Have 3 Unsecured Cards. Will opening a secured card help my FICO score?

[Anonymous]

Hello,

First time poster here. I've done some research and couldn't find an answer to my specific question. I have three credit cards; (1) Capital One Platinum Card w/ a $2200 limit, (1) New York Life card through First National Bank of Omaha w/ a $500 limit, and (1) Credit One Platinum Card w/ a $650 limit. My average credit score is approximately 640. I just recently was denied a $500 increase on my New York Life card after I went from a secured card to an unsecured card with them. I was interested in the Discover IT Secured Card. I dont carry more than a 10-15% balance between all three of my cards. I've never been late on any of my credit cards ever (First card is about 3.5 years old). If I opened the Discover card and put down $500. Do you believe after 3-6 months of on time payments it would boost my score and they would give me an unsecured card? They said 8 on time payments but my credit score isn't awful so I think. Thank you in advanced for any and all help guys!

[Scupra]

I don't think you should apply for the secured version. I would try for the unsecured card first. Discover seems to favor thin profiles. Good luck and keep us posted!

Welcome to myFICO!

[Anonymous]

I'm just worried since I have a hard inquiry from First National Bank of Omaha from when I tried to get a $500 increase last week. Is it a smart calculated risk to do so? I'm looking to purchase a home with my wife by June of 2018. We were pre-approved for 195k and are looking to work on our credit to get our pre-approval up to 225-230k. I have a few very small collections accounts I'm starting to pay off and have been current with all my payments for the past 1.5 years (Student loans, credit cards).

[Anonymous]

---

@Anonymous wrote:

I'm just worried since I have a hard inquiry from First National Bank of Omaha from when I tried to get a $500 increase last week. Is it a smart calculated risk to do so? I'm looking to purchase a home with my wife by June of 2018. We were pre-approved for 195k and are looking to work on our credit to get our pre-approval up to 225-230k. I have a few very small collections accounts I'm starting to pay off and have been current with all my payments for the past 1.5 years (Student loans, credit cards).

---

I'd be weary of trying to get new credit while also trying to get get a mortgage. I would wait until after you close on your house to apply for the unsecured Discover card. You just don't want to be chasing new credit just before applying for the mortgage. just my .02. Dv

[Shooting-For-800]

I see no use for a secured card in your case.

Check with Cap One for prequal on another card.

Any store cards you need that reward you with something?  (Amazon 5%, Lowes 5%, etc.)

Do you have any installment loans right now?  If not, look at secured installment loans.

I would use and pay Cap One as much as possible then open another card in the future.

They reward loyalty and good payment history.

[Anonymous]

So trying to get another credit card to boost my score in 6 months is not a good idea? My thinking was if I can get some more credit it will help my score and the hard inquiry won't effect my credit in 6 months. But I do get what you're saying as far as not trying to get more credit right before trying to get a mortgage.

[Anonymous]

If I try to move from my Capital One Platinum Card to a Capital One Quicksilver card and they approve me will my new Capital One Quick Silver Card still show the length of history with them from when I first got a line of credit with them? Or does it not matter because I can't move from one card to another and have to have to seperate Capital One cards?

[Scupra]

---

@Anonymous wrote:

I'm just worried since I have a hard inquiry from First National Bank of Omaha from when I tried to get a $500 increase last week. Is it a smart calculated risk to do so? I'm looking to purchase a home with my wife by June of 2018. We were pre-approved for 195k and are looking to work on our credit to get our pre-approval up to 225-230k. I have a few very small collections accounts I'm starting to pay off and have been current with all my payments for the past 1.5 years (Student loans, credit cards).

---

What type of mortgage are you looking at? Not often does a higher score mean you can afford more payment. That is usally a DTI issue

[Ardecko]

---

@Anonymous wrote:

If I try to move from my Capital One Platinum Card to a Capital One Quicksilver card and they approve me will my new Capital One Quick Silver Card still show the length of history with them from when I first got a line of credit with them? Or does it not matter because I can't move from one card to another and have to have to seperate Capital One cards?

---

A product change does not count as new credit as long as the credit card issuer does it properly(this is usually not an issue). As long as they don't close your old account and create a new account(which would report as a new trade line on your credit report), no one would ever know.

[Anonymous]

Hello! Just want to share you my experience, I still don't have a score. But I tried the pre-approval site of Discover and I was pre-approved. I appd for it,
Got approved and received the card within a week. Up to date no HP. You should try it.