Ready to build, possibly repair?

[Anonymous]

Once your opensky card starts reporting you should get a score bump. You'll get another with the second card. After three months of payments reporting, start apping for Cap One.

Any suggestions on a secured CC that graduates to unsecured?

[Anonymous]

There's really only a few that do - BofA (harder to get than others, they also blackball) Wells Fargo, US Bank doesn't technically graduate - they close it after a year and open an unsecured account for you. Not sure of any others.

Personally I would not let the 'graduation' thing hold you back - get what you can get.

[Anonymous]

I echo that get what you can for your 2nd card.  Believe it or not, Discover was my 3rd but I app'd on a fluke.  I actually app'd for a 3rd secured card because I wasn't getting any prequals.  Oh and I was denied by Cap1 for a secured card as well.  But I was on a rebuild with lots of baddies.  You just need to get started.  BoA is great beause it graduates but at the same time, if you just keep good payment history and utiization, you will be fine in 6-12 months.

[Anonymous]

FYI: Paypal does not report to your credit file. Many people like this account so it does not count on your Debt to income ratio.

[Anonymous]

I'm not dealing with BoA or Wells Fargo again.. had enough "fun" with those two banks lol

I originally had Wachovia before WF bought them, and Wachovia was great.  Actually paid me $20 as part of a rewards program with just a debit card.  But I guess good deeds like that led to their downfall.  Shame. Wells Fargo overdrafted me so consistently, I had to budget -$35 until I realized I could just move on to a credit union (no overdraft fees in a year) and yes I did dispute the overdraft fees, and WF actually exhausted all their forgiveness refunds they could and I just got fed up and closed the account. 

I'm going to wait a few months before I get back into applying for anything.  Way too many hits all at once, and I don't blame any of the creditors for denying me right now.  They have to be wondering "what the eff is this guy doing" with all these hits between March-April.  

At least my CR rating has gone up a couple points already, and it hasn't even been a month since I signed up with CR. 

I was curious about the PayPal credit.  It's neat to have, but kind of stinks they don't report to any and the credit agencies. 

[Anonymous]

Well my two outstanding balances on my CR report have been paid off; the Brighthouse and Tax Lien.

Cap1 sent me a PDF explanation of why they denied me - I either have a pending CC in the works, or a recent inquiry.  I'll keep the mindset of not applying for anything for at least 3 months.  

Let my OpenSky start reporting, the charge off and tax lien removed from my CR, keep paying a little extra on my Auto loan and Personal Loan, and hope my score gets up to 610-620.  Should be good for an unsecured card at that point?

[Anonymous]

Well go figure! 

I received a piece of mail from Cap1 today and instead of tossing it, noticed it was a little different. Opened it up and said one of my applications was put on hold due to me using my PO Box instead of my physical mailing address.  Called the number and spoke with a really helpful lady who updated the address and boom... a Quiksilver card is headed my way.  

Nice surprise today! 

So now I'll have Auto Loan, Student loan, OpenSky secured, and an unsecured Quiksilver card to go along with me paying off the Tax Lien today (made a seperate thread about that) and paying off my Brighthouse bill.  My TU score just hit 600 on the weekly update, so I'm really excited to see what my score will look like after a month or two when everything is updated.

[Anonymous]

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@Anonymous wrote:

Well go figure! 

I received a piece of mail from Cap1 today and instead of tossing it, noticed it was a little different. Opened it up and said one of my applications was put on hold due to me using my PO Box instead of my physical mailing address.  Called the number and spoke with a really helpful lady who updated the address and boom... a Quiksilver card is headed my way.  

Nice surprise today! 

So now I'll have Auto Loan, Student loan, OpenSky secured, and an unsecured Quiksilver card to go along with me paying off the Tax Lien today (made a seperate thread about that) and paying off my Brighthouse bill.  My TU score just hit 600 on the weekly update, so I'm really excited to see what my score will look like after a month or two when everything is updated.

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Grats! - In about a month or so app for a second Cap One card, and use them alot and pay them off every payday. They will give you a nice credit limit increase if they see you're using your limit frequently and paying it all off.

[surferchris]

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@Anonymous wrote:

Well go figure! 

I received a piece of mail from Cap1 today and instead of tossing it, noticed it was a little different. Opened it up and said one of my applications was put on hold due to me using my PO Box instead of my physical mailing address.  Called the number and spoke with a really helpful lady who updated the address and boom... a Quiksilver card is headed my way.  

Nice surprise today! 

So now I'll have Auto Loan, Student loan, OpenSky secured, and an unsecured Quiksilver card to go along with me paying off the Tax Lien today (made a seperate thread about that) and paying off my Brighthouse bill.  My TU score just hit 600 on the weekly update, so I'm really excited to see what my score will look like after a month or two when everything is updated.

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Congrats on the Capital One QS!

[Anonymous]

Grats! - In about a month or so app for a second Cap One card, and use them alot and pay them off every payday. They will give you a nice credit limit increase if they see you're using your limit frequently and paying it all off.

I'd feel more secure just keeping the one card and the OpenSky for now.  Why do you recommend a second Cap1 card so soon? I've read several people made 5 good payments in a row and got a CLI from 300 to 2300, which would be awesome for me.  

I do intend on closing the OpenSky just short of a year, and opening up another card that hopefully has a $5K plus limit.