Noob needs some advice please......

[NewYorkKid]

Trying to figure out what my next step should be. Here is what i have....Cap one secured for $200.00,open for 2.5 years,never late and $0 balance. BOA secured for $300.00,open for 2 years,never late and a $100.00 balance. I charge the boa rewards card close to the max and pay it to $0 every friday after work. I also have a Santander car loan open for 9 months and that is in perfect standing. Now the bad,i have 6 charge offs that are all under $500.00 that are about 2.5 years old. My goals are to get a decent CC and try to refi my car loan. Should i add money to my boa card to make it a $1,000.00 or open up another secured card? I'm hoping it graduates sometime soon. I just changed it to the 123 rewards card about 2 months ago. My last credit karma score showed me at 620. I work 2 jobs and take home close to $1,000.00 a week. 

[Burned2manybridgesB4]

Just because a secured card advertises that it will eventually "unsecure" doesn't mean it has to. Just like any other credit card, they'll do softs, and check your reports, as to see if you're a worthy risk.

Your priority should be tackling the COs first, and foremost.

[09Lexie]

Welcome to the forum. If the COs are unpaid, see if you can negotiate PFD's. if paid, write GW letters. It's not necessary to app for a new cc- you could add to your deposit. It would be difficult to be app for a 'prime' cc with the number of recent CO's no matter how sm the amount owed.

[myjourney]

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@NewYorkKid wrote:

Trying to figure out what my next step should be. Here is what i have....Cap one secured for $200.00,open for 2.5 years,never late and $0 balance. BOA secured for $300.00,open for 2 years,never late and a $100.00 balance. I charge the boa rewards card close to the max and pay it to $0 every friday after work. I also have a Santander car loan open for 9 months and that is in perfect standing. Now the bad,i have 6 charge offs that are all under $500.00 that are about 2.5 years old. My goals are to get a decent CC and try to refi my car loan. Should i add money to my boa card to make it a $1,000.00 or open up another secured card? I'm hoping it graduates sometime soon. I just changed it to the 123 rewards card about 2 months ago. My last credit karma score showed me at 620. I work 2 jobs and take home close to $1,000.00 a week. 

Welcome to the forum

Instead of increasing the amount of your secured cards I noticed the 6 CO's are less than $500.

The best thing you can do is take the money you planned to increase the deposit of the secured cards and offer PFD for the 6 CO's.

IMHO if successful with the PFD's you would see an improvement to your CR's, scores and increase the chances of approvals of unsecured CC's

[mfcastro79]

First off, welcome to the forums.

Now then, your BOA secured card should have graduated to unsecured by now. I would call them and ask to have it graduate. If they do so, then I would add money to the Cap1, but keep in mind the Cap1 will never graduate so I would say $1000 is enough.

Also, please post in the rebuilding section about getting those charge offs removed. At under $500 a piece, I'm sure you can PFD some of those and maybe GW the rest. Once those baddies come off, you'll be in a much better position to get a prime CC and to receive a low APR on a refi.

[NewYorkKid]

Thank You all for the feedback. I will try to do a pfd for the collections.