Author Topic: Capital One  (Read 576 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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