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Regular Contributor
reno55
Posts: 177
Registered: ‎12-19-2007
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Rebuilding just got cap one platinum...should I try for secured?

As the topic states my wife and I just got discharged in march and applied for unsecured Capitol one cards and got approved for the platinum card both at $300 limit with credit steps.

I'm wondering if it's also worth applying for a secured Capitol one card to help boost our revolving a bit?
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09Lexie
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Registered: ‎09-13-2012
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Re: Rebuilding just got cap one platinum...should I try for secured?

Regular Contributor
reno55
Posts: 177
Registered: ‎12-19-2007
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Re: Rebuilding just got cap one platinum...should I try for secured?

Discharged chapter 7 on 3/13
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Revelate
Posts: 9,634
Registered: ‎12-30-2011
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Re: Rebuilding just got cap one platinum...should I try for secured?

I'd do a secured card somewhere else for a second tradeline.

 

Better to establish a diversity of lenders honestly; not sure how BK friendly BOFA is (probably not at all but I don't know specifically), but you may want to look into something like SDFCU which has an excellent secured card and doesn't do a credit check either for membership or for the secured card application.

 

There's other lenders which would be likely too, but right now I'd recommend just picking up any 2-3 tradelines and start building positive history post-BK.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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reno55
Posts: 177
Registered: ‎12-19-2007
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Re: Rebuilding just got cap one platinum...should I try for secured?

Yeah I'd love to do that but cap one is the only oneI that I know of that will do lower deposits for a Secured card....

We are ecstatic that they approved unsecured but just want to get a few good TL's reporting
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Countingpennies
Posts: 465
Registered: ‎02-14-2013
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Re: Rebuilding just got cap one platinum...should I try for secured?

[ Edited ]
I was approved for a Cap1 about 2 mos. out. About 3 mos. later I added a Cap1 Rewards card. I tried for a couple others, (Walmart for one) and denied. Probably a good idea to go with a card from a local credit union, secured if you have to, and start building a relationship. I just haven't found a decent local CU yet, so my very loose plan at the moment, is wait a few more months and try for a BoA secured (I was denied for unsec., probably tried too soon anyway.) Maybe down the road DCU. I'm not in a rush, I've been living on cash for about 4 yrs. anyway, so I'm just babying my two Cap1's for now, but dang, it's nice to have 'em.

No one has mentioned yet, but have you pulled your 3 reports and made sure everything is reporting correctly? I was discharged 11/12 and I'm still cleaning up a couple of stragglers.
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Revelate
Posts: 9,634
Registered: ‎12-30-2011
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Re: Rebuilding just got cap one platinum...should I try for secured?

[ Edited ]

reno55 wrote:
Yeah I'd love to do that but cap one is the only oneI that I know of that will do lower deposits for a Secured card....

We are ecstatic that they approved unsecured but just want to get a few good TL's reporting

Good point, most deposits run in the $250-300 range minimum.  If you only have $50 to work with, get the Cap One secured and go on with life.  Then maybe add another lender when your finances support it.

 

It will do everything you actually need in your current situation: namely, another tradeline that you can demonstrate credit-worthiness post-BK.  Multiple lenders is desirous, but not required honestly.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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09Lexie
Posts: 26,223
Registered: ‎09-13-2012
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Re: Rebuilding just got cap one platinum...should I try for secured?

You could also try the shopping cart trick and as others have suggested a secured cc with a cu
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Dreamwalker
Posts: 107
Registered: ‎02-28-2013
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Re: Rebuilding just got cap one platinum...should I try for secured?

I've always heard BOFA is extremely unfriendly towards BKs. Might I recommend a store card? Walmart has been really successful for some people, but really, wherever you shop frequently.

Walmart Store Card: $600 & Amazon Store Card: $1200
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Regular Contributor
reno55
Posts: 177
Registered: ‎12-19-2007
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Re: Rebuilding just got cap one platinum...should I try for secured?

Thanks for all the recommendations....

I burned comenity in bk and Walmart also so I don't think those will work.

Shopping card trick never works for me and I'm opted out and all reports are correct.. Though I have a stare tax lien that is satisfied that I have to habe the court mark as satisfied just need to take paper to court house.

II think I'm going to try for cap 1 secured and use it very minimally... I figure if they approved unsecured they should only require a $50 desposit

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