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got approved for my first ever unsecured credit card

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Anonymous
Not applicable

got approved for my first ever unsecured credit card

i started taking my rebuilding serious in in december 2014. after years of credit mismanagement, i have had numerous secured cards but never took them serious always carried high balance. so as of december 2014 i decided it was time for me to start taking my finances serious. i paid down all my secured credit card balances i have 3 2 with capitol one and 1 with citibank i also opened 2 more with u.s bank i figured if i spread the money out it would help me keep my utilization low, i aim for less than 10 percent and so far its working. i use myfico to monitor my score i always get my transunion score from capitolone. i use credit karma, credit sesame, wise piggy credit.com etc. i know its alot but i have full dedicated myself to rebuilding. in december my scores based on myfico monitoring were in the low 500's . today i logged on to credit karma and it suggessted the creditone credit card. now  i am fully aware of this card tried a few times before and never got aproved. i know all the reviews arent great but when your coming from bad credit you just have to work with what you can get. so now 2 months into my serious rebuild i was approved for a 300 limit.. low yes i know but i am excited this is the first time im not seeing a denied pop up.i am sooo excited i'm on my way........

Message 1 of 13
12 REPLIES 12
Deltadog03
Established Contributor

Re: got approved for my first ever unsecured credit card

Congrats!  Keep it going!  The card will grow with time.

EQ8: 646 EQ5: 652 V3.0: 665 **8/2015
TU8: 635 TU4: 700 V3.0 :663 **8/2015
EX8: 636 EX3: 670 V3.0: ? **8/2015
CCD Util 35%

Message 2 of 13
faithincredit
New Contributor

Re: got approved for my first ever unsecured credit card

Congrats, my first unsecured was First Premier!!!  Spend wisely!!



Message 3 of 13
Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card

Honestly, I know you're excited, but I would strongly suggest dropping it like a hot potato. Credit One is absolutley horrible in terms of fees and interest. They are also owned by one of the largest Junk Debt Buyer/Collectors in the country. They are *not* your friend. All they want is as much of your hard  earned dollars as they can squeeze from you. You have plenty of accounts to rebuild with - secured or unsecured it makes no difference in the building process. Just keep working your present accounts, keep all cards reporting $0 balance except for one reporting less than 10% of its limit. Work your derogs off via PFDs and GW, and if your score is in the 600's try the Cap One pre-approval button. But avoid vulture creditors like Credit One and First Premier like the plague.

Work those Cap One cards as much as possible - put as much money through them as possible. Charge them up and pay them back down (online at their site) as soon as the charges post. Use them for everything you would normally pay cash for. Groceries, gas, utility bills. Do this multiple times per month. Make sure they are paid in full just before the statement date - usually thats three days after the payment due date. Do that and they WILL approve you for unsecured cards or raise your limits.

Message 4 of 13
CH-7-Mission-Accomplished
Valued Contributor

Re: got approved for my first ever unsecured credit card

I 100% agree with Norman, Credit One will bleed you dry.  However, since you have opened it, you will likely get a rise in your FICO score as soon as it reports on your credit report.  I would let it report, then open one or two Cap 1 cards, and THEN close it immediately ... so like close it in 45 days.  You will only incur one or two months of their crazy fees that way -- unless you can get out of the first year annual fee now.

Message 5 of 13
Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card


@CH-7-Mission-Accomplished wrote:

I 100% agree with Norman, Credit One will bleed you dry.  However, since you have opened it, you will likely get a rise in your FICO score as soon as it reports on your credit report.  I would let it report, then open one or two Cap 1 cards, and THEN close it immediately ... so like close it in 45 days.  You will only incur one or two months of their crazy fees that way -- unless you can get out of the first year annual fee now.


i wouldnt trust CK for recommendations, always do your research here. congrats on your rebuilding tho
Message 6 of 13
Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card

thanks for your response and yes i'm very careful when it comes to companies like these. i had a past terrible experience with first pemier and i dont plan to keep credit one as a long term card just use it for the boost. shortly after that i got accepted for the discover it secured card. i'm using them as stepping stone into more reputable and trust worthy companies.

Message 7 of 13
Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card

thanks for your response and yes i am fully aware they are vultures but i plan to be smart with this card. its not a long term answer for me just a doorway.

Message 8 of 13
Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card

yes i'm fully aware because credit karma has steered me wrong before but the only reason i went along with it is because i wouldnt take a hit to my score with an inquiry approved or not .. thanks for the feedback

Message 9 of 13
gdale6
Moderator Emeritus

Re: got approved for my first ever unsecured credit card

Grats on getting your first unsecured card Smiley Happy

Message 10 of 13
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