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Another month has gone by and got my email from CreditInform.com that my new report is ready to view.
After checking it over the credit union has not reported my used auto loan from the 8th of February. I did make a payment during the month so it should be reported. I will give it another month maybe they will back date it at the end of this month. If not I will request that the credit bureau’s update their files.
My score went from a 630(the loan application showed a score of 627), so I am more confident that the creditinform score, not totally accurate, is pretty close to my fico score. So without the loan account being reported my score for the month, as of the 9th, is at 659. Hopefully this will take a major jump next month when they report both Feb and Mar.
I have also thought about going into business with this whole thing. I’ll test it out on a co-worker and see if I can get him the same results I have had.
Welcome to the forums Madison.
Glad to hear that you are on your way to begin rebuilding your credit.
I did want to comment on one point you brought up. You asked if you add more money to the card, where does that money go.
You are correct, any additional funds you deposit to Capital One….grrrr….are held with the rest of your initial deposit.
I have tried to ask that all my money I put in be refunded to me, minus the initial $200 I had to deposit. I was told that if I wanted any money back, it was all, and close the account, or none. That is why I refuse to deposit more for a higher CL. I am doing just fine with $500 but wish it was higher.
Welcome to the forums!
I agree! I’m hesitant to try it. I don’t want to find out if it works or not too. I wish there was a better way.
This person did say
Sneider: Adam, we will periodically review your accounts for graduation of secured to unsecured card accounts, however, we do not have the exact specifics when these reviews will occur as it is entirely based on your payment and credit history.
So apparently it happens. Maybe after ten years and they have made 10 times your deposit in interest…then they will graduate your card. I can’t wait that long. I want that money working for me. Shortly I plan to open a Bank of America, secured rewards card, bite the bullet, and cancel my Cap One card and lose that history. I will be setting my self back about 2 years, but I was under the impression that this card would be graduated in a short period of time as with other secured cards. I’ll give it til October of this year. If they can’t get my card unsecured, I will have no choice but to cancel.
I will also let them know that I would never suggest one of their cards to friends or family, and maybe make it a point that I would go as far as reviewing their secured card as the worst on any website that claims Capital One as one of the best secured cards out there.
Now for the congrats!
Love my jeep! The liberty is a nice vehicle. I live in Wisconsin, they just looked to weak for our winter’s, or what a lame winter we had.
Hope you get approved! I got my credit score…it dropped with the used loan…but I’m sure this is just temporary.
Oh, and Yes, I called Cap One and asked them to increase my credit limit. I am currently in a secret study to see if checking the “modify your feature’s” tab is logged in the system. I plan to log in every day, click modify my features, and click the link to see if there are any offers available on the account. I know there won’t be, but if its logged(I’m hoping) at the end of the month, I’m going to request another increase of $100, bringing my limit to $600. I am not depositing anymore money if this card will not become an unsecured card, and Capital One is the only person who is making money on my money.
On a lighter side, sad to say, but we all have so much in common. But were changing it!
So getting to your comment about the secured loan. Perfect choice, open an account at a local Credit Union, you will get better service and rates than a government run, money robbing, explitive bank. I might have said it before too, just lazy to go back and look, work with the same personal manager, or relations manager. Working with one person will allow you to get strings pulled when one person see’s the changes and knows personally how much you want to change, and get your credit back on track.
So its pretty simple….I have a checking and savings at the CU. when I had the funds to cover(secure) a loan I just had them hold the $500 in savings. Every month after making the loan payment the CU would release $100 and a day later my savings account would show that I had a balance of lets say $500, and an available balance of $100. The next month again would be a $500, with an available balance of $200, until the end of the term. I did $500 for 5 months. my payments were 102.35 a month, $100 principle and 2.35 interest.
Just as with a secured credit card, your total loan amount is covered in-case of default, not what were going for but it should be an option for almost anyone to get approved. This is where the work with one person is the way to go, I just applied online and originally was denied. Went to the bank, sat down with my personal banker and discussed what I wanted to do, it was covered by my savings account, she had to clear it with the board of directors(underwriters) and it was approved.
