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Stop me if I'm about to make a mistake!

Frequent Contributor

Stop me if I'm about to make a mistake!

Ok, so I was approved for a 300CL on and unsecured card from capital 1. I can't seem to get anyone else to approve me and I don't want any more inquiries and its been less than thirty days since my Cap1 approval. Here's what I want to do if this will help my lack of revolving credit issue. I want to get a Cap1 secured card but I'm unsure if two cards from the same company will have any positive effect on my CS or will I just be wasting my time and/or security deposit. I don't need the credit cards but my LO told me that I need a couple of form of revolving credit on my CR to qualify for a home loan. Someone please tell me if this is a smart move or not.
Message 1 of 21
20 REPLIES
New Contributor

Re: Stop me if I'm about to make a mistake!

How about a Bofa secured card? That one will graduate later into an unsecured card.

Have you tried Walmart? Edit, saw your other thread with walmart denial. Was the number you called the backdoor number listed on this site?

Theres also the shopping cart trick like at Victorias Secret and a few others.
Message 2 of 21
Frequent Contributor

Re: Stop me if I'm about to make a mistake!

What is BOFA? I don't want anymore inquiries.
Yes I've applied at Walmart and denied.
Victoria's Secret wouldn't do me any good because I'd actually have to buy something from them and that's not happening.
Message 3 of 21
New Contributor

Re: Stop me if I'm about to make a mistake!

To answer the two Capital One card Q: Yes, this will be fine. Two separate accounts show as two separate tradelines; scoring algorithms don't pay attention to who the lender is (as far as I'm aware).
Message 4 of 21
New Contributor

Re: Stop me if I'm about to make a mistake!

Bank of America.

Search the keyword "cart" on this forum and you'll see some websites like jcrew or express. You can see if you are preapproved when you add an item to your cart and go to checkout.



Message 5 of 21
Epic Contributor

Re: Stop me if I'm about to make a mistake!


750orbust wrote:
What is BOFA? I don't want anymore inquiries.
Yes I've applied at Walmart and denied.
Victoria's Secret wouldn't do me any good because I'd actually have to buy something from them and that's not happening.

Pretty sure the Capital One Secured Card will cost you 3 more Hard Pulls just like the unsecured card did!

Did you contact GE about the Walmart card and try to get a manual review to approve? (You can find the number under the post in top called "Backdoor numbers"

 

Message 6 of 21
Super Contributor

Re: Stop me if I'm about to make a mistake!

I read somewhere GE denials are hard to recon except when there's wrong info on your CR, but it is always worth a shot.

 

If you want more secured cards, you can check out Bank of America and Wells Fargo. Their secured cards are relatively easy to get as long as there's no recent negatives (BK, CO, very late payments, etc), and they eventually graduate you to unsecure after some time. WF is very conservative for most new customers, but overtime they can be one of the more generous few with CLI and low APRs for loyal customers. I never had a Bank of America account so I can't tell you about them.

If you open or already have a checking/savings account with the banks mentioned above, your chances are probably going to be a lot more higher too.

 

I think Citi offers a secured card too? 


And you can also check out other places such as local credit unions

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Message 7 of 21
Frequent Contributor

Re: Stop me if I'm about to make a mistake!

Pretty sure the Capital One Secured Card will cost you 3 more Hard Pulls just like the unsecured card did!
Did you contact GE about the Walmart card and try to get a manual review to approve? (You can find the number under the post in top called "Backdoor numbers"

I don't understand why I would have three more HP's if I've already been approved within the last thirty days for the unsecured card. Why couldn't they just use the previous pulls, especially since its for a secured card this time? Shouldn't the approval requirements be far less stringent on a secured card?
I did contact Walmart and they were absolutely no help. In a nut shell they just told me that they wouldn't even bother taking a second look until I wait thirty days and let them re-pull my credit.
Message 8 of 21
Established Contributor

Re: Stop me if I'm about to make a mistake!


750orbust wrote:
Pretty sure the Capital One Secured Card will cost you 3 more Hard Pulls just like the unsecured card did!
Did you contact GE about the Walmart card and try to get a manual review to approve? (You can find the number under the post in top called "Backdoor numbers"

I don't understand why I would have three more HP's if I've already been approved within the last thirty days for the unsecured card. Why couldn't they just use the previous pulls, especially since its for a secured card this time? Shouldn't the approval requirements be far less stringent on a secured card?
I did contact Walmart and they were absolutely no help. In a nut shell they just told me that they wouldn't even bother taking a second look until I wait thirty days and let them re-pull my credit.

You can pretty much count on new inquires for secure card. You are better off going bofa route.  besides that garden time. 



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Message 9 of 21
Established Contributor

Re: Stop me if I'm about to make a mistake!

State Department Federal Credit Union has an automatic approval for a secured card if have a savings account with them. They put a hold on the funds in the account, but you can still deposit and withdraw as usual (except for the held funds). They don't pull your credit if you do it by phone, otherwise, it's a hard pull. No AF, 6.99%APR, and they report to all 3 CRAs as a secured card.


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 10 of 21