Advice needed

For just about anything you want to get off your chest about credit cards.
7 posts
mikeystar
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Advice needed

Postby mikeystar » Thu Jul 02, 2015 10:26 pm

Hi, I'm new here and new to credit.
I have a Capital One Platinum card with $300 CL since February. Last week I was approved for an Amazon store card with $400 CL.
Credit Karma TU 672, EXP 677.
Capital One Credit tracker TU 725
I really want to apply for the Capital One VentureOne Rewards credit card or the AMEX everyday credit card, but don't want another hard inquiry for nothing.. I already have 3. Would you say I have a chance for approval or should I wait?

Thank you :)


MemberSince99
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Re: Advice needed

Postby MemberSince99 » Fri Jul 03, 2015 12:52 pm

mikeystar wrote:Hi, I'm new here and new to credit.
I have a Capital One Platinum card with $300 CL since February. Last week I was approved for an Amazon store card with $400 CL.
Credit Karma TU 672, EXP 677.
Capital One Credit tracker TU 725
I really want to apply for the Capital One VentureOne Rewards credit card or the AMEX everyday credit card, but don't want another hard inquiry for nothing.. I already have 3. Would you say I have a chance for approval or should I wait?

Thank you :)



The Credit Karma scores are meaningless really - no lender uses them and they can be VERY different from what real lenders use, which you see with your Cap One tracker which actually is meaningful.

I would wait until you have 6 months of history reporting before going for an Amex card, so for sure by September you could give it a shot. As far as Cap One, they USED to be tough on Venture but I don't know how it is to get anymore. You could try their prequalify and if you see something there, go for it. Otherwise, I can't speak to how easy it is to get. Maybe someone else knows more about that one.

mikeystar
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Re: Advice needed

Postby mikeystar » Fri Jul 03, 2015 1:24 pm

Thank you for your reply :)
I actually couldn't wait and applied for the Amex, silly I know... I didn't get approved but then received an email saying I need to submit a bank statement or a proof of income.. I did that and now I'm waiting for a decision. Fingers crossed!

takeshi
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Re: Advice needed

Postby takeshi » Fri Jul 03, 2015 9:31 pm

mikeystar wrote:I have a Capital One Platinum card with $300 CL since February. Last week I was approved for an Amazon store card with $400 CL.

mikeystar wrote:I really want to apply for the Capital One VentureOne Rewards credit card or the AMEX everyday credit card, but don't want another hard inquiry for nothing.. I already have 3. Would you say I have a chance for approval or should I wait?

We can only guess. With what you've presented as your credit profile I would doubt it. Those limits are very low indicating that the creditors that approved you have concerns with your credit.

You say you have 3 inquiries but with which CRA's? How old are each of them? If they're all with Experian and recent that would also make me think it unlikely.

mikeystar wrote:Credit Karma TU 672, EXP 677.
Capital One Credit tracker TU 725

As stated above, none of these scores matter. The creditors you're considering applying with do not use them in their decisions. AmEx typically pulls EX and not TU or EQ. Credit Karma does not provide a score or reports for EX -- they do so for TU and EQ.

mikeystar wrote:I didn't get approved but then received an email saying I need to submit a bank statement or a proof of income..

That's interesting. AmEx typically uses the 4506-T for income verification.

MemberSince99 wrote:The Credit Karma scores are meaningless really - no lender uses them and they can be VERY different from what real lenders use, which you see with your Cap One tracker which actually is meaningful.

IIRC, CO provides a TransUnion New Account score which no creditor uses. CK used to use this model but changed to VantageScore 3.0 a while back. Allegedly creditors do use VantageScores but I have yet to see any information about who uses them for credit decisions.

mikeystar
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Re: Advice needed

Postby mikeystar » Fri Jul 03, 2015 11:29 pm

The reason I only got $300 CL with capital one and $400 with Amazon is because I'm new in the states and new to credit. My oldest account is only 5 months old, I'm paying it in full every month and I only use up to 30% of my credit.
Though I understand the creditors concern, I just find the system really weird... I spend a lot of money on my debit card and where I came from I had 5-6 credit cards with massive CL. I really just want to build up my credit score and use the credit cards for cash back, miles and such.
Oh well, I hope Amex will approve me.. :)

MemberSince99
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Re: Advice needed

Postby MemberSince99 » Sun Jul 05, 2015 4:26 pm

I agree it is interesting they did not request a 4506-T.

And I'm surprised it's even open for consideration with less than 6 months too, to be honest. I wonder if they pulled all 3 as you may have been borderline. (They normally only pull EX).

American lenders don't generally take foreign accounts into consideration. So basically you are starting all over when you come here.

morgacj2004
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Re: Advice needed

Postby morgacj2004 » Tue Jul 14, 2015 2:25 pm

mikeystar wrote:Hi, I'm new here and new to credit.
I have a Capital One Platinum card with $300 CL since February. Last week I was approved for an Amazon store card with $400 CL.
Credit Karma TU 672, EXP 677.
Capital One Credit tracker TU 725
I really want to apply for the Capital One VentureOne Rewards credit card or the AMEX everyday credit card, but don't want another hard inquiry for nothing.. I already have 3. Would you say I have a chance for approval or should I wait?

Thank you :)



Give it a couple of more months. Use the CO card as much as possible and make multiple payments every month. Then re-apply with CO and call recon if you are declined. I would apply for the Quick Silver and then the Venture. I have seen others with similar scores getting approved for both of those cards esp right now that CO is in a giving mood.!!



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