Should I get a secured credit card in addition to my 2 unsecured cards?

[SnackTrader]

So now that you gave us info about yourself, I would say not to do anything different than what you are doing. Let those credit cards you have age, and try to stay out of debt. Only go for a car if you really need it. And I would say based on your credit file you would not need a cosigner for an auto loan unless your income is too low. But just wait things out and your credit will be fine. You have set yourself up perfectly for the future.

Call Chase to have them reconsider the Sapphire, but do not do any other applications. The number for a credit analyst is in the "Backdoor number" thread at the top of the main page. It is likely that your application won't be able to be used for the Freedom, so at this point just stick with the Sapphire. And if you don't get it it is not the end of the world.

Good luck!

[SnackTrader]

Thanks, 7PM789!

[Anonymous]

Thanks so much SnackTrader! I'll stick to these credit cards but I will give chase a call like you said, and if I don't get it, I'm okay with that. (:

[SnackTrader]

No problem! If it helps, when I was 18 I had no credit cards or car loans either. But 7 years later, everything has sort of fallen together, and I have achieved success with my recently acquired credit cards and I have fully paid off my first car loan. I hope you will take that as encouragement that things will fall together for you, too.

[Anonymous]

That's awesome! The credit game is pretty sweet. It's very addicting, and it sounds as though it's all about time. Thanks! (:

I called Chase and the guy was very nice. He said the only reason it was declined was the lack of credit history (length of time), and the low number of opened accounts. I mentioned the chase freedom and he said he wouldn't be able to honor it, and that I would have to fill out the application.

[Croselx]

Since you already have 5.5k unsecured credit it makes no sense to get secured lines. As other have said, keep up what you are doing.

You started way better than me. I had a $500 card for 2 years before I was able to get my second card which was a stingy $300 limit. After 4 years from my initial card I have over $20k total credit, most which was gotten in the last 6 months.

Just do the following and everything will fall in place:
pay on time always

keep utility low

try to get periodic CLIs (try to get  CCs that grow with you, like GE backed ones)

let accounts age

only get credit you will truly need (mostly when it comes to installment loans as you will pay fixed interest on these vs ccs that don't pay interest if you don't carry a balance)

always get credit thinking long-term

plan ahead, you don't want a lot of inquiries/high balance/new accounts right before a significant purchase such as a car or house

[danielodonoll]

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@Croselx wrote:

Since you already have 5.5k unsecured credit it makes no sense to get secured lines. As other have said, keep up what you are doing.

You started way better than me. I had a $500 card for 2 years before I was able to get my second card which was a stingy $300 limit. After 4 years from my initial card I have over $20k total credit, most which was gotten in the last 6 months.

Just do the following and everything will fall in place:
pay on time always

keep utility low

try to get periodic CLIs (try to get  CCs that grow with you, like GE backed ones)

let accounts age

only get credit you will truly need (mostly when it comes to installment loans as you will pay fixed interest on these vs ccs that don't pay interest if you don't carry a balance)

always get credit thinking long-term

plan ahead, you don't want a lot of inquiries/high balance/new accounts right before a significant purchase such as a car or house

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good advice,Take it

[webhopper]

I think you should stick with the cards you already have, don't go after a bunch of new accounts. 

What is your timeframe for getting the car? If you can wait a year, I would take the cash and do a 1k secured loan which will help you build installment history. You can then use your cash for a downpayment on a car or buy something with cash. Being a student, you should stick with a cheaper type of car that will get you from point A to point B.

You have a great start. Don't get a secured card, get either a a secured loan or nothing at all.