Credit Cards

[noochski]

I just obtained a BofA fully secured CC($500.00 limit/$30 bal) and am an authorized user on a Sears card with an $1800.00 limit/$450.00 balance and was wondering if I should add a Cap One secured card to the mix. I'm really looking to boost my credit scores as much as possible over the next 18 months. How does it work with the Cap One card for someone with a FICO score of 665? Will I need to fully secure the CL?

[SwiftTone]

My DGF got a Capital One cash rewards card with $2000 CL with less than 2 years of history. 2 cards: BoA unsecured $300 CL and Macy's card. FICO was 675 at the time. 

That said, I'd go for a student card if you qualify. I'd stay away from Capital One if possible.

[ztnjpv]

I got a Platinum MC unsecured with a $1000 limit back in 10/11 with a similar score to 665....maybe even lower. I had a lot of bad stuff going on but nothing recent with CCs problems. Not sure exactly what the score was. If 665 is your score and you don't have any recent baddies, you should be able to apply unsecured. Of course, Cap1 pulls all three bureaus so it would be good to make sure they all look OK.

[2NE1]

Before you waste three HP, I suggest you go to CapOne's pre-approval website and check if you qualify, you'll get a better chance of approval plus it'll be a SP. Good luck!

[noochski]

I did the pre-approval and they recommended that I apply for the Platinum card

[lanc]

My wife was approved for cap1 for newcomers (25% APR 1% Cashback). It seemed like an easier card to get if you PIF each month because they are trying to hit people with interest.  She was approved for 2k CL with a 590 Fico with about 5 charge offs.  To her advantage she has ~5yr AAOA

[FrugalRican]

Being an authorized user on that card might actually hurt you as well.

Be weary of balances other people carry.

[webhopper]

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lanc wrote:

My wife was approved for cap1 for newcomers (25% APR 1% Cashback). It seemed like an easier card to get if you PIF each month because they are trying to hit people with interest.  She was approved for 2k CL with a 590 Fico with about 5 charge offs.  To her advantage she has ~5yr AAOA

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This is scary....  

[lanc]

It's one of those good stories before we were married things happened etc.  We actually paid everything off but it was settled (read these forums late I guess).  The chargeoffs will fall off in 2014 and she is an AU on 3 of my cards so I'm happy she got a card that will build history for when the baddies fall off.

[airdefender14]

I would also stay away from Cap1. Cap1 was my first card 4 years ago and my CL is stuck at $750.