08-24-2012 12:01 AM
So here is the deal with credit lines. The single biggest determining factor in what size CL you will get from new credit card is what your current credit card CLs are. Because your credit file is thin/new, you will likely get small credit lines. However if you use money to get larger CL secured credit card, you are likely to get higher initial CLs. However it is likely to tie up your money for the time you need to keep secured card opened. With secured card, you should plan on 6 months and then you will close it when you get unsecured cards. Another option is to do a secured card that will graduate to unsecured like BofA secured card however that can take 12 months.
Your credit file is a bit weird since you have no negatives but few closed tradelines and no open accounts. So not quite a rebuilder or builder.
If you don't care about closing the secured card, SDFCU has a no AF secured card with rewards. It does not graduate, but I think you get a little interest on money.
If you don't care about the time without money, then BofA secured card is good option. $39AF and you can add 123 rewards to it and it can graduate.
If you don't care about shortcuting your CL growth or want to hold on to money, there are cards out there for you but CLs are likely to be around the range of your old Cap one card. Also, you are likely to pay some AF.
So let me know which of three options sound best to you.
08-24-2012 12:03 AM
Also do you have any relatives with credit cards who can add you on as AU. Need to know more about the cards to see if this is a good idea.
08-24-2012 12:24 AM
I suggest you go to Capital One website and try the prequalification. Then apply for the best card they offer. If the secured card is the best, apply for it. You already have a decent credit relationship with them and they are relatively easy, so my guess is you will get an unsecured card.
Since you have a bank account with US Bank, you should try for a credit card with them. They have several secured cards and other cobranded cards. Take the secured card if needed.
Some people (like me) prefer to start with secured cards and big deposits to help get bigger CL later.. Sometimes that works but for building credit score, it does not matter much.
After you have over 6 months of an open account, you could consider a store card or gas card. I only recomeend them if you are a regular customer.
08-24-2012 05:16 AM
08-24-2012 06:06 AM
apply for a capone card since you closed your account in good standing (hopefully) they will gladly give you another card with a fresh AF, and then you need to hold it for 6 months perhaps longer pick up another credit card or store card perhaps an AMEX zync for a few months then you can move on to chase freedom if your scores are still in the 700's even with a thin file should be okay.
08-24-2012 12:51 PM
im gonna go ahead and app for capital one and see how it goes if doesnt work ill try the bank of america secured card or the mmmmmm usbank one thank you so much for the help guys
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.