Now to say if it help’d. I don’t know…lenders want to see long-term accounts(3+ years, at a minimum) with great payment history. 5 months on a $500 loan will probably not turn any heads and get me a rate on a new car, but I wanted to have as many good standing accounts percentage wise to out-weigh my remaining derogatory account. Right now I have only one derogatory account on my report, and two pay’s or paid as agrees. One of the factors listed on my creditInform is:
Listed Num. 1–
You paid 66% of your accounts on time (as of the last time each account was reported). Note that derogatory accounts that have been paid off do not count as being paid on time.
This lowers your score. Any history of late payments (including missed payments and derogatory payment statuses) is a negative factor. No reported history of payments on any account is also negative because lenders cannot tell whether you paid on time or were late. Some cases of late payments are worse than others. If you have not been late with any payments recently, lenders may think you are responsible and do not (or will no longer) miss payments. Lenders realize that many people occasionally pay late. Therefore, being late with a single payment is typically not as harmful as being late with two or more consecutive payments. Similarly, being late on many accounts is typically worse than being late on just one. Also, lenders may view late payments as a more serious problem if you have collection accounts or negative public records such as bankruptcies or court judgments. These types of credit records indicate a pattern of credit problems. Finally, it may not be as harmful to be late with your payments if the past due amounts are small, because lenders stand to lose less money if they remain unpaid.
I’m lazy…that was right from my summary…sorry so long. Eventually if you have enough satisfactory accounts listed on your credit file that number keeps going up. I haven’t found the magic number, as it will be different for each person, but would expect that 85 to 90 of your accounts paid on time will look better to lenders, and that factor eventually will not matter to your score.
Hopefully I answered your question about the credit union secured loan. Now, just get out there! and make it happen!
So I chatted with Sneider(Love these names they come up with).
She confirmed, that Yes, an upgraded account will still reflect the back payment history. As far as getting a secured card upgraded to an unsecured/normal card, I would wait until you have a good score and apply for a new account. I would do this over the phone with a live person to make sure that this new account is being upgraded, and not just a new account with a new history and any payment history that has been reported has been converted over to the new account. Once that is good you should be able to close the account, get your full deposit back, and close the account with no dings on your credit report.
Thanks for the welcome!
Thanks for the info Fontanaman,
After reading it again, I was thinking the same exact thing. How could my oldest card still be reported if it is closed.
Capital One needs to get with the program and offer a card graduation to compete with the other two secured cards that I found that will.
I am going to chat with some one really quick to what is going on.
MyFICO.com is the only place to go to get your actual score.
Any other site that offers to show you your scores, and from all three bureau’s is what are called FAKO scores. Lenders will never use these scores to offer you credit.
While I believe that credit monitoring is more for people with extremely high scores and want to protect them from the damage that can happen if someone steals their identity. I would suggest that you apply for some sort of credit monitoring, at least for a year, so you can see how credit works, and what happens when items in your file change. It has helped me far beyond what I ever thought I wanted to know about credit, and what it effects in my daily life.
I like the idea of the CD flipping but not really sure how that relates to credit and your credit score.
piggybacking is not a trick anymore. I will admit from what I’ve been reading it is still possible to become an authorized user on someone’s account, and for a hefty price, if the lender is still using the un-updated version of FICO 08. There is no way to tell if they are or not. If it works, great.
A few years ago, the creators of the FICO credit scoring system announced they would stop including authorized users in the latest version of their FICO scoring model (at the time dubbed FICO 08), which would effectively put an end to what they saw as a deceptive practice and manipulation of the system.
Here are the “tricks” I use.
1. Pay my bills that are reported to the CRAs on time first, if I need to wait until payday then pay cable(not reported), cell(not reported), and electric(not reported) but before the next billing cycle.
