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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: Help! with new credit card


Wolf3 wrote:

I think a better strategy is to get a Capital One secured card and build the limit to the maximum over time.   The other cards are likely to only be toy limits if you even get approved.    IMO, a big CL is much better on your report for mortgage.

 


x2 on the higher limit 

obviously with a secured card your more inclined to pay back since its your money. 

i wouldnt exactly say cap one since i have no cards with them but a boa or wells fargo secured with as much cash as you have. the higher the deposit the better you are in the long run. 

also you can add money later on. 

 

id get that loan refi asap though 10% is steep!

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Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: Help! with new credit card

sorry didnt see the mortgage plans. 

so then do this as soon as possible and then wait until id say next jan for the mortgage. 

most banks dont like seeing inquries for the past year or else youll have to explain them. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
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Freedom Signature

Amex Zync(Unicorn)
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Established Member
Section700
Posts: 48
Registered: ‎11-30-2012
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Re: Help! with new credit card

Alright so I can get a secured card at any amount I request if I have the cash to put up for it? And you guys think that would be more beneficial than another unsecured card?

Chapter 7 Discharged 6/7/11
Sallie Mae 23k @ 4.5% (student loans) reaffirmed
First Premier 700CL opened 07/11 (CLOSED 06/14)
Wells Fargo 15k @ 10.5% opened 10/11 (auto loan)
Barclays Rewards MC 1500CL opened 12/12
Capital One Spark 2500CL opened 02/14
Discover IT 1000CL opened 03/14
As of 11/20/14 myFICO: EQ 675, TU 657, EX 684
Valued Contributor
creditnocash
Posts: 2,255
Registered: ‎07-23-2012
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Re: Help! with new credit card


Section700 wrote:

Alright so I can get a secured card at any amount I request if I have the cash to put up for it? And you guys think that would be more beneficial than another unsecured card?


yes thats usually how that works. anywhere from 300 and up is usually what i see. 

if you can put up 5k that would pull you up that much faster plus the extra utility. 

obviously that will tie up some funds but would eventually lead to an unsecured card and the funds returned, also other lenders dont see if its a secured card or not. to my knowledge but some who has rebuilt with secured or had secured cards. 

boa actually offered me a secured card when i was 17(before the laws changed) 

and i just didnt get the concept of why i had to put my own money up. 

but now if i could go back i wouldve easily dropped 2k if it would get me started that much higher and faster. 

 

the onlything i can say is stay away from companies you burned in the bk. 

Current: Discover Fico 701 10/14 Walmart Fico 689 9/14

Inquiries (24 Months): EQ 3 TU 0 EX 0 | Most Recent: 09/26/2014


2014 Goals:
Lower Utility
47%(OUCH!!)
Freedom Signature

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Established Member
Section700
Posts: 48
Registered: ‎11-30-2012
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Re: Help! with new credit card

That makes sense thanks for the info. I do have cash laying around but I was planning to use as much as possible for my down payment since I figure it will be necessary to have a large down payment to get a decent rate or even get approved.

 

Can anyone confirm that secured cards do not report differently thus making the system and/or lenders believe it is a normal cc?

Chapter 7 Discharged 6/7/11
Sallie Mae 23k @ 4.5% (student loans) reaffirmed
First Premier 700CL opened 07/11 (CLOSED 06/14)
Wells Fargo 15k @ 10.5% opened 10/11 (auto loan)
Barclays Rewards MC 1500CL opened 12/12
Capital One Spark 2500CL opened 02/14
Discover IT 1000CL opened 03/14
As of 11/20/14 myFICO: EQ 675, TU 657, EX 684
Established Contributor
eviLution
Posts: 706
Registered: ‎06-11-2012
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Re: Help! with new credit card

My Capital One Secured reports as a regular credit card.


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kimmiller112
Posts: 472
Registered: ‎04-09-2012
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Re: Help! with new credit card

If you are planning on applying for a mortgage, be very careful of apping.  Your best bet is to probably go with a secured card and put $2000 or more on it if you can do it, but don't wait on it too long.  Maybe you can do this with your bank or if there is a credit union in your area you can join, you may want to consider opening an account there.   Just keep in mind that if you are considering Capital One, they do an inquiry with all three CRAs so that may not be in your best interest.

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Established Member
Section700
Posts: 48
Registered: ‎11-30-2012
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Re: Help! with new credit card

Hmm OK I have only 2 INQ (depending on bureau) 

 

1. Auto loan on 10/26/11 - approved

2. First Premier on 7/12/11 - approved

 

If I don't apply for anything new until my mortgage app in June, it will be 18 months without a new inquiry. But I obviously won't have a plethora of accounts to show for. Would I be better off not doing anything at all at this point? I guess this would be a question for a mortgage broker/loan officer/underwriter...

 

I'm just trying to get ahead of the game and get that mortgage asap.

Chapter 7 Discharged 6/7/11
Sallie Mae 23k @ 4.5% (student loans) reaffirmed
First Premier 700CL opened 07/11 (CLOSED 06/14)
Wells Fargo 15k @ 10.5% opened 10/11 (auto loan)
Barclays Rewards MC 1500CL opened 12/12
Capital One Spark 2500CL opened 02/14
Discover IT 1000CL opened 03/14
As of 11/20/14 myFICO: EQ 675, TU 657, EX 684

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