Do i have the right credit cards? not sure if theyre a good combo.

[Anonymous]

Hello, im new to this forum. Anyways, about a month ago i applied and received both a capital one secured and a discover it for student. I applied for both since i liked the benefits of discover but wanted the convenience of mastercard since discover isnt accepted anywhere. I was also an authorized user on my dads Amex. My scores are around the low 700's (710-740). I'm 18 and relatively new to credit co I'd like to know if im on the right path right now to build up my credit after a few years of good use. My cl on capone is 451 and my discover gave me 500. should i dump the capone secured and get a better card? or should i keep it? Also, how do i get a credit limit increase? Any guidance would be appreciated, Thanks and Merry Christmas!

[Anonymous]

also, I was banned from chase so thats not an option.

[Anonymous]

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@Anonymous wrote:

also, I was banned from chase so thats not an option.

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You are 18, How were you banned from Chase?

[Anonymous]

long story short, they thought i hacked someones quickpay because I was involved in a scam. I was naive at the time. I tried explaining but they wouldnt listen.

[Anonymous]

You might have a chance at a Barclays card (I would recommend the Barclays Rewards card, or if you're feeling daring, the Sallie Mae MasterCard), but there is a real possibility that they will deny you due to insufficient credit history. 

[CreditCuriosity]

Or wait about 5 more months and go for an Amex.. They love thin and clean files.

[Anonymous]

I heard amex was a relatively hard creditor to get approved for. Do you know any amex cards in specific that are easily approved for?

[Gunnar419]

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@Anonymous wrote:

I heard amex was a relatively hard creditor to get approved for. Do you know any amex cards in specific that are easily approved for?

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Amex isn't necessarily as hard as rumor has it. As noted above, they actually tend to like young customers with thin but flawless files.

People also say that Amex charge cards are a little easier to get than their revolvers, but a lot of students seem to get approved for the Blue Cash Everyday, which is a useful card with rewards for gas and groceries.

I do think you should take a look at the Barclays Sallie Mae, though. Great rewards on gas, groceries, and book stores (Amazon!). But they'll most likely want a little more history.

[Anonymous]

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@Gunnar419 wrote:

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@Anonymous wrote:

I heard amex was a relatively hard creditor to get approved for. Do you know any amex cards in specific that are easily approved for?

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Amex isn't necessarily as hard as rumor has it. As noted above, they actually tend to like young customers with thin but flawless files.

People also say that Amex charge cards are a little easier to get than their revolvers, but a lot of students seem to get approved for the Blue Cash Everyday, which is a useful card with rewards for gas and groceries.

I do think you should take a look at the Barclays Sallie Mae, though. Great rewards on gas, groceries, and book stores (Amazon!). But they'll most likely want a little more history.

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They used to be a harder approval. However, they do indeed love thin and flawless files, like mine was 7 years ago.

[takeshi74]

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@Anonymous wrote:

I'm 18 and relatively new to credit co I'd like to know if im on the right path right now to build up my credit after a few years of good use. My cl on capone is 451 and my discover gave me 500. should i dump the capone secured and get a better card? or should i keep it? Also, how do i get a credit limit increase?

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It's tricky to say for certain but if they're granting you low limits like that then it sounds like you just need to put in the time and responsible usage to build and to get CLI's.  You can close out the secured card if they won't PC it after you obtain some unsecured cards down the road.

If you have any derogs then hit the Rebuilding subforum and see what you can do to address them.