Which Credit Card should I apply for?

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Bank-snoopy

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Which Credit Card should I apply for?
« on: December 10, 2015, 10:31:29 AM »
I paid off my CP in April 2015

I would like to get an unsecured credit card
I have a equifax score of 576
I have a secured capital one card with $3,000 limit
I have a secured peoples trust card with $500 limit

What is the best unsecured card to apply for?
Will I get declined due to my low score?
Any help would be great - I wanted to try for the Tangerine card but never got invited to apply

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mr. danby

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Re: Which Credit Card should I apply for?
« Reply #1 on: December 11, 2015, 07:29:29 PM »
I finished my CP in sept and applied for an unsecured Affirm card in Nov and got one. My score was 604. CapOne has an unsecured card you might want to try as well, I got one of those when I was still in my CP.

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pchouinard187

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Re: Which Credit Card should I apply for?
« Reply #2 on: January 21, 2016, 08:49:56 AM »
I managed to get both an Affirm MasterCard and a Capital One MasterCard (without a security deposit) 6 months into my CP.

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Bank-snoopy

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Re: Which Credit Card should I apply for?
« Reply #3 on: January 26, 2016, 09:14:48 AM »
ya i was hoping for a card other then Affirm
and I already have cap one

was hoping for tangerine, amazon.ca, aspire capital one, and/or BMO world elite

I know these will be hard to get but my score increases weekly
i'm at 589 right now

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webchickadee

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Re: Which Credit Card should I apply for?
« Reply #4 on: February 05, 2016, 05:42:26 PM »
My husband and I started a joint CP in June 2011.  His employment is intermittent and usually low income.  I have a good income and have been with the same employer for 17 yrs.

Long story short, we completed our CP in Nov. 2015.

I applied for an Affirm card in Jan. 2015 (while still paying the CP, but getting close to the end).  I was approved for a $1000 Mastercard without any security deposit.

I have been good with the card, charging approx. $300-400 per month on the card and making payments each pay week (2 x per month).  I have never had a balance over $350, and generally much lower.

I decided to "test the waters" during my CP (about 2 yrs before we finished paying it) by applying online to CapitalOne Canada.  They had been part our CP (for a $500 card that had a balance of about $300 on it at the time of CP application).  I was doubtful, but I had read here (and some other places) that people had been in the same situation, and were still granted secured cards with CapitalOne.

I was immediately rejected, and received a letter in the mail (quite nice one, I might add) that said that it was on record that I was currently in a CP and they were one of the creditors.  As such, their system automatically rejected my application, but that they had not pulled a "hard" credit report and it would have no impact on my credit score or rating.  They also suggested revisiting them later, after the CP was done.

So......it was time to try them again, a couple months after the CP was completed!

I applied online in mid-January 2016 (last month!), and was greeted with a "we need to do additional security checks and verifications.....look for mail correspondance in the near future" message.  I suspected this was due to the CP, but also due to my having a flag on my credit report for possible identity theft related to the Home Depot credit card breach a couple of years ago.

I waited, and last week (about 2 weeks after applying), I received a letter asking me to call them to confirm the details of my application, identity, etc.

I spoke with a very nice customer service who after asking all her questions informed me that I had been approved!  No details about the amount, the type of card (secured, unsecured, etc.), just that I would receive further information in the mail shortly.

Fast-forward to yesterday.....I received a letter informing me of my approval, next steps, and the type and amount of my card.  $5000 (unsecured) !!!!!  I was amazed!

Next steps include receiving a document from CapOne that I must take to Canada Post where they will complete an identity verification (taking my passport and driver's license), and then Canada Post will forward that information to CapOne.  I should receive the card approx. 1 week after that.

A little back-story info:

I have been monitoring my credit scores on TransUnion Canada and Equifax Canada.  Prior to the CP being completed, the scores were horrible!  Transunion - 490, Equifax - 534.  After the CP was completed, they noted its completion in their records, but did not update individual creditor info.  Some accounts were written off (no mention of CP), balances were not cleared, etc.

After receiving my dispute documentation (I sent in my Certificate of Full Performance, ID, and a detailed breakdown of which accounts should have what info listed), Equifax made the corrections and my score jumped up to 654!  TransUnion made a few corrections (not everything, so I'm still disputing) and my score there improved to 540.

I have 1 yr of good clean credit with my Affirm card, so I'm sure that also helped increase the score both pre and post CP completion.

We would like to buy a home in a couple of years (we'll wait until the full 3 yrs have passed so our credit reports have no indications of the CP, to get the best interest rates).  As such, I will continue to build my credit score by applying for an RRSP loan later this year, and perhaps a personal loan or car loan the following year.

Keep the faith guys, things will get better.......just keep a close eye on your status every month.  Pay your bills, cards, etc. on time (or even a bit early if you can!).  Pay as much as you can (no minimums - never go over 30% of your available credit limit on each individual product or card), and learn to save.

CP was the best thing we ever did. 


