Reply
New Contributor
Posts: 66
Registered: ‎01-06-2013
0

Rebuilding Credit i got 2 secure cards did i do the right thing?

[ Edited ]

Good Afternoon 

 

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 )

Exp 669

EQ 661

 

My goal is 750+ across the boards. 

Regular Contributor
Posts: 231
Registered: ‎09-04-2012
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

I think you are off to a good start. I would wait six months then apply for an unsecured card.

Frequent Contributor
Posts: 431
Registered: ‎02-06-2008
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

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

New Contributor
Posts: 66
Registered: ‎01-06-2013
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Thanks

 

That is what i am hoping for. I know with patience everything will be possible. Just need to keep it clean and steady. 

Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

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.


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

New Contributor
Posts: 66
Registered: ‎01-06-2013
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

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. 

Frequent Contributor
Posts: 431
Registered: ‎02-06-2008
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

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. 

Valued Contributor
Posts: 1,597
Registered: ‎09-15-2012
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

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!


In My Wallet: Amex BCP (12/12) $32,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600

Last App: April 2, 2014
Blogger
Posts: 3,355
Registered: ‎10-19-2012
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

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. 

Valued Contributor
Posts: 1,738
Registered: ‎08-13-2012
0

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

So you have nothing but 2 account from CApital One ? Any good standing account like student loan, auto loan, .......etc.....

  • Find some family member to add u as authorize user on their long standing account.
  • Add more to secured CC.
  • Use them response for 6 months to 1 years.
  • Keep Uti under 9%

AT one year mark, You should qualify for most card u want.

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 13k| Amex: NSPL|Dis: 9.4k|Cap: 5.5k|CAP: 2k|CSP: 13.4k| Pen:4.5k

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.