Need a 2nd CC

[Anonymous]

Hello all. 

When I made the committment to clean up my credit, the first thing I did was obtain a Cap1 secured card. However, I did this before reading the forum advice to open 2 cards early on for the best growth impact during the rebuilding phase. 

So....I am ready to apply for a second card and hoped I could get your advice on the card(s) for which I would be a strong candidate for approval. I currently have (1) INQ on all reports and my total AAoA is about 7.5 yrs.

As of today:

EQ (678)

• Positive: Cap1 secured opened 12/2014, limit $300. Never late, never more than 17% util reported. 
• Positive: Navient Student Loan opened 9/2000, balance $5800. Never late.
• Negative: Medical Collection, unpaid $817, last updated 5/2012. Scheduled removal 8/2015.

TU (679)

• Positive: Cap1 secured opened 12/2014, limit $300. Never late, never more than 17% util reported. 
• Positive: Navient Student Loan opened 9/2000, balance $5800. Never late.
• Negative: Medical Collection, unpaid $817, last updated 5/2012. Scheduled removal 10/2015.
• Negative: T-Mobile (RPM), shows unpaid $1371, last updated 5/2012. T-Mobile agreed to remove from CA on 4/11, acct PIF 4/13. Waiting for removal. 
• Negative: State Tax Lien, paid $515, last updated 7/2012.

EX (681)

•  Positive: Cap1 secured opened 12/2014, limit $300. Never late, never more than 17% util reported. 
• Positive: Navient Student Loan opened 9/2000, balance $5800. Never late.
• Negative: Medical Collection, unpaid $817, last updated 5/2012. Scheduled removal 8/2015.
• Negative: Medical Collection, paid $20, last updated 4/2012.

[Anonymous]

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@Anonymous wrote:

Hello all. 

When I made the committment to clean up my credit, the first thing I did was obtain a Cap1 secured card. However, I did this before reading the forum advice to open 2 cards early on for the best growth impact during the rebuilding phase. 

So....I am ready to apply for a second card and hoped I could get your advice on the card(s) for which I would be a strong candidate for approval. I currently have (1) INQ on all reports and my total AAoA is about 7.5 yrs.

As of today:

EQ (678)

• Positive: Cap1 secured opened 12/2014, limit $300. Never late, never more than 17% util reported. 
• Positive: Navient Student Loan opened 9/2000, balance $5800. Never late.
• Negative: Medical Collection, unpaid $817, last updated 5/2012. Scheduled removal 8/2015.

TU (679)

• Positive: Cap1 secured opened 12/2014, limit $300. Never late, never more than 17% util reported. 
• Positive: Navient Student Loan opened 9/2000, balance $5800. Never late.
• Negative: Medical Collection, unpaid $817, last updated 5/2012. Scheduled removal 10/2015.
• Negative: T-Mobile (RPM), shows unpaid $1371, last updated 5/2012. T-Mobile agreed to remove from CA on 4/11, acct PIF 4/13. Waiting for removal. 
• Negative: State Tax Lien, paid $515, last updated 7/2012.

EX (621)

•  Positive: Cap1 secured opened 12/2014, limit $300. Never late, never more than 17% util reported. 
• Positive: Navient Student Loan opened 9/2000, balance $5800. Never late.
• Negative: Medical Collection, unpaid $817, last updated 5/2012. Scheduled removal 8/2015.
• Negative: Medical Collection, paid $20, last updated 4/2012.

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Try Chase and Cap One pre-qualifiers. They are rock solid.

[Anonymous]

Thanks for the tip - but, I'm opted out so I don't think I am eligible for a pre-qual. Do you think my scores are sufficient for a QS1? I am worried that my profile is too new for Chase?

EDIT: I held my breath and tried for a QS1. Approved for $500!

[Anonymous]

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@Anonymous wrote:

Thanks for the tip - but, I'm opted out so I don't think I am eligible for a pre-qual. Do you think my scores are sufficient for a QS1? I am worried that my profile is too new for Chase?

EDIT: I held my breath and tried for a QS1. Approved for $500!

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Congrats! Sorry I didn't get back to you sooner. I think you made the right choice. Chase likes to see more established profiles and it's good of you to wait and build your profile more. Soon enough you will be in with Chase

Enjoy your new QS1!!! Hopefully Cap One grows with you!

[Ladybugz]

CONGRATS! I'm in a similar position and my QS1 is on its way. I believe CapOne is good company to keep, especially for us homebuilders.

[jamesdwi]

If you shop at walmart you might want to try for a walmart store card, other options would be a second CapOne card, this time unsecure but will probably have an AF as well. I don't think you are ready for a prime card, perhaps after you pick up a couple more tradelines and age them 6 months.  

[Anonymous]

@applurker - No worries and thank you again. I didn't mean to sound rushed, just really nervous and wanted to get it over with, lol. 

@Ladybugz - Thank you - we can do this together. I am hoping to be a homeowner too, someday soon.

@jamesdwi - Walmart is another option that I'd considered. Since I was just approved for the QS1 last night (making it my second bankcard), should I attempt to set up shop with Walmart now, as well? I know I would only get approved for a store card, but I understand I need to have one of those, too?

Thank you all again for your patience with me and offering your sage advice. I also edited my original post since my EX score jumped +60 points since the time I started the thread. (Thanks Cap1 balance decrease!)

[jamesdwi]

I would give Walmart a shot, makes your 3rd Tradeline for best scoring, in 4-6 months you can look for a CLI, if it doesn't happen automaticly, after a couple years, the Walmart card could be at 2-3k CL easily even if they start you with a $400 CL today. 

[Anonymous]

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@jamesdwi wrote:

I would give Walmart a shot, makes your 3rd Tradeline for best scoring, in 4-6 months you can look for a CLI, if it doesn't happen automaticly, after a couple years, the Walmart card could be at 2-3k CL easily even if they start you with a $400 CL today. 

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OK, I took your advice and was approved for a Walmart store card - giving me a total of 2 bankcards and 1 store card. To be honest, that's 3 more cards than I ever wanted, so I'm going to be gardening the rest of the year. They started me at $150, so that should be easy to handle. 

Thanks again to everyone. I know that my score might take a temporary hit for the 2 inquiries in the past 48 hours, but I'll make it up with good payment history and Util.

[Anonymous]

Congratulations!  You will be ok and it sounds like you know exactly what you need and can handle. Cap One became my third bank card and with a VS store card,  I am done now.   Happy gardening!