Hard pull worth different card?

[longwalkto800]

My current situation is that I applied for the capital one secured card thinking that my credit probably wasn't good enough for regular credit cards.  I got a response from capital one asking to verify my income (about 160k).  In the meantime I had gotten letters from discover IT and I took the plunge and applied and was approved for a $1200 limit.

The question is that I finally got approved by Capital One as well for the secured with the lowest deposit amount ($49) but feel like maybe I could get another regular credit card as opposed to adding this secured card to my portfolio.  I haven't paid the deposit or anything on the secured and I don't know if it's worth an extra hard inquiry at this point (and possible rejection) for another regular credit card.  

My credit scores are listed below and please note the Discover IT card is my only active card and I have an AAoA of 7 years.  Let me know if you need other information.

Thanks!

[Cageym]

What does the rest of your profile look like? How many baddies and inquires, especially those newer than 6 months. I'm thinking that you got a Discovere card, you should be able to get another card. A secured card won't hurt you, it will just add to your file. Expect to take a small dip initially asa new credit shows up but it will even out in the end.

[Revelate]

Hard to say: anywhere that accepts Discover the Cap One card will never be used.  Congrats on the IT approval, that's pretty sweet this early in your credit building.

They are on completely different tiers of credit strata honestly; I would probably pickup a VISA or MC secured with rewards (or apply for one outright, BOFA 1-2-3 or something which worst case may be countered to their partially secured) but without more detail as to your credit profile it's hard to guess what you'd be approved for just on the Discover approval alone as it sounds outlierish from what you posted.

You're expected to spend several inquiries building your profile right now, it's not going to hurt you at all unless you have a mortgage coming up in about a year.  

The other option is just hold pat, but the Discover approval regulates C1 to tradeline farm and VISA backup for any place where the Discover isn't taken, and in a year, likely qualify for pretty much anything except the top tier of cards.

[longwalkto800]

Thanks for the responses!  Just a bit more detail for you:

Inquiries varies by CRA: one says 2, one 5, other 8 (it's really 3 as I applied for a car loan recently which got denied so all those should be one, then discover as mentioned, and capital one).  The biggest reason I seemed to get for my credit denials was lack of revolving credit as I had no cards hence why I'm trying to build my credit portfolio.

My baddies are at least 16 months old when I was transitioning to my current job but I had a lot of baddies from 20 months - 16 months ago.

I know I should probably wait until those baddies are 2+ years but I kind of need to get a car when I move at the end of the summer.  Just not sure if the new lines of credit will be a good thing on my report over the next three months or if the inquiries in the meantime will just lower it.  Sorry to bug you with my anxieties :/

[Creditaddict]

id go check the pre-qual for citi, chase, and the new one that's around here somewhere for Barclay!

and while your at it go back in and run it for capital one too...

I say this because i see it in 80% of the posts but you applied for secured because that's all you thought you could get, but did you actually run the pre-qualification at capital one and that's what they offered you or just apply?? I understand that just because they don't offer you something doesn't mean you would get declined if you apply but I'm amazed how many just don't bother with them at all or think they are all rubbish... but more and more of them give you distinctive different screens and answers to if you ACTUALLY have an offer from them or if they are just SUGGESTING cards you should apply for.... I think people feel if they see a card come up that means that's the offer and when denied then they post all over here these things don't work... Did it not work, or did you not read it right? (maybe this should be it's own thread of a question!)

[OptimalCS]

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@longwalkto800 wrote:

My current situation is that I applied for the capital one secured card thinking that my credit probably wasn't good enough for regular credit cards.  I got a response from capital one asking to verify my income (about 160k).  In the meantime I had gotten letters from discover IT and I took the plunge and applied and was approved for a $1200 limit.

The question is that I finally got approved by Capital One as well for the secured with the lowest deposit amount ($49) but feel like maybe I could get another regular credit card as opposed to adding this secured card to my portfolio.  I haven't paid the deposit or anything on the secured and I don't know if it's worth an extra hard inquiry at this point (and possible rejection) for another regular credit card.  

My credit scores are listed below and please note the Discover IT card is my only active card and I have an AAoA of 7 years.  Let me know if you need other information.

Thanks!

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IMHO stick with Discover it. It's a great card! Congrats!!

Stay away from crap one.