What card should i Apply for???

[Wolf3]

Capital One is known to give second chances, so years ago Charge off will probably not hurt you for a secured card with them.

Capital One secured card has good terms, low cost,  and is reasonably easy to qualify for.   

Assuming you have no major CC at this time, getting one with improve your score, but it does not matter which one.   

You should also consider CU, many have secured cards as well.  

[Lois5669]

Yeah, Cap 1 is very forgiving. Of my baddies for my 2006 financial disaster of a year, I ended up with THREE cap 1 charge off accounts. They just let me have a secured card. Granted..it's only a $200 limit with a $99 deposit, but at least I can just match 1:1 and raise my CL.

[Anonymous]

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@ztnjpv wrote:

BTW, if at all possible, don't get a secured card. Doesn't help much if at all.

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Why not? 

[LS2982]

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@Anonymous wrote:

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@ztnjpv wrote:

BTW, if at all possible, don't get a secured card. Doesn't help much if at all.

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Why not? 

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I think it does help considering the cardholder controls the CL though deposits.

[polo1985]

I was approved for a secured card with capital one... I put down a $300 deposit and got a $451 credit limit.  Thanks to everyone with the much needed information.  Im just wondering should i pay my balances in full every month or just pay the majority of it and leave a little bit on my card every month to help build my credit?  Also how long does it take a person to graduate to a unsecured card??

[Poorfico24]

Was your charge off paid or unpaid? I have an unpaid one from 2002, so I am scared to apply for a secured and be denied. Nothing comes up on their prequallify- not sure is it's because I'm blacklisted or if it is because I'm opted out.

[Anonymous]

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@polo1985 wrote:

I was approved for a secured card with capital one... I put down a $300 deposit and got a $451 credit limit.  Thanks to everyone with the much needed information.  Im just wondering should i pay my balances in full every month or just pay the majority of it and leave a little bit on my card every month to help build my credit?  Also how long does it take a person to graduate to a unsecured card??

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Carrying a balance will do nothing extra to help establish credit.

[haulingthescoreup]

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@Anonymous wrote:

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@polo1985 wrote:

I was approved for a secured card with capital one... I put down a $300 deposit and got a $451 credit limit.  Thanks to everyone with the much needed information.  Im just wondering should i pay my balances in full every month or just pay the majority of it and leave a little bit on my card every month to help build my credit?  Also how long does it take a person to graduate to a unsecured card??

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Carrying a balance will do nothing extra to help establish credit.

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+1

It will absolutely, in no way, help your FICO scores.

There's anecdotal evidence that some of the bottom-feeder cards will reward you for carrying balances by changing your APR or CL. Just IMO, I would never pay a CCC via interest payments (which is what happens if you carry balances.)

If they want/ require me to pay them interest in order to get decent service, then I say to hell with 'em.

[polo1985]

Poorfico24.. My charge off was paid i thing in 2010.  I was scared of being denied also.  It never hurts to try

[LS2982]

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@haulingthescoreup wrote:

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@Anonymous wrote:

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@polo1985 wrote:

I was approved for a secured card with capital one... I put down a $300 deposit and got a $451 credit limit.  Thanks to everyone with the much needed information.  Im just wondering should i pay my balances in full every month or just pay the majority of it and leave a little bit on my card every month to help build my credit?  Also how long does it take a person to graduate to a unsecured card??

---

Carrying a balance will do nothing extra to help establish credit.

---

+1

It will absolutely, in no way, help your FICO scores.

There's anecdotal evidence that some of the bottom-feeder cards will reward you for carrying balances by changing your APR or CL. Just IMO, I would never pay a CCC via interest payments (which is what happens if you carry balances.)

If they want/ require me to pay them interest in order to get decent service, then I say to hell with 'em.

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+1