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Capital One - 6 month rule question and which FICO model used for QS1 approval?


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So I was approved and opened a CapOne Secured back in Feb, $849 deposit for 1k limit (max allowed).  The first statement cut 3/15.  I have two questions:

 

I would like to get the QS1 card and I've been waiting the 6 months to apply as people have mentioned.  Do we know if its 6 months from the date opened, or is it after the 6th statement has been cut?

 

Next question: Does anyone have an idea of which FICO scoring model they use when applying?

 

Reason being is my FICO scores vary a lot between the different FICO models (as we all are aware) 

 

For example here are a few of mine:

FICO 08's: EQ 623; TU 602; EX 586

FICO 5/4/2:  EQ 575; TU 514; EX 546
FICO Bankcard 8 : EQ 620, EQ 580; EX 567

FICO Bankcard 5/4/2: EQ 574, TU 488; EX 489

 

My derogs are a few old CO, all past SOL except one (Discover) making my UTI looking crazy high; and 1 PRA collection (past SOL).

The good is I have 3 secured cards all showing zero bal and perfect history (opensky open 1.5yrs; CapOne 6mo, Citi 6mo); Auto Loan open 1 yr; PenFed secured loan hack open 1.5 yrs.

 

As always I'm super appreciative of any input.  Grateful for everyone's contributions to CB.  Thanks.

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This isn't directly responsive to your questions, but I wouldn't be in a big hurry to open another card unless you can take a step up in quality.  

 

I would also recommend some more diversification.  If you get another Capital One card, half of your open cards will be from one issuer.

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Think $5k+ venture/savor/QS is their prime offerings

 

If you apply for another c1 card now, you'll still be bucketed subprime.  IMO you'd be better off cleaning up your tu report and going for sync or barclays until you get the rest cleared up and into the high 600s. 

 

.

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I do get your point Mastas, however here's my thinking which is more to the tune of tralston3838

 

My reports probably will not be cleaned up to reach the high 600's likely for 1.5+ years due the nature of my baddies-PRA and 4yr old OC charge-offs all tough ones to remove early.  I really think it would be nice to have at least one semi-decent unsecured card at this point if possible.  And given that if I get the QS1 now it will  always have my subprime status to it, and not grow as much or as fast, than I should at least get it opened and start that slow small process for that card.

 

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Basically, you want positive tradeline, atleast 3 cards. You want to eventually have atleast 5 cards for best scores. As long as you stayaway from cards like credit one and first premier, you should be good. While QS1 isn't the best out there, it's still not a bad one to go with. Let it grow, and PC it to something else later.

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4 hours ago, WestCoastKid said:

I do get your point Mastas, however here's my thinking which is more to the tune of tralston3838

 

My reports probably will not be cleaned up to reach the high 600's likely for 1.5+ years due the nature of my baddies-PRA and 4yr old OC charge-offs all tough ones to remove early.  I really think it would be nice to have at least one semi-decent unsecured card at this point if possible.  And given that if I get the QS1 now it will  always have my subprime status to it, and not grow as much or as fast, than I should at least get it opened and start that slow small process for that card.

 

WestCoastKid,

 

I know the wisdom spoken above comes from the experienced ones; but I like you feel that want, though it feels like a need to get that unsecured card.

 

We are in similar boat with baddies and scores (mine range from 606-628).  I got my QS1 after 4 months with my Cap1Plat.  Psychologically the unsecured card feels great even at the smaller limit.  It was a hurdle.  I know and believe what the elders are saying as they helped me way back in 2011ish.

 

I figured I would do the CapOne Product Change when I can upgrade the card to get out of the subprime bucket to the next card up.  This is how others from my readings/have moved out of the subprime a bit easier with CapOne.  One question I see is--would another cc help you (getting it right now) regardless secured/unsecured for the next 1.5 years you planned out and improve your scores vs not getting another card and letting your current cards grow from gardening and then get a cc after the 1.5 years???

 

Since you are in with PenFed, have you talked to them to get a credit card from them since that would be a prime to grow on and keep the diversity as mentioned vs the CapOne QS1?

 

 

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I def understand.  I would call c1 then and see if you have any offers on the secured card.  If they like how you use it, they will pc it.  Also check the prequal page.

 

Also, I'm recommending tu since in general it's the easiest report to clean up.

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I def understand.  I would call c1 then and see if you have any offers on the secured card.  If they like how you use it, they will pc it.  Also check the prequal page.
 
Also, I'm recommending tu since in general it's the easiest report to clean up.
Cap1 will not unsecure until it's been open for a minimum of a year.

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Quick update:

 

Sure enough, at midnight when my 6th statement cut I got my first CLI of $300 on my CapOne Secured, which I'm pretty happy about.  So total line of $1300!  Since reading advice on this board, I've been using it quite heavily since I got the card, usually making two payments of $800 ish per month.  Some months I let it report with a balance, other months I would pay it to zero before it cuts.

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