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Frequent Contributor
Posts: 470
Registered: ‎02-14-2013
0

Re: Rebuilding just got cap one platinum...should I try for secured?

If you already have a Cap 1 unsecured, why not just wait another month or two and get the Rewards unsecured?
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Rebuilding just got cap one platinum...should I try for secured?

Why not take care of your state lien paperwork before attempting to obtain more credit. The procedure for the release and CB's updating will also give you more time with your new Cap 1. Your options will greatly approve IMO
Regular Contributor
Posts: 179
Registered: ‎12-19-2007
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Re: Rebuilding just got cap one platinum...should I try for secured?

I think I'll take that advice lexie
New Contributor
Posts: 107
Registered: ‎02-28-2013
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Re: Rebuilding just got cap one platinum...should I try for secured?

Not too long, though. The sooner you start building your AAoA, the sooner you can go for the cards you want. :smileywink:

Walmart Store Card: $600 & Amazon Store Card: $1200
Amazon.com Visa: $500 & Chase Freedom: $3000
US Bank REI Visa Signature: $5500
Discover It: $100

TU-654 [03/18/2014]
Regular Contributor
Posts: 179
Registered: ‎12-19-2007
0

Re: Rebuilding just got cap one platinum...should I try for secured?

Dreamwalker what do you mean?
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Rebuilding just got cap one platinum...should I try for secured?

MO you and your DW should just take care of that account for a year and focus on taking care of any baddies / gain positive CC history.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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New Contributor
Posts: 107
Registered: ‎02-28-2013
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Re: Rebuilding just got cap one platinum...should I try for secured?

Well, part of the reason people go on 'app sprees' s because they get a cluster of accounts that age together, so your credit score takes a bigger dive in the present, but is stronger going from then.

 

For example:


 1st card ever: Capital One

Average Age of Accounts is 1 month

A year later...

Average Age of Accounts is 12 months

...until you apply for a new card.

2nd card: Discover IT

Average Age is now 6 months

 

Versus taking on two cards:

 

Capital One and Amazon Store Card

AAoA is 1 month

A year later...

AAoA is 12 months

....and when you apply for a new card..

New card!

AAoA is now 8 months.

 

 

I hope that wasn't terribly confusing. It doesn't seem like a lot, but the newer your cards are, the slower your Average Age increases.

 

 

Walmart Store Card: $600 & Amazon Store Card: $1200
Amazon.com Visa: $500 & Chase Freedom: $3000
US Bank REI Visa Signature: $5500
Discover It: $100

TU-654 [03/18/2014]
Moderator
Posts: 27,207
Registered: ‎09-13-2012
0

Re: Rebuilding just got cap one platinum...should I try for secured?

OP can still use his TLs that were IIB to calculate his AAOA. I am assuming there was a mortgage and perhaps other cc's on OP's cr before filing bk. Even if some or all of those accounts are closed, they are still used in the calculation.

Yes, it's nice to group inq's, accts but in this case, IMO, the OP will be spinning his wheels trying to be approved with a recent bk and an open lien.
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