Frequent Contributor
Posts: 322
Registered: ‎08-24-2012
Re: Impact on credit score after opening Secured Card

Sky is a predatory lender.  The fees and costs of it are ridiculous.  My personal opinion is to stay away from it.  Cap1 is bad enough, but Sky is worse.

I would love to say that I can wait and get an awesome card... but I just can't! I can't afford ANY more hard pulls on my reports. Cap 1 pulled all THREE twice and so did that stupid credit union, just for a checking account! At this point... if I get any credit card it will help. I have no actual intention to use this card except for a 20 dollar purchase and pay off the next day. The only fees to this I have found is a $50 annual... which, ok whatevs... I'll be cancelling right before one year anyway. And they start charging interest the day that the purchase processes. I only plan to do this because I have been denied for no revolving credit and too many inquiries, catch 22 almost. I have lived with no CC for 6 years... I think I can manage having a low lim one and not using it for the next 11 months haha. I hope anyway because I don't see ANY other option. The other reason is because I don't want my AAoA to be so low bc I couldn't get a credit card until next year either.. when I go to app for a mortgage or car next year I want to have had a CC for a while. After having this for a while I plan to go for another sec cc. but I'd like to have one start reporting in 2012, make sense?

Thanks for looking out as always... I just don't have the time to spare to wait it out for a cc like I wish I could. Smiley Sad Sometimes I think you have to take the stick even if it is only the short end...?

Goal Score: 700