What should be my next move

[Anonymous]

Hello Everyone,

Frist off thank you for all the help. I have read so many good post to help me with my credit journy.

So here is my stroy I started 6 months ago with a Secured $200 Capital one platnum card. When the 6th statemnt cut I got the $300 incress so the Open line is now $500

About 2 months ago I opened up a credit one card for $300 - I know its not the best card but I need it to help me rebuild and I will close it when the time is right

Once I get the CLI on the Platnum card I did the pre approves for cap1 and got a $500 approval for a QS1 Rewards - it just showed up today. 

So my question is do I close the platnum and try to get another card with cap 1?

Here are my scores as of today 12/21/16 - EQ 623  TU 627 EX 629 

[pat0812]

I started very similar to you

I got my secured wells fargo and after a year it became unsecured

I would recommend Capital 1 and Walmart

Capital one will give you CLI every 6 months and I believe the first time after 4 statements

Walmart is great, I started at $600 and you can request a CLI every 4 months and they give good increases

I'm now at $10,000

After a year of credit try to get the amex charge card and 6 months after try their revolver card

From there sky is the heaven

[Anonymous]

Thanks for the info I will defintly look into thatl.

What do you think I should do with the secured cap 1 card? 

[pat0812]

First of all is never good to close your oldest account, I'm not very familiar with capital 1 secured card, but you should ask in a different post if capital one secured card become unsecured afte a certain time.

Building higher limits takes time, but if you play the game good, you can get to over 100K limits in 2-3 years.

It just takes time, and of course keep paying on time

[dragontears]

If you just got the QS1 you need to wait 6 months before cap1 will let you app (well you can app before that but it will be auto rejected). If I was you I would keep the secured card until it is time for the AF and at that time reevaluate your credit profile

[austinguy907]

With your scores right now you would be borderline for Discover but, they do have a no AF secure card and you pick how much you want to put into it up to $2500 which not only gives you breathing room but also gets a reported higher limit to get some better approvals down the road.

I would attempt a regular app and then if denied go for the secured one since you're on the cusp of a normal approval w/o knowing what else might be in your reports.

https://www.discover.com/credit-cards/secured/

[fltireguy]

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@pat0812 wrote:

First of all is never good to close your oldest account, I'm not very familiar with capital 1 secured card, but you should ask in a different post if capital one secured card become unsecured afte a certain time.

Building higher limits takes time, but if you play the game good, you can get to over 100K limits in 2-3 years.

It just takes time, and of course keep paying on time

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Why would you say that it isnt good to clse your oldest account? It has NO effect on AAoA - It'll still report for the next 10 years as a positive tradeline. 

And, as has been mentioned many many times, Cap1 secured does not currently unsecure (although there is one current post to the contrary)

One option, besides the Discover that has already been mentioned is BofA - the 99/500 secured card that usually will graduate after 6 months or so.. You can only get it via offer if you are declined after applying for a non secured product..

I'd caution against Synchrony backed products... for reasons such as APR, and Blue Envelopes

[Anonymous]

Started exactly the same way with secured platinum. Then 3 months later QS1. NOTE: You can product change the QS1 MC to QS MC (no AF). I did it straight through online  chat after about only 3 months of heavy use and no HP. Not really worried about the secured card. It has NO ANNUAL FEE and I dont think it will have much of an affect either way by keeping or closing, other than getting deposit back more quickly. Not concerened about that either.

The cap1 secure platinum card will NEVER become unsecured. At least there are no plans of that happening.