaman]

Well, that’s great news. FAKO scores can sometimes be similar to your FICO scores, but other times can be off. I remember at some point mine were off by 50 points or so.

You might want to check with your bank, I have a Bank of America credit card and they give me a free monthly TransUnion FICO score.

And yes, ALWAYS pay on time and never go over your limit, that is the key to improving your scores. Having a good credit mix helps too (a credit card, a store card, a car loan, etc.). I’ve learned that credit usage, as long as you never exceed your limit, will affect your credit score only in the short-term. This means that you need to be careful with usage only when you are looking to apply for credit. Say, if I’ll be applying for a car loan, I’ll make sure my credit usage is under 10% at least a couple of months before I go to the dealer so that I come with the best score possible and get the best rates. Otherwise, if I’m not applying for anything, I just worry about not going over my limit and not spending more than I can afford.

I liked that you said that now you can sit back and relax. That’s the best attitude to have. I think people should worry about improving their credit so they can make it work to their advantage, not become addicted to it. There are plenty of online credit forums with people that are addicted to applying for credit cards.

You can now sit back, relax, and enjoy your new pots! 🙂

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