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Regular Contributor
Yoli14
Posts: 163
Registered: ‎01-03-2012
0

Getting another Secured CC?

I currently have two secured cc w/CL of $300 each. One is with Orchard and the other with CapitalOne. Should I apply for another cc?

Myfico on 02/21/12
Trans: 538 EQ: 591 Ex???
Myfico on 10/09/12
Trans: 600 EQ 602 EX???
Lender Pull 04/15/13
Trans 680, EQ 644, Ex 608
"I'm not telling you it is going to be easy, I'm telling you it's going to be worth it"
Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011
0

Re: Getting another Secured CC?

IMO the answer would be no on the secured card.  Your next step would be to apply for a non secured card.  When to apply will depend on your scores and age of those two cards. 

Established Contributor
jamie123
Posts: 927
Registered: ‎03-22-2012
0

Re: Getting another Secured CC?


namvet wrote:

IMO the answer would be no on the secured card.  Your next step would be to apply for a non secured card.  When to apply will depend on your scores and age of those two cards. 


+1 namvet's got some great advice^^^^^^^^^^.

 



Starting Score: EQ 658 6/18/12
Current Score: EQ 690 11/17/14 - EX 687 7/21/14 - TU 701 12/8/14
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Regular Contributor
Yoli14
Posts: 163
Registered: ‎01-03-2012
0

Re: Getting another Secured CC?


jamie123 wrote:

namvet wrote:

IMO the answer would be no on the secured card.  Your next step would be to apply for a non secured card.  When to apply will depend on your scores and age of those two cards. 


+1 namvet's got some great advice^^^^^^^^^^.

 


Thank you guys! 

Myfico on 02/21/12
Trans: 538 EQ: 591 Ex???
Myfico on 10/09/12
Trans: 600 EQ 602 EX???
Lender Pull 04/15/13
Trans 680, EQ 644, Ex 608
"I'm not telling you it is going to be easy, I'm telling you it's going to be worth it"
Regular Contributor
Yoli14
Posts: 163
Registered: ‎01-03-2012
0

Re: Getting another Secured CC?

Am I pushing it by applying for a unsecured cc even if I just got approved for a car load? I really need my scores to keep going up because I want to apply for a mortgage in about six months. 

Myfico on 02/21/12
Trans: 538 EQ: 591 Ex???
Myfico on 10/09/12
Trans: 600 EQ 602 EX???
Lender Pull 04/15/13
Trans 680, EQ 644, Ex 608
"I'm not telling you it is going to be easy, I'm telling you it's going to be worth it"
Regular Contributor
jandj80
Posts: 230
Registered: ‎09-22-2012
0

Re: Getting another Secured CC?

I would think you should be able to get approved thru Cap one as long as you have had the card with them atleast 6 months, no missed payments, and kept the utilization low. If you have done all 3, I say you are good. However, keep in mind your score might go up 10 points or down 10 points with the new app. But 6 months from now it would be to your benefit to have had 6 months of payments on an unsecured card. Good luck.


Starting Score: EQ 416 TU 498 EX 468 Lender Fico's July 2012
Current Score: EQ 548 (Myfico) TU 655 (Walmart) CK 672 EX?? CS 642
Goal Score: For now: 640s


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Blogger
HiLine
Posts: 3,176
Registered: ‎10-19-2012
0

Re: Getting another Secured CC?

 


Yoli14 wrote:

Am I pushing it by applying for a unsecured cc even if I just got approved for a car load? I really need my scores to keep going up because I want to apply for a mortgage in about six months. 


After 6 months an inquiry will have a minimal effect on your score. I second the poster above me. 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Getting another Secured CC?

Cap1 or maybe a GE backed card would probably be your best shot.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
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Regular Contributor
Yoli14
Posts: 163
Registered: ‎01-03-2012
0

Re: Getting another Secured CC?


Shogun wrote:

Cap1 or maybe a GE backed card would probably be your best shot.


Thank you. I hope I don't get denied.

Myfico on 02/21/12
Trans: 538 EQ: 591 Ex???
Myfico on 10/09/12
Trans: 600 EQ 602 EX???
Lender Pull 04/15/13
Trans 680, EQ 644, Ex 608
"I'm not telling you it is going to be easy, I'm telling you it's going to be worth it"
Regular Contributor
Yoli14
Posts: 163
Registered: ‎01-03-2012
0

Re: Getting another Secured CC?

Thank you Shogun! I got approved for a unsecured Cap1 w/$500 limit. :smileyhappy:

Myfico on 02/21/12
Trans: 538 EQ: 591 Ex???
Myfico on 10/09/12
Trans: 600 EQ 602 EX???
Lender Pull 04/15/13
Trans 680, EQ 644, Ex 608
"I'm not telling you it is going to be easy, I'm telling you it's going to be worth it"

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