Just got approved for 2 ************ with Capital One for 500 and 300 credit lines...these were each 39 annual fee. There was deragotary info..but it is off my report totally. Won't pay crazy interest rates..premier card charges almost 175.00 in fees for 300 credit line.....lol. What is best way to get this credit improved as quickly as possible.
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Use the ************ for purchases or bills; pay it off before the end of the month; repeat. Do not be late with payments, pay it off in full every month. After three months of use, ask for an increase in limit. Or, just get a SCN.Comment -
Go to your bank/credit union ask for a personal loan of say 5 hundy/1k, something you can pony up with savings, they will hold onto to your funds as collateral, you make your payments your credit score will increase. No one will know the loan is secured it will just state blah loan for blah amount.
Capital One cards generally come with double digit interests and annual fees, like Dilo said unless you are paying off by end of the month these cards can get you into trouble.Comment -
Thanks for feedbackComment -
stickymess is right I think at this stage a secured card might be the way to go unless your 100% sure you won't be late on any payments. I personally wouldn't ask for a limit increase as the banks keep track when customers ask for limit increases (Worked at Royal bank for a while) If anything if you keep a good history they will automatically offer you a limit increase in about six months time. Also it doesn't look good if your spending a lot with your card but just making the minimum payments. Just be careful and if you can setup automatic payment on your CC so it will take the minimum payment amount from your bank account the day its due just to insure your credit rating doesn't take a hit. Cheers and best of luckComment -
go to myfico.com
you'll find all the answers there.
or just marry a girl that has good credit. glComment -
I don't know what kind of limits there are at capital one, I'm assuming its just the normal amount; but, when lenders looking at open tradelines they also consider the figures in the accounts. For instance when a lender sees Joe with a balance of $2000 every month which is paid off on time in entirety every month, they are more likely to lend to him. Opposed to someone that has a $500 account with an average of $70 balance a month paid off on time doesn't say much regarding spending power. In addition to the CC, you need to take out a loan and pay that off ASAP. Usually a car loan, personal loan, or student loan are the typical loans that institutions are accustomed to looking at to judge your financial responsibility and borrowing power.Comment -
Is this confirmed that a bank secured loan will show up as non secured on the credit reports ??Comment -
Correct it only comes up as a loan, so other lenders can/will look at it and it will not say it is secured.
Only thing is they will want to try and run your credit for a regular loan, standard practice and that will be a ding on your credit but if you can do a secured loan, so be it one of the better routes.Comment -
awesome thanksComment
