Reply
Member
digracer
Posts: 6
Registered: ‎09-09-2012

Credit Card info help

NEWBE here but been reading these forums for MONTHS. I have bad credit.....duh. Following info I got from here I applied for a Cap 1 secured card and was approved for $200 with only a $49 deposit. I took this card up to $1000 with additional deposits and just recieved a BoA secured card with $300 limit.

 

My credit score is 565 due to late payments, one collection, (which I paid and was assured it would ne removed), and no credit cards of any kind.

 

My question here is I'd like another secured credit card but IM LOST as to which one is the best third card? Someone settle this for me!!! Whats the best secured cards out there?????

8-24-2012
Experian.........565
9-10-2012
Experian-------585
Equifax---------582
Transunion----561
9-16-2012
Experian ------599
9-18-2012-----600
9-24-2013-----657
Ultimate Goal------750 by 1-1-14


Moderator
Revelate
Posts: 8,331
Registered: ‎12-30-2011

Re: Credit Card info help

Welcome belatedly to the forums then :smileyhappy:

 

Hopefully the mods will move this to the Credit Cards forum; but honestly, you have likely the best two secured cards available for non-military affiliated folk assuming you've gotten the 1-2-3 rewards added to your package.

 

Really a third secured card can be anything at this point if you decide to go that route; it's unlikely that you can beat the rewards available on the BOFA card and as such it's mostly just a tradeline.  Any additional funds I'd continue depositing into the Cap One card as you already have been.

 

That said, how long have you had the Cap One card and is that a current score?  Also how long ago were the various negative marks?  Unless we're talking really recently for everything (including the C1 card) I sort of doubt that's your FICO now and you might be in a better spot than you think.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


Take the myFICO Fitness Challenge
Member
digracer
Posts: 6
Registered: ‎09-09-2012

Re: Credit Card info help

Both Cap1 and BOFA cards are brand new as well as the FICO score. I have three 30 days late auto loans in the past 6 months but been current since and will never be late again. no mortgage, house paid for, and just two auto loans and two credit cards now. Gonna pay on time every time and check CS again and hopefull I can pull it up several points.

8-24-2012
Experian.........565
9-10-2012
Experian-------585
Equifax---------582
Transunion----561
9-16-2012
Experian ------599
9-18-2012-----600
9-24-2013-----657
Ultimate Goal------750 by 1-1-14


Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Credit Card info help


digracer wrote:

NEWBE here but been reading these forums for MONTHS. I have bad credit.....duh. Following info I got from here I applied for a Cap 1 secured card and was approved for $200 with only a $49 deposit. I took this card up to $1000 with additional deposits and just recieved a BoA secured card with $300 limit.

 

My credit score is 565 due to late payments, one collection, (which I paid and was assured it would ne removed), and no credit cards of any kind.

 

My question here is I'd like another secured credit card but IM LOST as to which one is the best third card? Someone settle this for me!!! Whats the best secured cards out there?????


Welcome to the forums digracer.   A little reading might help.

 

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

 

Now with that said, we need to introduce you to the world of GWs and see if we can get some of those baddies off there.

 

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Sto...

 

Read up, post any questions and good luck!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
jamesdwi
Posts: 1,428
Registered: ‎09-16-2011

Re: Credit Card info help

I would advise that you just sit and wait a couple months (for best results wait 6 but its hard to wait when you are just starting out), then you should be able to AP for a CapOne unsecured credit card. Your score will go up once your secured cards report, use the secured cards lightly, try to PIF each month before statement cuts. Thanks to all the paperwork and slow processing, it may be quicker just to wait an AP for the unsecured card anyway. 

 

After you have had the unsecured card for 6 months and perfect payment history and no other baddies you should be good for AMEX Zync.

 

 

 

Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012

Re: Credit Card info help

I wouldsent GW letter to both collection and late loan and see if the can remove its not hard to try.......also with both of the brand new card makyour AAOA getting low so my suggest is stand on what you had now for maybe 1years but you canalso request them to PC YOUR card to one of the reward cards..........again not hurt to try and know the 9% utility rule .....if your credit limit 200 then onlycharge 20 each month.........for your better Fico score and keep reading on is forum you would learn a lot .......


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k

Valued Contributor
jamesdwi
Posts: 1,428
Registered: ‎09-16-2011

Re: Credit Card info help


nicholasyud wrote:

I wouldsent GW letter to both collection and late loan and see if the can remove its not hard to try.......also with both of the brand new card makyour AAOA getting low so my suggest is stand on what you had now for maybe 1years but you canalso request them to PC YOUR card to one of the reward cards..........again not hurt to try and know the 9% utility rule .....if your credit limit 200 then onlycharge 20 each month.........for your better Fico score and keep reading on is forum you would learn a lot .......


+1

 

good ideas. 

 

you can charge more than $20 a month just don't go over the limit or 90% of your limit and PIF before statement cuts. 

 

Cards: Chase Southwest 20k & CSP 10k & Amtrak 4.6k, & Freedom 3.3k & Slate 3.3k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & AMEX Hilton Surpass 7.5k & AMEX Zync NPSL, Sams Club Discover 10k, Paypal Extras MC 6k, CapOne 2.5k, CapOne 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Credit Card info help


digracer wrote:

NEWBE here but been reading these forums for MONTHS. I have bad credit.....duh. Following info I got from here I applied for a Cap 1 secured card and was approved for $200 with only a $49 deposit. I took this card up to $1000 with additional deposits and just recieved a BoA secured card with $300 limit.

 

My credit score is 565 due to late payments, one collection, (which I paid and was assured it would ne removed), and no credit cards of any kind.

 

My question here is I'd like another secured credit card but IM LOST as to which one is the best third card? Someone settle this for me!!! Whats the best secured cards out there?????


I used 3 secured cards to rebuild, but I now think that was overkill.   IMO, it is much better to use the extra money to increase the deposits and CL on the 2 cards you have (Good choices by the way).    It is very easy to do on Capital One.  

Member
digracer
Posts: 6
Registered: ‎09-09-2012

Re: Credit Card info help

Bumped my Cap 1 card up today to $3000 limit via an additional deposit. CK gave me a FAKO today of 540......kinda depressing considering I know my real score is 565 via Experian. Gonna bump up my BOFA card soon as funds allow me. Should I pay off any balances ASAP or wait till the billing cycle? I was charge the $29 fee for the Cap 1 card and paid it off immediately. Cap 1 has not reported to any bureau yet the BOFA already has. I have not used either card for anything yet.

 

Altho I am a newbe here, I feel like a vet due to the fact I have been reading these forums for months since I decided to rebuild my credit back to the 750+ glory days.

8-24-2012
Experian.........565
9-10-2012
Experian-------585
Equifax---------582
Transunion----561
9-16-2012
Experian ------599
9-18-2012-----600
9-24-2013-----657
Ultimate Goal------750 by 1-1-14


Member
digracer
Posts: 6
Registered: ‎09-09-2012

Re: Credit Card info help

Thanks for the info guys but in regards to the GW letters, is it common to have 30 days lates removed when they are real and 100% my fault?

8-24-2012
Experian.........565
9-10-2012
Experian-------585
Equifax---------582
Transunion----561
9-16-2012
Experian ------599
9-18-2012-----600
9-24-2013-----657
Ultimate Goal------750 by 1-1-14



myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+