What does a credit approval today say about my formerly-bad credit?
Avoid applying for Capital One cards (secured or otherwise) at all costs, unless every other provider turns you down. They are ok for establishing a credit history if you cant get any other card, but be aware that not only do they suck in terms of credit limit increases (the CrapOne card I got in 2001 has been stuck at a measly $500 limit since then), but they do NOT report to the CRAs “same as any other card”. CapOne does not report your credit limits to the CRAs, so the card is basically useless for helping your overall utilization, if youre looking to improve your FICO scores.
Providian/WaMu provides a true FICO score (they use the term FICO® and I doubt they would be allowed to do so if it weren’t really a FICO score), but it’s usually from your TransUnion report. As it happens, my TransUnion report has the least bad stuff on it, so it is a wee bit optimistic in my case. This probably isn’t a factor for most people.
I would check out your fico score at myfico.com. That will give you the best idea of how your credit looks. They have different plans but the cheap one (~$13 if I remember right) would be good enough for what you need.
You have a very specific question about right now, but I’m going to “teach a man to fish” so to speak and give you info on how to continue to evaluate this for the future. To build off what kindall said, secured credit cards are an excellent way to build credit, whether or not your score allows for a regular credit card approval right now. She’s describing a partially secured card, but fully secured ones are also offered. Capital One is not the only one to offer them, either — most of the Big Guns do. There are a few different ways to get your credit score, and most have been enumerated here. But if you’re American and you haven’t done so already, you’re entitled by law to one free credit score every year, at annualcreditreport.com. (From what I understand, getting one of these doesn’t count as a credit inquiry.) If for some reason you would like more access to your credit score than that, most credit card companies, and some
I was in your position only two years ago, and I’ve already built my credit up well. Check your credit score. If it’s poor, well, the little dings it gets from too may credit requests are just a necessary evil if you want to get credit to improve the score. They’ll be counterbalanced by your prompt paying history yet to be. Some tips aside from applying for secured cards: -Lie about your income on applications. -Three credit accounts is optimal for building credit. -You might not qualify for rewards programs, just take whatever you can get. Use it every month, pay it off or at least to less than 2/3 of the limit. -You might have the best luck at small retail stores that offer 0% financing, like a bike shop or a furniture store. They might help you fudge the application to get your business.
