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New Member
Posts: 8
Registered: ‎12-29-2012
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1yr history (cap1 secured) - what next?

Hi all, I moved to NYC a year ago and have an 11 month history with a Capital 1 secured card ($300 CL). I have piad on time every month and my credit karma score is 735 and I earn $70k. 

 

I want to get another card next month but I don't know what it makes most sense for me to apply for (in terms of wrist I'll likely get approved for and what will be best for continuing to build my credit score.

 

Of course, my mid to long term goals are to get a couple of solid cards like Amex blue cash everyday and chase sapphire, an auto loan and eventually low mortgage with a low interest rate :smileyhappy:

 

Valued Contributor
Posts: 1,524
Registered: ‎08-17-2008
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Re: 1yr history (cap1 secured) - what next?

Great job on your current credit journey! Keep paying on time, never be late and abuse credit. 

 

A credit union would be my suggestion if you are part of one or should start building a relationship with one. 


$100K in Credit
Last Credit Card App: 11/16/13
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: 1yr history (cap1 secured) - what next?

A Capital One unsecured card is next as your payment history on the secured counts a lot with them.   Try the prequalify and apply for the one you like of the offers, or wait a while if they don't offer what you want.

 

Valued Contributor
Posts: 1,906
Registered: ‎11-17-2012
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Re: 1yr history (cap1 secured) - what next?


Lintlicker wrote:

Hi all, I moved to NYC a year ago and have an 11 month history with a Capital 1 secured card ($300 CL). I have piad on time every month and my credit karma score is 735 and I earn $70k. 

 

I want to get another card next month but I don't know what it makes most sense for me to apply for (in terms of wrist I'll likely get approved for and what will be best for continuing to build my credit score.

 

Of course, my mid to long term goals are to get a couple of solid cards like Amex blue cash everyday and chase sapphire, an auto loan and eventually low mortgage with a low interest rate :smileyhappy:

 


Your score looks great and you seem very responsible with your credit :smileyvery-happy: at the one year mark you have a good shot at BCE and Sapphire, though you can get denied due to a short history or low tradelines. Safest bet to get in with Chase is maybe applying for a Freedom :smileyhappy: Or, you can go for a charge card with AMEX to get "in", and have a good shot at the BCE down the road. Best of luck in your journey!! You're doing great! :smileyvery-happy:

Capital One Quicksilver World Mastercard $20k | JCPenney Gold $10k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $13.7k | Discover IT $11.5k | SavingStar American Express $14.8k | American Express BCE $11.3k

FICOS: EX 759 EQ 704 TU 754 VantageScore 3.0: EX 746 EQ 756 TU 756 Credit Sesame (EX) 756 Credit.com (EX) 784
Regular Contributor
Posts: 127
Registered: ‎08-13-2012
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Re: 1yr history (cap1 secured) - what next?

Definitely AMEX Blue Cash Everyday, even if they give you low limit to start you can CLI 3x after 61 days and every 6 months another 3x until you break the 5k barrier the first time, after that it is easy to get prime cards...

BOA Cash Rewards Visa Sig. 12K; BOA Travel Rewards Visa Sig 5K, US Bank Cash+ 11.5K, AMEX BCE 6200, AMEX BLUE Sky 7K, Chase Freedom Visa Sig. 5400, Fort Knox FCU Visa Platinum 2500; CAP ONE Cash Rewards WORLD MC 5K

Starting Score: 580
Current Score: 747
Goal Score: 800+


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New Member
Posts: 8
Registered: ‎12-29-2012
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Re: 1yr history (cap1 secured) - what next?

Hey all, thanks for the replies so far!

 

The Amex BCE route feels very tempting but due to my short history, aren't my approval chances only like 50/50? I'm concerned that if I try to get a card like that and fail, I'll then also fail on a card that I otherwise would have been approved for due to the recnet credit score pull.

 

Does 3x CLI literally mean tthey with good usage, I can easily triple my credit limit after 61 days? If so, that's fantastic - just have to get through the approval hurdle!

 

Established Member
Posts: 19
Registered: ‎12-29-2012
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Re: 1yr history (cap1 secured) - what next?

How big your score the increase by having secured Cap One for one year ?


Starting Score: 523
Current Score: 664
Goal Score: 700


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New Member
Posts: 8
Registered: ‎12-29-2012
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Re: 1yr history (cap1 secured) - what next?

Hey Chi, I'm not sure - I moved to the US a year ago and so I started here with no credit at all (hence getting the secured card), in that time, I have been sensible and the first time I check on Credit Karma, I have a scores of 735!

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: 1yr history (cap1 secured) - what next?

I would check your fico score. The credit karma score is meaningless. Scores from folks here varied up to 100 pts up or down between CK and myfico. Many have gotten denials due to CK's faulty scores and have vented their anger and frustration on CK's review boards.

Your safest bet is to apply for the Cap1 Cash Rewards card IMHO. Find out your fico score first though.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Member
Posts: 8
Registered: ‎12-29-2012
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Re: 1yr history (cap1 secured) - what next?

Seems like sage advice man. Should I pay the 40 bucks or whatever it is to get my fico score properly? Will it count as a hard pull? If my fico looks ok, do I have anything to lose trying for the BCE e.g. A hard pull + denial that then stops me getting the cap 1 cash rewards that I might have been approved for if it weren't for the BCE pull?

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