Rebuilding, which two secured cards to start with?

[Anonymous]

Hello,

I am rebuilding my credit I am starting with FAKO scores all in 550-565 range, I would like some advice on two secured cards I should start with.  I have access to all banks and CU's NFCU, USAA, PenFed, etc, etc. I would like to start with secured so that I do not get multiple pulls if I was denied for a unsecured then had to reapply for a secured.  I plan to depsoit several thousand into each so they will have decent SL's.  Currently I have the below planned for the next month.

Purchase New Car with CapitolOne (Pre-Approved)

Selflender for installment account (Already made first payment should start reporint at the end of March with 2 payments )

Alliant Share Secured Loan (Not started yet)

Currently I already have the below:

Car financed through Carfinance only 13 payments left $6k or so and I can pay it off at any time

First Progress Credit card with a $500 limit PIF every month before bill cut

I am hoping to get secured cards that will unsecure and start to grow, I was thinking of NFCU and CapitolOne or NFCU and Discover if theyw ill have me.

Any ideas on which 2 secured cards I should start with?

TIA

[Anonymous]

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@Anonymous wrote:

Hello,

I am rebuilding my credit I am starting with FAKO scores all in 550-565 range, I would like some advice on two secured cards I should start with.  I have access to all banks and CU's NFCU, USAA, PenFed, etc, etc. I would like to start with secured so that I do not get multiple pulls if I was denied for a unsecured then had to reapply for a secured.  I plan to depsoit several thousand into each so they will have decent SL's.  Currently I have the below planned for the next month.

Purchase New Car with CapitolOne (Pre-Approved)

Selflender for installment account (Already made first payment should start reporint at the end of March with 2 payments )

Alliant Share Secured Loan (Not started yet)

Currently I already have the below:

Car financed through Carfinance only 13 payments left $6k or so and I can pay it off at any time

First Progress Credit card with a $500 limit PIF every month before bill cut

I am hoping to get secured cards that will unsecure and start to grow, I was thinking of NFCU and CapitolOne or NFCU and Discover if theyw ill have me.

Any ideas on which 2 secured cards I should start with?

TIA

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I have both checking and savings with NFCU, but no credit products.  I've had secured cards with both Capital One and Discover.  I was unable to get either product to unsecure, but that doesn't mean that it can't.  At the time I had my secured card with Cap 1 the cards weren't unsecuring, but there ahve been instances mentioned in the forum of the  card unsecuring.  As for Discover, there are multiple instances of their secured product unsecuring.  All things being equal, I would go the NFCU and Discover Card route because of the 5%  cashback from Discover and the fact that NFCU offers good starting limits for the unsecrued products, while you would need scores closing to 700 with Capital One to get good limits with their prime cards. 

[rmduhon]

Get your Fico 08 scores from creditchecktotal.com ($1 trial). You might not need to go the secured route.

[Anonymous]

Fico 8 from the link you posted are as follows: EQ 593, TU 584, and EX 616

Do you think I should try for unsecured first?  I figured with numbes in the 500s I would have to start secure.

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@rmduhon wrote:
Get your Fico 08 scores from creditchecktotal.com ($1 trial). You might not need to go the secured route.

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[ls2016]

You may be able to get approval for a Captial One Platinum card with your scores ($500 SL), but of course it depends on other things listed on your reports and your income. Keep in mind Capital One will pull all 3 bureaus. Like another poster mentioned, I'd suggest trying for a Discover secured card that has the potential to unsecure. I've heard that the Open Sky secured card will not pull your credit. However, I don't believe it unsecures. Best Wishes!

[fltireguy]

You might have a chance with Navy, dut I really doubt it with PenFed..  

Try a Navy unsecured card..I'll give you  50% chance on that

[Anonymous]

Thanks, I will try a NFCU unsecured in about 14 days after everything reports on time payments for another month.  Is there an NFCU card that is easier to get then the others?

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@fltireguy wrote:

You might have a chance with Navy, dut I really doubt it with PenFed..  

Try a Navy unsecured card..I'll give you  50% chance on that

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