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rebuilding with BOA secured & Cap1

Member

rebuilding with BOA secured & Cap1

Hi,

 

On August 31, I applied for a Capital One Plat Card and was approved for a $300 limit.

 

Earlier this week, I took $500 down to my local BOA branch and applied for the Bank of America Secured Card.  So far I haven't heard back yet..but I'm optimistic.

 

What do you think my chances are?

 

I currently have a 620 score.

 

I have 5 baddies on my Credit Report.

 

4 are charged-off credit cards (2 from Cap1, 2 from HSBC)...these were paid off in 2008-2009.

1 is from Sprint in 2010 for $60.  This was the final bill from Sprint that I was disputing some charges..it went to collections and I paid it off eventually.

 

I also have a Bankruptcy Ch7 that discharged in Dec 2003, and is due to fall off my CRs in Sept 2013.

 

So that's where I'm starting from.

 

I have 5 Hard Inquiries.

 

I'm hoping that BOA will be able to approve me.

 

If they do...would it be wise to add $2000 in 4-5 months (bringing the credit line to $2500) and that in another 8-10 months add another $2400 (credit line max of $4900)?

 

Cash isn't really a problem now...for the first time in my adult life.  So I don't anticipate any lates.  I've been buying stuff $50-$100 my Cap1 and paying in full as soon as the debits post up.  I also added my $20/month gym membership which I'll let print on a bill.  That should show a utilization of 7%/monthly.


Starting Score: 620
Current Score: 680
Goal Score: 750


Take the FICO Fitness Challenge

Capital One Platinum $500
Bank of America Cash Rewards $500
US Bank Platinum $500
Message 1 of 3
2 REPLIES
Senior Contributor

Re: rebuilding with BOA secured & Cap1


peripheral wrote:

Hi,

 

On August 31, I applied for a Capital One Plat Card and was approved for a $300 limit.

 

Earlier this week, I took $500 down to my local BOA branch and applied for the Bank of America Secured Card.  So far I haven't heard back yet..but I'm optimistic.

 

What do you think my chances are?

 

I currently have a 620 score.

 

I have 5 baddies on my Credit Report.

 

4 are charged-off credit cards (2 from Cap1, 2 from HSBC)...these were paid off in 2008-2009.

1 is from Sprint in 2010 for $60.  This was the final bill from Sprint that I was disputing some charges..it went to collections and I paid it off eventually.

 

I also have a Bankruptcy Ch7 that discharged in Dec 2003, and is due to fall off my CRs in Sept 2013.

 

So that's where I'm starting from.

 

I have 5 Hard Inquiries.

 

I'm hoping that BOA will be able to approve me.

 

If they do...would it be wise to add $2000 in 4-5 months (bringing the credit line to $2500) and that in another 8-10 months add another $2400 (credit line max of $4900)?

 

Cash isn't really a problem now...for the first time in my adult life.  So I don't anticipate any lates.  I've been buying stuff $50-$100 my Cap1 and paying in full as soon as the debits post up.  I also added my $20/month gym membership which I'll let print on a bill.  That should show a utilization of 7%/monthly.


It would be very good to increase the deposit.   A high limit card is very useful for future applications.    If BofA, try another secured card and build the deposit.    You could use Cap1, they have a decent secured card.

 

Message 2 of 3
Member

Re: rebuilding with BOA secured & Cap1

Update:

 

Just found out this afternoon that I was approved for the BoA secured card backed by my $500 deposit.

 

Here's the particulars of my situation at the time:

 

myfico score:  620

USAA plus credit score:  604 ex, 626 eq, 628 tu

credit karma score:  614

 

I have 5 charge-off/collections from several years back that were paid and due to fall off 9/2013-11/2013

I also have a chapter 7 bankruptcy scheduled to drop off the report in 9/2013.

 

Quite happy that I was approved considering my awful history and the bankruptcy.

 

So now I'm gonna "garden" for the next 5-6 months and then deposit more money into my BoA secured card for an increase $500 to $2500.

 

Feels good to finally start on the path to getting my act together.


Starting Score: 620
Current Score: 680
Goal Score: 750


Take the FICO Fitness Challenge

Capital One Platinum $500
Bank of America Cash Rewards $500
US Bank Platinum $500
Message 3 of 3