New to the boards
I have been a credit freak for the past 5-6 months, because before my credit wasnt that great. I believe i started at 580. I heard about Capital One Secured card about 5 months ago. I have been buying minimal stuff here and there. Been paying it off monthly. My score jumped up to about a 640. I had some bad accounts on there for past years. 6-8 years ago. I removed them and now my score jumps to 720. I was shocked. Well here is what i did. Fear of getting rejected for a Chase Freedom Card. I stupidly went back to capital one for another secure card. I kinda regret it because well its a secure card. My question is did i mess it up by getting another secure card? I should have apped for an unsecure card. I know that C1 don't graduate you. Did i do the right thing in my situation because im rebuilding credit?
Btw my scores across the board now are
Trans 702 ( because of new Cap1 Secure Card Hit )
My goal is 750+ across the boards.
I think you are off to a good start. I would wait six months then apply for an unsecured card.
Both ofvyour secured cards will eventually unsecure. Just keep adding to your deposits. Also it doesnt show secured on your credit report so you can get a better unsecured card later
That is what i am hoping for. I know with patience everything will be possible. Just need to keep it clean and steady.
Any other thing on your report ??? What your AAOA ??? 700+ seem like pretty good score.
I only 657 and have a few PRIME CARd in my wallet.
Just be patient.
ADd about $2000+ in your secured CC.
Then app for something on your wish list in the next 6 months.
I just recently started 6 months ago. Believe should be June 2012. I only had 2 bad standing accounts. One i had paid off in full late. The other i never paid was nothing major. $300 dollars. They were both removed. They where there since 7-8 years ago. So they did not dispute and where removed from my Transunion account. Im just glad i can start clean again.
For my Cap1 secured I made small deposits every month until my limit was 3k. Helped my score a great deal and helped me open other accounts.
You're doing just fine. It sounds that your current history is pretty short since the addition of your newest CapOne card dropped your score a bunch. As stated earlier, I would suggest letting the newest account age to about 6 months or so and then consider an app spree. That way you can acquire 2 or 3 cards at the same time before the new accounts start dropping your AAoA again. But you may need to wait a year after that app spree before going on another spree because your scores will probably drop again. So make sure you plan the spree well and really think about which cards will help you most in terms of rewards, Interest rates, credit limit growth, etc.
Good Luck, and stick around the forums to learn even more!
It's actually perfect that your second secured card is a Cap One which gets reported as a regular credit card as opposed to a secured card. This will help with manual reviews by some creditors such as Chase.
So you have nothing but 2 account from CApital One ? Any good standing account like student loan, auto loan, .......etc.....
AT one year mark, You should qualify for most card u want.