first CC. What next?

[Anonymous]

Hey everyone. This is my first post. 

I'm trying to reestablish my credit after letting it take a dump for the last 6 years.

I was going to apply for a secured credit card to get started, but just decided to play my luck and apply for a Cap One Platinum. Well I got approved for a measly $300, but it's something. I was pretty excited cause I never thought anyone would give me a card again. It arrived two days ago and I havent even used it yet. 

Then I found this forum and have definitely learned quite a bit. Since I'm trying to repair my credit asap should I apply for 2nd starter card or should I wait until this one has recorded some history. 

Capitol One's credit tracker feature says my score is currently 583

I also pulled my score from equifax when I pulled my report from annual credit report. It gave me a 644 (This just blew me away) never thought it would be that high.

Based on just these scores which card could I apply for. I guess Im looking for a bit of a game plan. 

Any help greatly appreciated

[Anonymous]

Just wait.  No reason to rush it and get a load of crappy cards that'll just take up space with no real benefits.

After 6 months to a year, apply to something solid like the Freedom.  Then, get some other solid cards that might pair well with it (e.g. CSP, double cash, etc.)

[Anonymous]

You could get a second Capital one but that will be another triple pull. Whatever you do stay away from things like credit one and first premier.

Start using your current card and keep it paid down. As you read on the forum you'll see that what's recommended is to let somewhere under 10% utilization report.

Good luck and welcome!

[jsucool76]

just a waiting game now. as your baddies age and fall off you'll find yourself in a better and better position.

[Anonymous]

Welcome to MYFICO.  If you are re-establishing your credit, I'd get another secure card to get to CAP 1.  BOA has good secured cards also.  Another thing to keep in mind is there are various scores and if you got a score from annual credit report, I wouldn't base any application decision on it.

If you haven't done so already, you can get real real FICOs here as that is what most lenders used.  Lastly, if you have not checked out the rebuilding sub section here, do so as it has a wealth of information.

[Anonymous]

Agreed! Play the waiting game until you see your scores rise.