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Member
Posts: 28
Registered: ‎08-23-2012
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Re: Hello Im New To The Forums And Have A question

Not  Really Only One Chekling Account  With  US BANK  thats all

Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Hello Im New To The Forums And Have A question

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.

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Valued Contributor
Posts: 3,096
Registered: ‎01-26-2012
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Re: Hello Im New To The Forums And Have A question

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.

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Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Hello Im New To The Forums And Have A question

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. 

Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Hello Im New To The Forums And Have A question

I agree with checking with us bank since you already bank with them. A secured card will do more for you at this point.

You can also go with walmart or amazon.com store cards. The wal mart card may eventually graduate to a discover card.

Also; I'm a big fan of secured loans. Installment history is important if you think you may. Finance a car in the future.

Good luck man!

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Valued Contributor
Posts: 2,281
Registered: ‎09-16-2011
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Re: Hello Im New To The Forums And Have A question

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. 

 

 

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Member
Posts: 28
Registered: ‎08-23-2012
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Re: Hello Im New To The Forums And Have A question

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   

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