2. Use only 30 percent of my available credit. I’ve unfortunately tried carrying the large balance over month to month to show I can handle my credit obligations but my score suffered. After only two months I stopped that and my score went back up.
Hi and welcome to our Capital One chat service! One of our Account Specialists will be right with you.
You are now chatting with Raymond
Raymond: Thank you for visiting Capital One. I’d be happy to help you with your account questions.
Raymond: Whom do I have the pleasure of chatting with today?
you: Good Morning, my name is Adam W
Raymond: Hello Adam.
Raymond: How are you this morning?
you: Doing well. Thank you for asking.
Raymond: You are welcome.
Raymond: How may I assist you today?
you: I am interested in applying for a credit limit increase on my current account
Raymond: Let me check if your account has the offer of increasing the Credit Limit as of now Adam.
Raymond: To ensure we have the correct information on file, I’d like to verify some information with you. Would that be okay?
you: I did also have a question about when my card is going to be eligible for the transfer to an unsecured card
you: Sure, what information will you need
Raymond: I understand your concern. I am sorry to say that it is not possible to convert your Secured Card into a normal Credit Card.
Raymond: Secured Card will help you in building your Credit History.
Raymond: However you can apply for a separate normal card if you wish.
Raymond: Please verify the following information in order to access your account: Full name (exactly as it appears in your credit card), the last four digits of your Capital One account number, zip code, date of birth and last four digits of your social security number.
you: Adam X XXXXXX, XXXX, XXXXX, XXXXXX, XXXX
Raymond: Thank you. Please bear with me a moment while I review your account information.
you: Getting back to the answer about the unsecured card, its been stated that it happens.
Raymond: Let me explain you about how to increase the Credit Limit on your Secured Card.
Raymond: Deposits over the minimum security deposit amount will increase the credit limit with a 1:1 ratio (i.e., the credit limit is increased $1 for every $1 deposited up to a $3,000 credit line).
you: And another thing, yes a secured card is going to help build credit, if this card is a persons first c.c. what do you think happens when they pay this card off and close the account
Raymond: Adam, as of our records, it is not possible to convert the secured card in to a normal card.
Raymond: Adam, if you close your account, the deposit will be refunded back to you.
you: because they worked really hard and get their credit score in the 700s. Apply for a new card, unsecured, now get approved. All that hard work goes right out the window
you: There are other secured cards that transfer to unsecured cards, why does capital one not do that also
you: If I close this account, it will no longer be my longest open account on my credit file, and I will have to start from ZERO again
Raymond: No the points which you earned on your Secured Card will not be lost even if you close this account and open a normal account Adam.
Raymond: All the points which you have earned on your Secured card will be transferred to your normal card.
you: So if I open an unsecured credit card account my credit payment history will date back for the amount of time I’ve had my secured card
Raymond: Yes that’s correct your points and credit history will be converted into your new account.
you: I assume that I will have to open a Capital One Card…Which ones are available for applying to that will transfer my account to the new unsecured card.
Raymond: Let me provide you with the link of our Popular and Normal cards.
Raymond: Popular Cards.
Raymond: All Credit Cards.
Raymond: You can try with any card that suits with your requirements Adam.
Raymond: Is there anything else I can help you with today?
you: Thanks…so any normal card that Capital One offers will report my history from my secured card.
Raymond: Yes you are absolutely correct Adam.
you: Getting back to my limit increase, there are none available right now. And I would have to deposit additional money to increase it
you: Other than that, no other questions
Raymond: Yes that’s correct.
Raymond: Let me provide you with the link.
you: Thank you very much for your time Raymond.
Raymond: Secured Card- Additional Deposit.
Raymond: You are most welcome.
Raymond: You have a good day Adam!
Raymond: My goal today was to provide you with outstanding customer service. I hope I was able to meet that goal for you.
Raymond: If you’d like to provide feedback about your experience with us today, please click the button that reads @End Chat@ at top right to answer a quick questions.
Raymond: Thank you.