Considering trying to get a second secured card - ADVICE NEEDED

[rubicon]

Hey guys I'm just looking for some sound advice here.

I applied for and should be recieving (today actually) my Cap One plat secured card. It has not reported to any CRA's just yet and I figured it would wait a month or two and then go for the QS1 unsecured BUT I'm thinking for going for the Navy Federal Credit secured nrewards card instead.

I only have one credit card (the cap one) and it obviously has a zero balance. I only have one hard pull with each CRA so, I'm going to ask if you guys agree with one of follwing options below OR feel free to add an option haha (note my FICO scores are in my signature)

1. I will wait for my Cap One card to report for a month or two and then app for the QS1 and then wait a few months and see how this impacts my FICO
2. I will apply for the Navy Fed secured card NOW (hope that puts me at two open credit cards) and then wait for my FICO to hit a range where I can apply for the QS1. Once I get a QS1 my goal is just to graduate it
3. insert your ideas/opinions here haha

The downside to going for the Navy Federal card is that it is a $500 deposit (although this $ collects interest)

Thanks in advance guys!

[Anonymous]

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@rubicon wrote:

Hey guys I'm just looking for some sound advice here.

I applied for and should be recieving (today actually) my Cap One plat secured card. It has not reported to any CRA's just yet and I figured it would wait a month or two and then go for the QS1 unsecured BUT I'm thinking for going for the Navy Federal Credit secured nrewards card instead.

I only have one credit card (the cap one) and it obviously has a zero balance. I only have one hard pull with each CRA so, I'm going to ask if you guys agree with one of follwing options below OR feel free to add an option haha (note my FICO scores are in my signature)

1. I will wait for my Cap One card to report for a month or two and then app for the QS1 and then wait a few months and see how this impacts my FICO
2. I will apply for the Navy Fed secured card NOW (hope that puts me at two open credit cards) and then wait for my FICO to hit a range where I can apply for the QS1. Once I get a QS1 my goal is just to graduate it
3. insert your ideas/opinions here haha

The downside to going for the Navy Federal card is that it is a $500 deposit (although this $ collects interest)

Thanks in advance guys!

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If you are in with NFCU, jump on it!

[rubicon]

Thanks for the advice..yes ive been with them for years

[Anonymous]

Depending on what your reports look like you may be able to get a QS1 after your secured card reports the first time. My reports were clean with no score at all but got approved for the QS1 and Platinum right after my secured card reported.

[RonM21]

Looking in to the NFCU options may me.worth.doing.

[rubicon]

I went ahead and applied and was approved for their secured rewards card Thanks for the advice guys

[Anonymous]

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@rubicon wrote:

I went ahead and applied and was approved for their secured rewards card Thanks for the advice guys

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congrats on the card.  When i first started building my credit I did not belong to this forum and got a couple crappy beginner cards.  Stay away from Credit One no matter what you do.  Capital One Quicksilver and Platiunum would be the first couple unsecured cards I would try for.  Otherwise I Would look at companies you want to eventually be a customer of in the long run.  Discover, Chase, ect.  Stick with the main companies because the secured cards will all graduate eventually.