Chances of getting a non-secured Credit Card?

[ScottL]

I've been trying to rebuild my credit over the past year or so. About a year and a half ago I got a $200 Cap One secured credit card. Just this past month, they upped my limit to $750 without me even asking. That was a nice surprise!

Ive tried desperately to pay everything on time (all I have is my mortgage, auto and this one credit card as open lines of credit). But I think over the past 1-2 years, I have been late on the mortgage a couple times. But none in the past 6+ months on anything.

My main negatives are a couple chargeoffs. One from Discover for $5800 and another for an apartment I rented and then broke the lease when my ex wife and I first seperated and got back together.  Other than that, all I have is late payments over the past 7 years spread out.

I recently sold my truck and purchased a new car about 3 months ago. At that time, they ran my credit and I guess whatever FICO they used, I was around 580. Lower than I had thought it would be. Its now been 3 months later and my Cap One was upped, ive made 3 months more of payments on time, etc. When I do Credit Karma and Seasame, they both have me in the high 600s. I know they are not that legit, but its nice to see at least.

That all being said, Id like to get another credit card. Id really like to get a non secured (one where i can get airline miles would be fantastic)... but Im not sure if I would qualify and really dont want to go get a bunch of inquiries on my report.  So what do you all think are my chances? What would be my best bet card to try for? Perferably an airline miles one if possible. if not, just any CC.

I do have the Cap One secured card, and my new auto loan is also Cap one.  But I work for Wells Fargo and have a checking account with them if any of that matters. I also check with Chase as well.

[DaveSignal]

Maybe you could qualify for an unsecurred card with Capital One?

You might want to pull a FICO to compare with other approvals, but with your history of many 30+ day lates and current low credit limits, I don't think you would currently qualify for many rewards cards, especially the kind that offer points to use as airline miles.  But you can get there much faster if you pull your credit report and start trying to fix the baddies.  Check for preapproval offers with various lenders that have cards you might want.  

[ScottL]

about a year ago I hired Lexington Law and I spent many months myself trying to send GW letters, dispute, etc to try and remove those 2 chargeoffs and my lates without any luck at all. So Im not sure I really have any options at this point for the late payments. I could try and come to an agreement to pay for delete with the 2 chargeoffs, but they have such high balances, its not really something I can afford in a one time lump sum. They wouldnt agree to do payment plans and delete upon final payment, only a one time pay for delete.

[ktl72455]

try www.creditone.com for a pre-approval.

Capital One can be risky , it can say you are approved but after you apply and they pull all 3 with a hard pull, they can deny you.

Credit One isnt a major card, but it helps get you off the ground.

[ScottL]

thanks, quick question.... by doing the pre qual on sites like creditone... is that an inquiry? it does ask for my SSN and has a little disclaimer that says....

By clicking the ‘I Agree’ button below, you acknowledge that you are providing ‘written instructions’ to Credit One Bank to obtain information from your personal credit profile from one or more credit reporting agencies in order to conduct a pre-qualification for credit. Pre-qualification does not guarantee account approval and you must submit a full application for review in order to apply for any pre-qualified offer(s) of credit.

[ScottL]

Sweet!!! Thank you, I went ahead and did the prequal and was prequalified. So i went through with it and was approved for a $300 limit card and I took it. So I now have my first unsecured card!!!  I now have 2 credit cards!!!   $750 Cap One and $300 Credit One!  

Any idea how long it takes for them to up your limit? Does it take a year + like Cap One did?

and in order to "repair" my credit, should I continue to charge around $10 or so a month on the card just to keep a small balance and pay it? Or should one card carry a $0 balance and just do that with the 2nd card?

[ScottL]

well a month ago before my Cap one increase, i had $200 in credit, I now have $1050, so thats nice I guess. Hopefully in a year from now I can get some real cards.

[SunriseEarth]

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@ScottL wrote:

Sweet!!! Thank you, I went ahead and did the prequal and was prequalified. So i went through with it and was approved for a $300 limit card and I took it. So I now have my first unsecured card!!!  I now have 2 credit cards!!!   $750 Cap One and $300 Credit One!  

Any idea how long it takes for them to up your limit? Does it take a year + like Cap One did?

and in order to "repair" my credit, should I continue to charge around $10 or so a month on the card just to keep a small balance and pay it? Or should one card carry a $0 balance and just do that with the 2nd card?

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I wouldn't keep a balance on Credit One at all.  In fact, since they don't have a grace period, everything you charge begins to accrue interest from the moment it posts.  I'd recommend keeping Credit One at a zero balance (if possible; would really only work if your AF isn't being billed monthly) and make sure the Cap One never posts a balance higher than $75 to best help your UTIL.

Credit One does offer CLIs, but they're typically attached with fees (i.e., they offer you a $250 CLI for a $9.99 fee).   I did a few of these and eventually got a $400 CL up to $950.

[ktl72455]

I started the same as you and in a couple months they bumped me up to 500.00 then like 1 yr mark it was 800.00 and now 1,000.00

They do charge you like 9.99 for the increase but I took them becuase I wanted the extra amount showing on mine.

Its all small stepping stones.  Now your score will take a ding becuase of the inquiry but it will also turn around and go up once it reports the new account. :-)

[ScottL]

thanks everyone. so question... can i ask Credit One for my FICO score that they ran?

and how long before I can pay $10 for a credit limit increase?