Author Topic: Capital One  (Read 3891 times)

Offline bmass

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Capital One
« on: December 21, 2020, 09:14:02 AM »
Hey Guys,

I have tried opening a few credit cards in the past (Chase prefered, freedom and Discover Student) and have been denied for all of them. I was able to get approved for a Capital One Platinum in October. I have been using it since then and trying to build up my credit score and limit (I am currently at $200 available credit). I am using my Capital One card to hopefully build some credit so that I can pivot to a better card -- one with more benefits and bonuses. My score on Capital One has been good until last week. I was at roughly 660 until my score dropped 72 points in one day and now I am in the 590 range. I believe the score went down due to my student loans although I know many people who have student loans who have not seen such a dramatic decrease.

My questions are :
1) is there anything I can to get my score back up? A 72 point drop is massive!
2) what would be the best card to move to next with strong benefits that I would be likely to get approved for? When is best time to apply for said new card?

Any input would be great!

Thanks

Offline Kachnik

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Re: Capital One
« Reply #1 on: December 21, 2020, 11:31:25 AM »
Hey Guys,

I have tried opening a few credit cards in the past (Chase prefered, freedom and Discover Student) and have been denied for all of them. I was able to get approved for a Capital One Platinum in October. I have been using it since then and trying to build up my credit score and limit (I am currently at $200 available credit). I am using my Capital One card to hopefully build some credit so that I can pivot to a better card -- one with more benefits and bonuses. My score on Capital One has been good until last week. I was at roughly 660 until my score dropped 72 points in one day and now I am in the 590 range. I believe the score went down due to my student loans although I know many people who have student loans who have not seen such a dramatic decrease.

My questions are :
1) is there anything I can to get my score back up? A 72 point drop is massive!
2) what would be the best card to move to next with strong benefits that I would be likely to get approved for? When is best time to apply for said new card?

Any input would be great!

Thanks
Go to credit karma they will show you for free what the issue is. Likely culprits are a missed payment or increase balance on your account going from 10 % to 40% could do that. To builld up your credit score open up a department store card and pay it off responsibly.

Offline points 99

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Re: Capital One
« Reply #2 on: December 21, 2020, 03:38:19 PM »
When you use Capital One Creditwise, on the bottom, there is a link for score improvement. They can give you suggestions to raise your score.
If you have not missed any payments, then there is nothing to worry about the 72 point drop. The credit card reports to the credit bureaus your balance at the time that they print the statement. If you owe $1000, and you pay it the next day, they will still report $1000 is owed. The next month, if at the close of the billing cycle your card is paid down, they will report a 0 balance, even if the next day you go and max out the card again. Dan always suggests to keep a $2 balance on the card when the cycle closes, so they report some usage. As long as next month your usage is a low ratio compared to the available balance, your score will shoot right back up. I've seen it go up 100 points by paying down a card in full. It doesn't matter as much the numbers of how much is on the card, it makes a bigger difference of the percentage owed compared to what's available.
And you should know your score before applying for your next card. If it's not good, then don't apply. Too many credit pulls is bad for your credit score.

Offline Mf1

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Re: Capital One
« Reply #3 on: December 24, 2020, 10:07:26 PM »
is there a way to stop a check on capital one 360 checking when their customer service is closed.
Also, has anyone had any success in getting them to waive their fee on it?

Offline Kachnik

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Re: Capital One
« Reply #4 on: December 25, 2020, 12:38:36 AM »
is there a way to stop a check on capital one 360 checking when their customer service is closed.
Also, has anyone had any success in getting them to waive their fee on it?
I am pretty confident they will waive it. Their custoner service is excellent. They once refunded  a charge I disputed two years later. I would definitely HUCA if you do not get the desired result at first.

Offline Shaya E

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Re: Capital One
« Reply #5 on: December 25, 2020, 12:42:08 AM »
Dan always suggests to keep a $2 balance on the card when the cycle closes

Only one of your cards should close with $2 on it. The rest should report $0. See more in the thread about the $2 trick.

Offline Kachnik

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Re: Capital One
« Reply #6 on: December 25, 2020, 12:50:50 AM »
Only one of your cards should close with $2 on it. The rest should report $0. See more in the thread about the $2 trick.
????

Offline Yo ssi

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Offline jacobs

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Re: Capital One
« Reply #8 on: July 08, 2021, 08:31:49 AM »
Does capital one auto raise credit lines ? Got approved for a new card with only 3k CL.

Offline Spoon

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Re: Capital One
« Reply #9 on: July 08, 2021, 08:57:51 PM »
Does capital one auto raise credit lines ? Got approved for a new card with only 3k CL.

