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

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

Thanks I  have been actually coming to these forums for about 2 months now. I just recently decided to post. I will keep my slate clean and keep adding charges and paying them up. I actually have  a cousin that works for Chase at our local city. Hes VP of Loan Officers. SO hes helping and guiding me through things. I hope he can help me get a Chase Freedom card one day soon.  Yes my AAoA isnt much. I want to change that. @ nicholas. No i don't have any good standing accounts as of yet. Just the first Cap1 secure card and it hasnt been more than 7 months. no student loans nor auto loans. 

Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

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


omgitsphilly wrote:

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. 


It is an OK move.  If you are interested in bigger CL in the future, I suggest you add to the deposit of 1 of the cards to get a nice sized limit ( It may help).

 

The Capital One cards do not unsecure, but they help you get a good card from Capital One.   You probably have to close one of them to apply for an unsecured card with them.    I would wait another six months or more before applying.

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

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

Would it help if i just move past Cap1 for now. Once i help my score more. I want to apply for a better unsecure card with Chase or somewhere else. In the future close one of the Cap1 Sec cards for their Unsecure card, but for now im ok with those 2 cards with Cap1.  Thoughts?


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