Forum Replies Created
Christie- Sounds like all’s going well! I remember how “excited” I was to pay my charges even though sometimes it was only a few dollars, because it meant that I was building good credit.
Fontanaman- BoA secured card graduation sounds very exciting! Let us know how it goes! I like my BoA cash rewards card and how easy it is to always get 2% cash back for groceries.
When I tried to pay before my first statement was generated, I got an error message and had to wait until the statement cut (or at least a due date shows up) before I could pay through the Capital One website. After that first statement, I could pay whenever I wanted. However, you can “push” the payment to Capital One from your bank’s bill pay service if you want to pay before the first statement or first due date.
Congrats, Christie! Is the JCPenney card issued by GE Bank? They are really good about credit limit increases.August 28, 2012 at 2:36 am in reply to: My "Road to Credit" With the Capital One Secured Card #2356
Today I received the refund check for my $49 deposit from Capital One. It took exactly one week for me to get the check, after I called to close the secured card. That was much easier and faster than expected, though I suspect it’ll take longer if it’s a larger deposit amount. Made me like Capital One more! I hope one day I can qualify for their “excellent credit” version green Cash Rewards card.August 22, 2012 at 12:16 am in reply to: My "Road to Credit" With the Capital One Secured Card #2354
The AmEx Zync charge card was hard for me to get; I apped for it two times before I finally got it! I read that the general criteria for the No Pre-set Spending limit card is: at least a year of credit history, 650+ FICO score, no major derogs on credit report. I hear some people who are on the border of acceptance criteria get counter-offered a Zync card that has a hard limit of $200 or $500 with auto-pay enrollment.
I applied for the student version of the Citi Forward card and I got it once I had about 4 months of credit history. They did verify my identity, school enrollment status, and financial information though, so they are strict on that. Once I sent everything in, they gave me my highest credit limit so far.
On another note, my Experian FICO score is 707, according to the letter I received when I got my Bank of America Cash Rewards card last week. Not too shabby!
Congratulations, Christie! You are on the road to good credit!
I’ve heard some people suggest putting a $1000+ deposit in order to get higher credit lines from other lenders. On the flip side, Cap One holds onto a larger amount of your money. Deposit what you want now and perhaps increase it if you have extra money you want to put it.August 21, 2012 at 2:00 am in reply to: My "Road to Credit" With the Capital One Secured Card #2352
The cards I currently have are:
-Capital One Journey card (1.25% cash back on every purchase)
-Citi Forward card (5x points on restaurants, entertainment, Amazon.com)
-Discover Open Road card (2% cash back for restaurants and gas)
-Bank of America Cash Rewards (3% on gas, 2% on groceries, 1% on everything else)
-AmEx Zync charge card
As you can probably tell, I’m a big foodie so I try to get the cards with cash back/points on restaurants and groceries haha. It’s so funny when I try to decide which card to use for each purchase in order to receive the most rewards.
I have all the cards I wanted for now and won’t be applying for anything for a few years. Someday, I want to get the Chase Freedom card, AmEx Blue Cash card, a Visa Signature or World MasterCard and then I am all set for life!August 20, 2012 at 7:13 pm in reply to: My "Road to Credit" With the Capital One Secured Card #2350
It’s been a long time since I posted here, because I’ve been so busy with work and my studies. Today marks the end of the beginning of my journey to credit. I closed my Cap One secured card account after having the card for about 10 months. When I called to cancel, the rep I spoke to was friendly and professional, didn’t hassle me about why I was closing. I appreciated the good customer service. Should get my deposit back in a few weeks. I also separately canceled the CreditInform service that came with the card.
I currently have 5 unsecured cards and it’s all because of the Capital One secured card. It opened up credit opportunities to me and for that, I’ll always be grateful. It will always be remembered as my “first love”. And that was me being melodramatic, LOL!
Congrats on getting Chase Freedom! That is one of my dream cards that I hope to get in a few years. You should close the secured card before the annual fee kicks in. If you close it with a 0 balance, the secured card will continue reporting good history on your credit report for up to 10 years. There will be no affect to your credit score until then.February 19, 2012 at 12:33 am in reply to: My "Road to Credit" With the Capital One Secured Card #2346
My main strategy with the credit cards is keeping my overall utilization less than 9%. I also try to mostly use the cards in the categories with most rewards. I use the Citi Forward card for restaurants/fast food and Amazon.com to rack up points. I use Discover in the 5% cashback categories.
Have already used up all my free reports for the year. I use CreditKarma and the CapOne CreditInform to monitor my accounts but I don’t take those scores seriously.February 17, 2012 at 5:34 am in reply to: My "Road to Credit" With the Capital One Secured Card #2344
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.February 16, 2012 at 1:06 am in reply to: My "Road to Credit" With the Capital One Secured Card #2342
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.
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.December 16, 2011 at 10:06 pm in reply to: My "Road to Credit" With the Capital One Secured Card #2337
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!).
Happy holidays to everyone! May the year 2012 bring better things for everyone!