"Pre Approved!!!!!!!"

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Written by: akcredit on 2012-07-18

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akcredit's review: Callout Comment Hi FG,

My wife got a preapproval yesterday, 5% cash back , 0% Apr for 15 months and 17.99 after intro. Applined online and she got a 5-7 Day message. called and she awnsered a few questions. approved $2,500. so her credit is getting good for 8 months of history.

She did get approved for Macys credit card for 300. They deined her at first because they put the wrong SS#. Now she has BOA 500 secured, Captial one 500 (750 by end of month Becuase of credit step) Chase Freedom 500, Macys 300, and discover 2,500. Over 10K as Autherized user. 7 inqures. Dont know Fico Scores, will update when i get approval letter from Discover.

I do have a Question should I cancel Cap one now or wait when its a year old? we got it in Jan-12. The reason is I know it wont grow with me, like how the others will grow.

Next on her list: Amex SPG and Chase sapphire preferred.


Comment 1 by sintanjin89
Re: Pre Approved!!!!!!! User Icon on 2012-07-18

Remarks I would let the Cap 1 card age before the AF is due and then cancel it. Reason is your average age of accounts will decline and impact your credit score. The steps program has only one step and will not grow with you.
Comment 2 by wanderer
Re: Pre Approved!!!!!!! User Icon on 2012-07-19

Remarks Congrats on the big score! Also, Capital One does not generally grow so you hit the top on the steps program and they want you to open another small limit card (part of their sub-prime game).
Comment 3 by kdb030609
Re: Pre Approved!!!!!!! User Icon on 2012-07-20

Remarks Congratulations on Discover ! They're great ! As far as the question about keeping Capitol One. With only 8 months history. If the other card B of A secured has the same length of history. I say why waste time with Cap One. I don't think they're going to help much. You already have some prime cards. B of A , Chase Freedom & Macy's which is Department Store National Bank. Which is owned by Citibank last I heard ! She's definitely in the prime! My question is why waste time with a somewhat subprime bank. But good luck in whatever you decide !
Comment 4 by akcredit
Re: Pre Approved!!!!!!! User Icon on 2012-07-21

Remarks Thnak you Sintanjin89, Wanderer, Kdb030609 for all your insight.

You see my goal is to get credit that will grow with you, maybe 5k, 10k or maybe even 25K. Scores in the super prime 750 and up. You see with Chase, Discover, Macys, and BOA are prime cards and they give us rewards. BOA will be converted in DEC-12 to a Rewards card. Once you know the credit game the rewards wont stop coming. You see with Chase we get points and transfer the points into miles ( With the Chase Sapphire Prefferd card) and travel for free, or get the points into cash. We will still make money out of credit. Thats why its important to have excellent credit.

With Cap one they dont remove AF and dont upgrade you to a rewards card. I am just going to wait this month and cancel it next month and let the credit step to kick in.

Thank you all.
Comment 5 by akcredit
Re: Pre Approved!!!!!!! User Icon on 2012-07-23

Remarks Her score was 676 FICO TU....
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