topic Re: General Advice in Credit Cards

General Advice

Anonymous — Tue, 21 Apr 2015 00:56:35 GMT

Hi all,

I keep hearing that i should have at least 3 revolving accounts or cc. I tried to apply for another cap one secured card today and apparently they approved me. I know its probably not ideal having two from the same lender but with those 2 and my swagbucks would give me the 3. Should i just pay the deposit and keep both the cap ones for now? By the way, i have tried for most of the others from boa to wells fargo and so fourth. Cards like first premier and credit one also denied me.

Re: General Advice

Luscher — Tue, 21 Apr 2015 01:07:09 GMT

Keep what you have now for 12 months and then try for an unsecured card. Just make sure you use the card responsibly and pay in full each month

Re: General Advice

Anonymous — Tue, 21 Apr 2015 03:05:49 GMT

So i guess there would be no real benefit on keeping a second secured cap one card? I thought just having it show up on my cr and maybe using once in a while would be a good thing. I appreciate all the advice by the way. Thanks everyone.

Re: General Advice

jamesdwi — Tue, 21 Apr 2015 03:09:04 GMT

@Anonymous wrote:
So i guess there would be no real benefit on keeping a second secured cap one card? I thought just having it show up on my cr and maybe using once in a while would be a good thing. I appreciate all the advice by the way. Thanks everyone.

just keep doing what your doing, build history, after 6 months other lenders will start to approve you, CapOne may unsecure one or both of your cards, baddies will age and your scores will improve with time. Time cures most credit issues, the question is how much time is needed.

Re: General Advice

Anonymous — Tue, 21 Apr 2015 03:09:42 GMT

@Anonymous wrote:
So i guess there would be no real benefit on keeping a second secured cap one card? I thought just having it show up on my cr and maybe using once in a while would be a good thing. I appreciate all the advice by the way. Thanks everyone.

Just keep it now that you have it. Use your current portfolio for at least 12 months and then try pre-qual sites like Cap One/Chase if your credit profile is in good shape. You should be able to get a decent unsecured card by then assuming you have managed your credit well.

Also stay away from First Premier and Credit One. You should be able to skip right over them in your journey to good credit.

Re: General Advice

Anonymous — Tue, 21 Apr 2015 03:13:51 GMT

Yeah, i have been trying to avoid first premier like the plague even though that had already denied me. What was wierd is i have two old accounts with them that i closed and were paid and they still denied me. I am glad though i didnt need them or credit one.

Re: General Advice

Anonymous — Tue, 21 Apr 2015 03:17:39 GMT

@Anonymous wrote:
Yeah, i have been trying to avoid first premier like the plague even though that had already denied me. What was wierd is i have two old accounts with them that i closed and were paid and they still denied me. I am glad though i didnt need them or credit one.

Yeah they are good to stay away from. You should be able to unsecure your Cap One cards with time then possibly pick up 1 or 2 better cards from somone like Cap One, Chase, Discover, Citi, etc. Good luck to you!

Re: General Advice

Anonymous — Tue, 21 Apr 2015 05:52:52 GMT

Thanks, greatly appreciated.

Re: General Advice

Pway — Tue, 21 Apr 2015 06:02:22 GMT

Capital One does not unsecure their secured cards. They will tell you to apply for another product of theirs.

Re: General Advice

Anonymous — Tue, 21 Apr 2015 10:53:05 GMT

You already wasted a haRd pull when you applied for the second secured card So get it. Also, on your credit report it shows as a regular account. so why not get it. Yes, with 3 cards you can maximize your score.

Re: General Advice

Anonymous — Tue, 21 Apr 2015 10:58:00 GMT

Very true, Thanks.

Re: General Advice

Anonymous — Tue, 21 Apr 2015 11:45:46 GMT

@Anonymous wrote:
Hi all,

I keep hearing that i should have at least 3 revolving accounts or cc. I tried to apply for another cap one secured card today and apparently they approved me. I know its probably not ideal having two from the same lender but with those 2 and my swagbucks would give me the 3. Should i just pay the deposit and keep both the cap ones for now? By the way, i have tried for most of the others from boa to wells fargo and so fourth. Cards like first premier and credit one also denied me.

Count your blessings, those two are awful cards that will drain your bank accounts by charging for absolutely everything. You're in much better shape with the CapOne cards. Just sit tight for six months to a year, and you'll start to be able to get unsecured cards. I'm also guessing you have some derogs on your report, so you should head over to the "rebuilding credit" forum and see what they have to say about building up your credit.