Re: Secured card startup!

Anonymous · ‎03-06-2012

Well i'm obviously rebuilding. Just a quick question. I just started the process of rebuiliding.

Should I apply to several secured cards. I was thinking like 3. I got the opensky one coming and one for BofA that I applied for but

waiting to hear from them. Should I get one more. Or was it a mistake to even bother. I know that new cards drop scores but my Fico score goals are set for

three years not anytime soon. I'm at 527 Fico EQ? ( cant remember which one is myfico.com hehe)

namvet · ‎03-06-2012

@Anonymous wrote:
Well i'm obviously rebuilding. Just a quick question. I just started the process of rebuiliding.
Should I apply to several secured cards. I was thinking like 3. I got the opensky one coming and one for BofA that I applied for but
waiting to hear from them. Should I get one more. Or was it a mistake to even bother. I know that new cards drop scores but my Fico score goals are set for
three years not anytime soon. I'm at 527 Fico EQ? ( cant remember which one is myfico.com hehe)

One or two cards will work fine in your first year of rebuilding. You will probably get offers for unsecured cards before the first year is up. Take a look at where you are in 6 months. Don't get in a hurry. On time payment history is the key.

Anonymous · ‎03-10-2012

lol ok so BofA and Capital One rejected my secured card app. I'm gonna stick with the opensky card until I start getting unsecured offers i guess.

js0319 · ‎03-10-2012

I applied a month ago for a Capital One secured card online and was approved for a $200 CL with a $49 deposit. I initially applied for a Wells Fargo secured card and was going to put a $1000 deposit on it, but I was denied because they said my ratio was too high. Only bad thing about Capital One is it will not graduate to unsecured, you have to apply for an unsecured or wait until you get an offer.

AMEX PRG - NPSL I AMEX Everyday Preferred - $34.8k I Capital One Venture - $20k I Chase Sapphire Preferred - $25.5k I Chase Southwest Rapid Rewards Premier - $20.7k I Barclay Arrival + - $10k I Capital One Quicksilver - $10k I NFCU Flagship Rewards Visa Signature - $15k I NASA FCU - $10k I Texell FCU Visa - $5k I Chase Freedom - $9.9k I Citi Double Cash - $7.8k I Discover IT - $5k I NFCU CLOC - $15k I Total Unsecured Credit - $188,700

EQ FICO - 714 (5/24/16) I TU FICO - 772 (5/24/16) I EX FICO - 770 (5/24/16)

annielorie · ‎03-10-2012

For what reason where you rejected for a secured card

Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760
Lowes7,000 Discover More 2800. Jcpenny 6,000
Chase freedom 800 Never take NO for an answer!!

Crashem · ‎03-11-2012

Also, with secured cards, you should make sure the fees are livable for the long term so you can keep the card if need be and keep account history length up.