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got approved for my first ever unsecured credit card

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Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card

The impact of inquiries is often greatly exaggerated here. If you only have 4-5 inquiries in the last 12 months, one more is not going to be much of an impact at all. Even if you have 10, one more is only going to be a few points at worst.

 

I honestly don't know why people sweat inquiries so much, they are the smallest portion of your score, and they only last 12 months.

Message 11 of 13
Anonymous
Not applicable

Re: got approved for my first ever unsecured credit card


@Anonymous wrote:

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.


Thats my point - you already HAVE the doorway wide open with the secured cards. The vulture cards are entirely unecessary for rebuilding purposes. Thats why they are strongly discouraged here. The secured accounts WILL get your scores high enough in a 12-24 month period, for you to get unsecured accounts from reputable banks.

 

Also, if you have no installment accounts - Auto or student loans - you may benefit from a small secured loan.

Honestly there is no 'smart' with Credit One, you will be paying fees and interest whether you use it or not. Its far wiser to put that money to work for you paying other debt off.

Message 12 of 13
Jerry45
Valued Contributor

Re: got approved for my first ever unsecured credit card

Sweet. Congrats!

Message 13 of 13
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