Not in my experience. You can request one but they won't approve it right away on a new card

Offline herb

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Re: Capital One
« Reply #10 on: July 08, 2021, 09:02:58 PM »
Does capital one auto raise credit lines ? Got approved for a new card with only 3k CL.
yes. I got a couple of raises on my spark card since I opened it a few years ago

Offline HoKo

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Re: Capital One
« Reply #11 on: July 14, 2021, 10:16:27 PM »
Hey Guys,

I have tried opening a few credit cards in the past (Chase prefered, freedom and Discover Student) and have been denied for all of them. I was able to get approved for a Capital One Platinum in October. I have been using it since then and trying to build up my credit score and limit (I am currently at $200 available credit). I am using my Capital One card to hopefully build some credit so that I can pivot to a better card -- one with more benefits and bonuses. My score on Capital One has been good until last week. I was at roughly 660 until my score dropped 72 points in one day and now I am in the 590 range. I believe the score went down due to my student loans although I know many people who have student loans who have not seen such a dramatic decrease.

My questions are :
1) is there anything I can to get my score back up? A 72 point drop is massive!

Any input would be great!

Thanks

This sounds like a credit utilization issue to me. Here is a good primer that you should read: https://www.nerdwallet.com/article/finance/how-is-credit-utilization-ratio-calculated

You should also google how FICO scores are calculated so you better understand the inter-play between different factors (i.e. payment history, utilization ratio, credit mix, credit age, etc.)

Offline Pesach

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Re: Capital One
« Reply #12 on: August 06, 2021, 12:05:42 AM »
afaf who had  a cap one card and did  not use it for a long time so capital one closed it, and now he just  went from 12 years to 5 on  his average age of accounts, is there anything to appeal to capital one to have it reopened.the longtime credit history  gives you a better shot at a mortgage and cap one refuses to reopen it.
« Last Edit: August 06, 2021, 12:12:58 AM by Pesach »

Offline CountValentine

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Re: Capital One
« Reply #13 on: August 06, 2021, 12:16:04 AM »
afaf who had  a cap one card and did  not use it for a long time so capital one closed it, and now he just  went from 12 years to 5 on  his average age of accounts, is there anything to appeal to capital one to have it reopened.the longtime credit history  gives you a better shot at a mortgage and cap one refuses to reopen it.
Might be something out. Closed cards count for AAoA. This will be for 7 years or longer IRCC.
Only on DDF does 24/6 mean 24/5/half/half

Offline HoKo

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Re: Capital One
« Reply #14 on: August 06, 2021, 11:53:39 AM »
afaf who had  a cap one card and did  not use it for a long time so capital one closed it, and now he just  went from 12 years to 5 on  his average age of accounts, is there anything to appeal to capital one to have it reopened.the longtime credit history  gives you a better shot at a mortgage and cap one refuses to reopen it.

I don't have any personal experience but I did some googling and this is what I found:




Offline S209

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Re: Capital One
« Reply #15 on: August 09, 2021, 03:17:40 AM »
afaf who had  a cap one card and did  not use it for a long time so capital one closed it, and now he just  went from 12 years to 5 on  his average age of accounts, is there anything to appeal to capital one to have it reopened.the longtime credit history  gives you a better shot at a mortgage and cap one refuses to reopen it.
It shouldn’t reflect this way on his credit report, is he saying that’s what his credit report shows currently? Closed accounts still appear on your report for another 10 years.
Quote from: YitzyS
Quotes in a signature is annoying, as it comes across as an independent post.

Offline chbochur

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Re: Capital One
« Reply #16 on: January 15, 2024, 08:21:07 PM »
Anyone have experience getting points back after Capital One shut down the account?
Have over 200,000 points after they just shut the account.

Offline monsey yid

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Re: Capital One
« Reply #17 on: January 15, 2024, 08:53:12 PM »
Anyone have experience getting points back after Capital One shut down the account?
Have over 200,000 points after they just shut the account.

If it’s in NY there is a new law that protects it
If you like my post give me a like!

Offline gmd

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Re: Capital One
« Reply #18 on: January 17, 2024, 12:17:12 AM »
Got the following notice in email and letter for my Venture X card.

"We’re writing to let you know about an upcoming account review scheduled for March 2024. Over the last several months, the highest balance on this account has been significantly lower than your credit limit. Because of this, your credit limit could be decreased following this review.

If your credit limit is decreased as a result of this review, we’ll notify you and make sure to keep your credit limit significantly above your highest balance from the previous two years.

You can opt out of this review if you anticipate the spending activity on this account to change. Simply call 1-844-422-7183 by March 11, 2024, and follow the prompts."

I called the number and it lets me opt out of the review.

Has anyone received such a notice from cap1? I have only been using a very small percentage of the credit line. Is there any issue if I opt out and dont increase the spend?


Offline Spoon

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Re: Capital One
« Reply #19 on: January 17, 2024, 09:36:20 AM »
Got it maybe a year ago but I had the option to opt out online