Secured Cards Approval Odds to help Credit Score?

[Anonymous]

I am trying to raise my credit score up and wanted to get a secured card to possibly help in the process. I wanted to get a capital one bank secured card although I did have a an account before when I was in college that went to collections (worth about $600). My current credit score is 591 (Transunion) and 585 (Equifax). Anyone know if I would have a chance to get a Capital One secured card or any recommendations to which secured card will approve me with those credit scores? Thanks!

[Anonymous]

Capital one is very forgiving of past charge offs.

You want 3 credit cards reporting for a big FICO boost. Capital one, Discover secured and one more would help a ton.

If you have zero open installment loans, do the Alliant SSL trick as well.

[Anonymous]

Also if you got those scores from Credit Karma throw them away, they aren't FICO scores and are useless for predicting approvals. Get real FICO Scores.

[Sandman771]

You can get Open Sky with no credit check. There is an AF with them, but your limit is whatever you deposit. Took me about 10 minutes to open it and fund it. I do wish I had put a little more in it, but that one is going in my sock drawer for the rest of this year. 

[Anonymous]

Thanks for the suggestions! The only concern I have is that if I apply for Capital One Sec. Card and they deny me and may decrease my scores. Also I tried signing up for MyFICO but they couldn't let me my FICO scores as of the moment since student loans are the only active account that I have and that I am paying.

[Anonymous]

Use their prequal page for Cap One. I bet they approve you and maybe even for a non-secured card.

[Anonymous]

Thanks for the response!! Have you been using it and if yes, have you noticed any progress with your credit scores?

[Anonymous]

My scores two months ago were 570 across the board with only one old secured CC showing 90D lates. Today I am at 635 or so almost across the board because I got the lates removed entirely and 4 new CCs including 2 secured cards (Capital One and Discover), a store card (Williams Sonoma which I use and pay off weekly), Amazon store card I got yesterday and Chase Freedom unlimited I got yesterday.

I burned Chase in an $8000 chargeoff in 2008 and never expected to get back in.

I also did the Alliant SSL last month and hope it will report by next week and give me a 10-20 point boost as I had no installment loans since 2007. I'm gardening after August as I want one more cash back card (probably Chase Freedom 5% categories).

3 credit cards reporting boosting my scores around 40-45 points. I still am reporting a CO from 2015, an unpaid tax lien and some random new collection from 01/2017.

[Anonymous]

If you happen to have some time, consider reading about various secured cards, and people's comments about them.

Perhaps you will find one or more which might best fit your needs & situation.

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tamagucci wrote:

I am trying to raise my credit score up and wanted to get a secured card to possibly help in the process. I wanted to get a capital one bank secured card although I did have a an account before when I was in college that went to collections (worth about $600). My current credit score is 591 (Transunion) and 585 (Equifax). Anyone know if I would have a chance to get a Capital One secured card or any recommendations to which secured card will approve me with those credit scores? Thanks!

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The Best (and Worst) Secured Credit Cards according to Beverly Harzog' opinion
http://www.beverlyharzog.com/the-best-and-worst-secured-credit-cards/

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[Anonymous]

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@Anonymous wrote:

I burned Chase in an $8000 chargeoff in 2008 and never expected to get back in.
3 credit cards reporting boosting my scores around 40-45 points. I still am reporting a CO from 2015, an unpaid tax lien and some random new collection from 01/2017.

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When you applied with Chase, did you need to do a recon? I've got similar marks and scores to what you have and got denied a few weeks ago from Chase. They stated a CO that was then paid in collections from 2010 as one of the reasons for denial. Didn't even remember that account... 

I gave up for the time on Chase, didn't think it was possible to get back on their good side.