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Bank-snoopy

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Re: Which Credit Card should I apply for?
« Reply #5 on: February 07, 2016, 11:05:42 AM »
wow thanks for the great response...

In April I will have one full year of having my CP paid off...
I monitor my equifax score almost weekly as I have a premium account with them and my score is only at 589

I have had my capital one secure for almost 2 years so I am wondering if it is worth applying for a new, unsecured capital one -- in hopes that I am approved and in 3-4 years i can upgrade the card to the aspire.


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cityfarmgirl88

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Re: Which Credit Card should I apply for?
« Reply #6 on: March 03, 2016, 09:44:36 AM »
I just applied capital 1 on line last night. It said. I'm approved. Meaning. Unsecured card?   Will find out in about 2 weeks in mail   


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Bank-snoopy

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Re: Which Credit Card should I apply for?
« Reply #7 on: March 03, 2016, 09:46:00 AM »
farmgirl,

Which card on capital one did you apply for?

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cityfarmgirl88

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Re: Which Credit Card should I apply for?
« Reply #8 on: March 03, 2016, 10:21:06 AM »
The one that help to build credit score   I think I clicked. Guarantee MasterCard

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Bank-snoopy

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Re: Which Credit Card should I apply for?
« Reply #9 on: March 03, 2016, 11:00:48 AM »
ah.. ok...

ya i don't want to apply for that one because that card can't be upgraded to any of their other ones.

I'm hoping to get their platinum card which says average credit but i'm worried i'll get declined

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cityfarmgirl88

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Re: Which Credit Card should I apply for?
« Reply #10 on: March 08, 2016, 05:14:08 PM »
I called capital 1 to see if they got my application after submitted a week ago. They couldn't find my application.  Was told. I should have reference # after application was submitted.  Never received. So I filled out again on line. Then call them to see. As I don't see reference number again.  Turned out. They already mailed the card today    I asked what's my limit.  Said its 4000 unsecured ( gold card) I was surprised   

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Bank-snoopy

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Re: Which Credit Card should I apply for?
« Reply #11 on: March 08, 2016, 10:50:06 PM »
which card is it?

i see the guaruntee card and the platinum card

i don't see a gold

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cityfarmgirl88

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Re: Which Credit Card should I apply for?
« Reply #12 on: March 09, 2016, 12:06:35 AM »
Gold - guarantee   Will find out in mail if required to for security funds. They didn't mention that over the phone   That's fine it's a start for building up my credit score   I wasn't expecting to be approved for 4000 credit limit   I thought below 1000

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Bank-snoopy

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Re: Which Credit Card should I apply for?
« Reply #13 on: March 09, 2016, 09:31:17 AM »
well congrats for getting that one
:)

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webchickadee

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Re: Which Credit Card should I apply for?
« Reply #14 on: March 09, 2016, 01:08:07 PM »
Gold - guarantee   Will find out in mail if required to for security funds. They didn't mention that over the phone   That's fine it's a start for building up my credit score   I wasn't expecting to be approved for 4000 credit limit   I thought below 1000

Congratulations.  I hope you have a better CapitalOne experience than I have just gone through.

I posted a response in this thread earlier, about being approved for a $5K Gold CapitalOne card (no security deposit).  I got the card last week.

I used the card on a trip to the US last week and part-way through the trip, the card started being declined.  I assumed they had put a fraud restriction on it to protect me, in case it was being used without my knowledge.

I didn't need the card for the balance of my trip, so I didn't call them until this Monday (March. 7).  I was told there was an additional identity verfication step that was still needed to be completed, and they asked me to fax them copies of my driver's license and 1 other piece of primary ID (front and back) as well as a utility bill for proof of residence.

I did so immediately, and waited to hear back from them.  No response for 2 days.

So today, I called them to find out if they had received my documents.  They had.  After a long delay, the rep came back on the line and informed me that CapitalOne had decided to close my account.  I asked why, had I done something wrong?  No, it as a "business decision".  I asked if I had done anything inappropriate or contravened their terms and conditions.  No, I was told.

I haven't even received my first statement yet!  WTF?!?

I asked how this would impact my credit report.  Supposedly, they will remove the account from both bureaus (Equifax and Transunion), but it could take 90 days to be reflected.  I said it wasn't even on the credit bureau reports yet!  He did not say anything in response to this.  "It was be as if the account had never existed" is what I was told.  Yeah, right....I'll be shocked if that's what really happens.  I am really upset!

I didn't do anything wrong, but they are treating me like a criminal!  This better not impact my credit report!  If it truly is "as if the account never existed", I"m fine (though there is an inquiry on my credit reports now, from CapitalOne).

If they didn't want to give me an account, why start me off with a $5K unsecured card?  And if that's too much, why wouldn't they just drop the limit and/or ask for a security deposit?

I'm mad.  They got my hopes up (this would have made a big difference in my rebuilding my credit), then pulled the rug out from under me without an explanation or information to help me be successful in the future.

I will not be a CaptialOne customer in the future, of that, they can be assured.

 

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