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Low Score Credit Card

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tattooedhusker
Established Contributor

Re: Low Score Credit Card


@monstere316 wrote:
So should I cancel it? Keep all three? Or pay the secured off and just keep the two unsecured?

I've also been told by my bank I have to use the card and pay it off monthly to actually improve my credit is this correct?

Just keep your utilization under 10% and you should be fine. As far as cancelling it, I would since all the cards are the same age and it wouldn't effect your AAoA. I've been struggling with the decision of cancelling my creditone card, simply because it is one of my oldest accounts. But, yes, I would close it; someone else can chime in for a second opinion. If you do close it, you need to make sure that it closes at a $0 balance, as I have heard CreditOne tends to be sneaky about fees.

NFCU CashRewards $13.5k | AMEX BCE $15k | Lowes $17k | Sportsmanss guide $7.6k | Chase Freedom $1k | Discover IT $4.4k |
Walmart $8k | Gordman's $2950
Message 41 of 50
monstere316
Member

Re: Low Score Credit Card

Ok so cancel my credit one? It is the smallest limit and my secured is my oldest being 16 months
Message 42 of 50
Henchman21
Frequent Contributor

Re: Low Score Credit Card

It's probably best to be done with them. I say close it.
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 43 of 50
monstere316
Member

Re: Low Score Credit Card

I assume you are talking about credit one
Message 44 of 50
calihlove75
Established Contributor

Re: Low Score Credit Card


@monstere316 wrote:
I assume you are talking about credit one

YES! Close the Credit One. Keep Capital One.

100% Ficos: EX 780 , TU 783, EQ 776 inquiries last 2 years/1 year/6 months: EX-0/0/0, TU-0/0/0, EQ-1/0/0~ last credit card app 6/24/13- New car loan 3/8/2014- Discover IT $12,500~Kohls $1000~Amex BCE $4000~ Walmart Discover $7500~NFCU Signature CashRewards $23,300 Chase Freedom MC $6000~ Chase Amazon Visa $1900~ Cap 1/HSBC MC $3800~ Amazon Store $7000~ Fingerhut $1050
Message 45 of 50
Henchman21
Frequent Contributor

Re: Low Score Credit Card

Yes, exactly.
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 46 of 50
twall06
Frequent Contributor

Re: Low Score Credit Card

Way to go you should be in the credit steps with cap1 so you will get an auto increase by the
7 statement.
Message 47 of 50
aiminghigher2013
New Member

Re: Low Score Credit Card

Just wanted to thank you for the information as I didn't know Capital One did SPs/Pre-Approvals on their website now. I did it and was suggested for the same cards, applied and got the same one but with $300 credit limit. At this point, im just happy to be approved. Ive come along way in the last year.

STARTING SCORE: EX 523 (1/13) 542 (2/13), CreditSesame - 595 (2/13)
CURRENT SCORE: (3/22/13): myFICO - 575, EX - 575, CreditSesame - 597
CURRENT ACCTS: Express Store Card $350 I Kay Jewelers $1000 I Capital One Platinum $300

Goal Score: 650+
Message 48 of 50
Henchman21
Frequent Contributor

Re: Low Score Credit Card

Many lenders do SP preapprovals. For far in the future reference, of course. Smiley Tongue
2/16/13 Scores EX: 594, TU:513, EQ:563 -- Cap One Secured: $200, Kay's: $400

GOAL #1: 625 -- CHECK!

3/31/15 Scores TU: 621 -- Cap One Secured: $750, Kay's: $900, CareCredit: $1000, Aerie $350, Fingerhut $1350

Goal #2: A travel card. REC ME!
Message 49 of 50
MovingForward_2012
Valued Contributor

Re: Low Score Credit Card

You should have applied for the one that gives you cash back. The cash back more than pays for the increase in fees. I have a $39 AF on my Cap1 Cash Rewards card but I have earned $140 in cash back since July. AF paid for plus I have already made a profit. I charge $1500-$2000 per month on the card. $2500 limit.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 50 of 50
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