Credit Cards

[Rebuilding101]

I have a Cap One credit steps card, so my limit is slowly increasing. I hate the annual fee, and capital one kind of sucks in general so....

I'm wondering, should I get an unsecured card through my bank? Here are my reasons for wanting to:

It will convert in one year. So I will be, hopefully, approved for an unsecured card without an annual fee.

Since I will have that one, I can close my Cap One card with the annual fee.

I had more but I've forgotten them now. Should I just hold on to my cap one card and see if they can convert it into a non annual fee card later later?

P.S. I'm still trying to get time to review EVERY thread on this board so I can learn alot, it's just the days are never long enough lately. But mark my words, I will get my credit up from this 630-640 range!!

[Rebuilding101]

Thanks for moving mods! I'm used to being in the rebuilding section lol

[Wolf3]

Do you have any other credit cards of any type?

What is Cap 1 limit, annual fee?

What is your bank?

Wlhat did you mean? "I had more but I've forgotten them now."

[Rebuilding101]

I have a Macys card with a 100$ limit

Cap 1 limit was 300, now 500, annual fee of 39

BofA is my bank

I had more questions but I've forgotten them now.

I went ahead and opened it. We'll see what happens (I'm so scared of this whole credit rebuilding process it's ridiculous! I'm like biting my nails 24/7 lol)

[blacklotus]

Hi!

I would've opened the BOA card also.  IMHO If you got a chance to talk to the BOA CSR ask her what is holding you back from getting an unsecured card and fix those specific things- when you have go back and convert to unsecured.  IMHO

Also- is your Macy card going to automatically covert to the new co-branded AMEX?  IMHO you might also want to look into this.

Have some patience my Fico's were below where you are now at one point!

[Wolf3]

I think opening a BofA secured credit is a great idea.    I would deposit as much as I could comfortably afford.  You may get a bigger limit when it converts (my theory)  

$39 is not too bad an annual fee these days, it is pretty good for rebuilding stage.  I would not be in a hurry to drop Cap 1, until you have better history.

You should use the cards a lot so that you show you can handle the credit and payments.  

[Rebuilding101]

blacklotus: I didn't apply for a BofA unsecured, I did a few months ago, but when I called the backdoor number, the guy said I wasn't in his system so it was probably too long ago. Thanks for the advice though, it's really good, I'll make sure to keep it in mind in case I ever get denied again.

Also, if the Macy's card is a store card, it probably wont convert to Amex right? I hadn't even heard of that happening. I doubt it will because I had amex before and they closed my card, I applied twice last year and was denied. Hope so though, I like Amex

[Rebuilding101]

Wolf3: Thanks! You helped me feel better about my decision

[Wolf3]

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Also, if the Macy's card is a store card, it probably wont convert to Amex right? I hadn't even heard of that happening. I doubt it will because I had amex before and they closed my card, I applied twice last year and was denied. Hope so though, I like Amex

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   Cit bank issues the Macys store card and Macys Visa.   They are dropping the VISA network and switching to AMEX network.    If you had an AMEX with American Express bank then that will have no impact on your Macys card.   Store cards often move up to co-branded cards, so when you're credit improves, you should be able to get Macys AMEX card.