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Low Score Credit Card

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monstere316
Member

Re: Low Score Credit Card

If I keep it low though and pay it in full every month I should be able to raise my score and cancel it after a year right?
Message 31 of 50
twall06
Frequent Contributor

Re: Low Score Credit Card

Yeah i have a credit one card also dont like it but only plan on keeping it a year. I have only used it once in two months and they just gave me an auto cli . Still not going to use it though.
Message 32 of 50
Henchman21
Frequent Contributor

Re: Low Score Credit Card

I got a Cap One under 600.
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 33 of 50
monstere316
Member

Re: Low Score Credit Card

Is it helping your credit?
Message 34 of 50
dddewdrop
Valued Contributor

Re: Low Score Credit Card

    If you haven't applied for a Capital One card, i would do so. They have no annual fee and if you are approved, you are enrolled in their program where they raise your credit limit automatically after a certain number of months (for me it is 5) as long as you pay the minimum payment ontime and use the card at least 1 time. Capital One is way better than credit one. Congrats on the card and yest Credit One can help you improve your credit, just be very careful with the fees. 

 

 

 

 

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Message 35 of 50
twall06
Frequent Contributor

Re: Low Score Credit Card

I like my cap1 way better than my credit one it only has a 0 AF first year then $19 AF versus credit ones $75 then almost $100 second year.
Message 36 of 50
monstere316
Member

Re: Low Score Credit Card

I went on ahead and tried to see if I was pre approved for Capitol One. It said I was for 2 cards. One was 0 fee for first year 19 after that 24% interest. The other was 50% Cash back. 39 a year and the same interest. I chose the one with the lower fees and was approved for the first one with a 500 dollar limit which Im happy about. Now what do I do about the credit one card. Do I keep it and have three CC's on my reports or do I need to cancel it and just keep the secured and the capitol one?

 

My other option is on the secured on I can use the 500 to pay the card off in full and close it and keep the two unsecured cards. This would bring my debt down but I dont know how it would affect my credit? What is your guys take?

Message 37 of 50
tattooedhusker
Established Contributor

Re: Low Score Credit Card

Just be careful with the CreditOne card, if i recall there is no way around the interest charges if you make any kind of purchase.

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 38 of 50
tattooedhusker
Established Contributor

Re: Low Score Credit Card

Also with the credit one card, the annual fee is spread out into monthly payments, so it always reports a balance each month.

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 39 of 50
monstere316
Member

Re: Low Score Credit Card

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?
Message 40 of 50
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