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10/31/11 – Received my CreditInform welcome booklet. Based on my Experian report pulled on 10/27 by CreditInform, I have no accounts open and Capital One has not reported my secured card account yet. I understand it takes 60 days sometimes, so I hope I will receive an update from CreditInform when Capital One finally reports my account.
I’m not finding CreditInform to be that useful, so if I really wanted to credit monitor, I would choose a different service. However, I can’t complain since it’s free. I wish the data and report were updated daily. I am really anxious to see if my Capital One secured card account is reported, because that is the only way for me to start building credit.
Has anyone ever experienced a payment hold by Capital One? I’ve made several payments (all under $100) on both my secured card and my unsecured Journey student card and the available credit always reflects it the day after the payment is posted, as according to the Capital One payments schedule. However, I made a larger payment (it was about $140) to my Journey card a few days ago and they were holding my available credit. It should have reflected my payment the day after it posted, but it still did not do so today (it’s been 2 business days).
So I did a secure chat in Cap One online banking with a rep, and he said my credit would be released by 11/17 because he sees they did not receive the funds from my bank yet (but according to my bank, funds have been taken out and confirmed). I replied “Thank you for your help”, thinking that there was nothing he could do. Then, he immediately went to check my account and promptly released the hold on my funds “because I have been a valued Capital One customer” and now my available credit is up to date! LOL. I give props for that.
Don’t know about a hold, but it was cool he could release it…it’s always good to see the money back on your card!
I signed up for the trial Experian credit monitoring service. My Cap One secured card finally showed up on my report and shows 2 months of payment history already. So it took about 2 statements before it showed on my report. Also, it shows my PLUS score (FAKO) as 717. It’s nice to see a score, even if it is FAKO. I’ll have to wait 4 more months before I can see a FICO score.
That’s great news Amy. How does Experian’s trial service work, do you have access to a FICO score? How long does the trial last?
The ProtectMyId service trial is offered through Experian and it is $1 (plus tax) for 30 days. If I cancel within those 30 days, I will not be billed $14+ (regular monthly price) next month. The score is an Experian PLUS score, which is not a FICO score. Since I didn’t find CreditInform to be helpful (only updates quarterly), I wanted something that will monitor my credit daily so I can see when new accounts report.
Hi Amy. Do you have any updates on the ProtectMyId service trial. Has it been helpful so far? Are there any differences between the trial and the real service?
The trial service has all the features of the regular service. What I received with the $1.06 was a copy of my Experian report at the time and the credit monitoring. I like that they send me notifications of any updates (new inquiries/accounts, etc.) that appear on my reports. However, you have to pay if you want an updated copy of any of your reports at any time; they do not allow you to see the full updated report after those notifications. I canceled my trial recently because I don’t think it’s worth the full price ($15.95 per month) just for credit monitoring and not letting me pull my updated report for free.
I’ll get looking for another credit monitoring service. If you can recommend any good ones, I’d be happy to hear about them! I don’t think I should get myFICO yet because they won’t be able to generate a score until I have 6 months history (3 more months to go, yay!).
Hi Amy, sorry for the late reply (I was out for the holidays).
I currently have Experian’s Triple Advantage Credit Monitoring ($14.99). It monitors your Experian, Equifax and TransUnion credit reports with unlimited Experian credit reports and scores. It sounds like this is the package you were trying? I am able to check my Experian report and score as many times as I want (but not Equifax or TransUnion). Maybe the trial didn’t offer this option?
I’ve been happy with their service thought I don’t think I’ll keep it for much longer now that I have taken care of most of the baddies on my report.
Let’s see what this new year brings!
Here is my Timeline:
01/12/12: Applied Online and was instantly approved with the $49 Deposit. (Sent $750 Online than same moment) (On 01/13/2012 money disappeared from my bank account)
01/17/2012: Got letter on mail from: CapitalOne 30280 Salt Lake City, UT 84130-0280 with message “You”ve been approved for the CapitalOne Secured MasterCard with a minimum security deposit of $49.00… 2 to 3 Weeks and card will get here also says…
When I get the card I will spend 30% by paying my cell provider and anything else in order to get to about 30% as recommended… My question is…, in order to improve score… should I wait for the invoice and pay with interests in order for it to show well on credit reports… or can I just pay it in full the next day? In other words, for example… If I pay AT&T with my credit card today… Can I pay it in full tomorrow to the credit card? (Pay credit card the next day in full) or do I have to wait for the invoice and 20%+ fees and then pay in order for it to improve score? thank you in advance!
Hello TEKHO and welcome to the forums!
So we can answer your questions and follow your progress with this card better (and not to take over Amy’s thread), please create a new topic and copy and paste your post there. Creating a new topic is very easy to do, just log in and follow this link: http://www.newdirt.org/forums/?new=1 (or go to the main page of the forum and select TOPIC — ADD NEW). I will be happy to answer your questions once you do this. Thanks!
On my fifth statement with the Cap One secured card. I basically don’t use this card anymore but I keep it open because it is my oldest card. Currently have the Cap One Journey Student Card, Discover More card, and Citi Forward Card, and I use these cards instead because they are rewards cards. I plan to close the Cap One secured card after my 10th or 11th statement before the annual fee kicks in.
Hi Amy!
It’s great to hear you’ve been able to open three credit card accounts so quickly. Keep up the good work. Are you planning on getting any more cards?
I’m thinking about getting another one and stopping at 3. Maybe apply for a retail store card as well. Just like you, I don’t use my Cap One secured card much anymore now that I have a rewards card. It’s a shame that this card doesn’t grow with time. I’ll probably give Cap One 1 more year and if nothing happens, I’ll close it.
Would you mind telling me a little bit about your Discover and Citi cards. Did you apply online or at the bank? Was it easy for you to get approved? I’m debating whether to apply for a citi card or a card at a local credit union. Also, have your scores improved a lot?
It’s great to see you posting again around here.
I wanted to wait a few more months, but I got really impatient and applied for the cards LOL. Would love to get the Amex Zync card by the end of this year, and then I’ll “garden” for 2 years and wait for my inquiries to fall off. My credit score probably isn’t good because I opened the new accounts + added inquiries. But I’ll wait until they go back up with some good payment history.
I applied for the Discover and Citi cards online. I actually applied for Discover back in July 2011 but was declined due to no credit history. They kept an eye on my credit report I guess, and then in December 2011, I received a letter from them saying that they have my updated credit score and I can call them to open an account if I was still interested. One of the best Christmas surprises! The phone call was quick and easy and I got approved. They offered me a cashback bonus for the new account as well. Discover’s customer service is very good!
I also applied for the Citi Forward card back in July 2011 when I was starting out, and got declined. Applied again in December and they asked for address verification. Took about a month to process and then I received a very generous limit from them, my highest credit limit at the moment.
I would think a credit union card is easier to get because credit unions tend to have more personal relationships with the customers. They would want to work with you. I hear credit unions are likely to give out generous credit limits too.
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