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I haven't had a credit card in 3 years and I recently applied for a Capital One secured card and was approved online. I've read and noticed members having multiple secured cards. Would there be any benefit in applying for another secured card hoping to get approved?
You should have 3 credit accounts open, one of which should be a store card in my opinion.
Orchardbank would probably approve you for a low $300 unsecured card. Store cards, you probably need to get up around 600-620 to get Walmart, Macys, Sams, Jcpenney, all the GE backed cards!
Thanks for the reply. I would apply for Orchard but I had a charge off on an Express store card in 2006 which is through HSBC too. Any other suggestions for a 2nd card then?
@Vtso4 wrote:Thanks for the reply. I would apply for Orchard but I had a charge off on an Express store card in 2006 which is through HSBC too. Any other suggestions for a 2nd card then?
Express is through WFFNB, not Household... and even if it was, Household will usually allow chance after chance!
In addition Orchard has a pre-qual, you can see the complete terms of the card they are offering you before you click submit and a hard pull is done.
Sorry I meant Best Buy, I just double checked my report.
@Vtso4 wrote:Sorry I meant Best Buy, I just double checked my report.
Is it Charged off with Household and with a collection agency now or paid or still with Household trying to collect?
I paid the charge off while still with Best buy.
you should be good to go then, check pre-qual.
@Vtso4 wrote:I haven't had a credit card in 3 years and I recently applied for a Capital One secured card and was approved online. I've read and noticed members having multiple secured cards. Would there be any benefit in applying for another secured card hoping to get approved?
I had 3 secured cards and just closed one. I think it is better to build up the deposit on your Capital One to a high limit, as you can afford it. I would wait until it reports for about 6 months. Then try for unsecured store card or bank card. If you get denied then I would consider adding a 2nd secured card and taking it to a high CL.
By high CL, I mean the type of limit, you would like to get in the future on an unsecured card.