topic Re: Second Card needed in Credit Cards

Second Card needed

Gotons — Tue, 19 Oct 2010 14:41:31 GMT

My US Bank secured card is close to coming up on a year old. The woman at the bank told me that as long as I wasn't late or over my limit, my deposit would be refunded to me and my card would become unsecured. I'll be looking for a second card as this one only has a $300 limit on it (what I put down for the security deposit).

My new mortgage (which I wouldn't have been able to do without the great help from these forums, btw) showed up on my credit last month, so I have that obstacle. Should I go the route of another secured card or should I try to app for some unsecured rebuilder card (if one exists) in the next month or two.

My current scores are EQ:654, TU: 640, EX(FAKO):604. I do have some old student loans that defaulted 6 years ago, but the main thing killing the scores last month I broke down on the side of the road and didn't have my debit card to pay the repairs. I had to use the secured card, but the bill took me $2 from my limit ($298). I paid the balance the next day but before I could, my statement cut and the 298 balance reported to the CRA's. The balance is now 0, and the score simulator said my scores should raise to EQ: 684-724 and TU: 650-690. Talk about the CRA gods biting me in the rear on that one.

Anyway, any advice on what I should do about a second card?

Re: Second Card needed

Anonymous — Tue, 19 Oct 2010 15:04:26 GMT

@Gotons wrote:
My US Bank secured card is close to coming up on a year old. The woman at the bank told me that as long as I wasn't late or over my limit, my deposit would be refunded to me and my card would become unsecured. I'll be looking for a second card as this one only has a $300 limit on it (what I put down for the security deposit).

My new mortgage (which I wouldn't have been able to do without the great help from these forums, btw) showed up on my credit last month, so I have that obstacle. Should I go the route of another secured card or should I try to app for some unsecured rebuilder card (if one exists) in the next month or two.

My current scores are EQ:654, TU: 640, EX(FAKO):604. I do have some old student loans that defaulted 6 years ago, but the main thing killing the scores last month I broke down on the side of the road and didn't have my debit card to pay the repairs. I had to use the secured card, but the bill took me $2 from my limit ($298). I paid the balance the next day but before I could, my statement cut and the 298 balance reported to the CRA's. The balance is now 0, and the score simulator said my scores should raise to EQ: 684-724 and TU: 650-690. Talk about the CRA gods biting me in the rear on that one.

Anyway, any advice on what I should do about a second card?

I would suggest a store card where you shop frequently as the next step.

Then, I would wait and see what US Bank does at 12 months. It may take longer than a year to unsecure, and they may give you a bigger limit when it does.

Then I would apply for a major bank card (unsecured or secured). The advantage of a secured card, If you have the funds available to add to your deposit over time, is you can get a high limit.

Re: Second Card needed

Gotons — Tue, 19 Oct 2010 15:08:37 GMT

I just got off the phone with US Bank actually and the rep told me to call back on 11/03 (the actual 1 year mark) and they would get me taken care of. The rep also said generally that they initial amount is the same amount that you have secured, however, to ask for a CLI on the phone and they might accommodate.

I do tend to shop around Best Buy from time to time. I know they have two types of cards, I'll have to check to see what they are.

Gotons

Re: Second Card needed

Creditaddict — Tue, 19 Oct 2010 15:33:21 GMT

@Gotons wrote:
I just got off the phone with US Bank actually and the rep told me to call back on 11/03 (the actual 1 year mark) and they would get me taken care of. The rep also said generally that they initial amount is the same amount that you have secured, however, to ask for a CLI on the phone and they might accommodate.

I do tend to shop around Best Buy from time to time. I know they have two types of cards, I'll have to check to see what they are.

Gotons

I think what no rep has told you so far is USbank requires a 680 or better credit score to unsecure an account.

Re: Second Card needed

Gotons — Tue, 19 Oct 2010 15:38:25 GMT

The rep told me on the phone that they only look at the card and how it was treated. She said my account was in excellent shape and that there wouldn't be an issue, just to call back on the 3rd of November. I guess we will see what happens then.

If they do indeed require a 680, do you know what CR they pull?

***EDIT***

Actually, I'm going to give them a call and see if the 680 thing is true...I'll post again and update.

Re: Second Card needed

Gotons — Tue, 19 Oct 2010 15:44:13 GMT

The rep I just spoke with checked with his supervisor and said there is no hard number that they look for when unsecuring a card. Only the past usage on the card, payment history and verifiy that there is no recent delinquencies on your CR's.

Re: Second Card needed

Gotons — Tue, 19 Oct 2010 18:05:07 GMT

Now to get this back on track...

Any other advice on a second card?

Re: Second Card needed

Pushto700 — Tue, 19 Oct 2010 19:51:04 GMT

@Gotons wrote:
Now to get this back on track...

Any other advice on a second card?

Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.

Re: Second Card needed

Anonymous — Tue, 19 Oct 2010 20:19:15 GMT

@Pushto700 wrote:
@Gotons wrote:
Now to get this back on track...

Any other advice on a second card?
Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.

Both are good choices.

Re: Second Card needed

Creditaddict — Tue, 19 Oct 2010 20:25:40 GMT

@Anonymous wrote:

@Pushto700 wrote:
@Gotons wrote:
Now to get this back on track...

Any other advice on a second card?
Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.
Both are good choices.

I would by far want Capital One over Best Buy MC if possible... but I also wouldn't apply for them if you dont' get a pre-approval offer on the site.

and be sure to do the pre-approval for best buy also, you can do a search to get the link.

Re: Second Card needed

Pushto700 — Tue, 19 Oct 2010 20:39:41 GMT

@Creditaddict wrote:
@Anonymous wrote:

@Pushto700 wrote:
@Gotons wrote:
Now to get this back on track...

Any other advice on a second card?
Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.
Both are good choices.

I would by far want Capital One over Best Buy MC if possible... but I also wouldn't apply for them if you dont' get a pre-approval offer on the site.
and be sure to do the pre-approval for best buy also, you can do a search to get the link.

+1 Agreed.

Re: Second Card needed

Anonymous — Wed, 20 Oct 2010 06:22:03 GMT

I started the exact same thread a couple of weeks ago, except that I didn't have a secured card.

I applied for Chase Freedom and a Capital One Rewards. Chase Denied while Capital One approved. MyFICOs were EQ: 659, TU: 654. AAoA was 11 months, only a single CC and one auto loan reporting. Capital One pulled all 3 reports, while Chase pulled EQ and TU.

Hope this helps.

Re: Second Card needed

Gotons — Wed, 03 Nov 2010 21:21:59 GMT

Any last ideas of input on this? I'll be pulling the trigger in an hour or two.

Re: Second Card needed

tray — Wed, 03 Nov 2010 22:14:27 GMT

just try to go out for the gousto, I would try all and any pre-selected site and see what comes up in your favor, have you tried amex pre-select site just to see if anything comes up possibly maybe green card, with your scores people have recieved the zync card, but try capital one, then hsbk orchard and see if any offers come up. Good Luck keep us posted

Re: Second Card needed

Gotons — Thu, 04 Nov 2010 00:04:27 GMT

Nothing popped up for me from AMEX, so I went ahead and went with BestBuy. They had an issue with confirming my identity, so I called and was given a CL of $600 for their store card and not the RZMC!

This is my first unsecured card in a looooooong time and I wouldn't have been able to do it without everyones help!

Re: Second Card needed

scottwagnon — Thu, 04 Nov 2010 00:44:19 GMT

gotons,

i had a similar problem. i attempted to apply for the RZMC and they couldn't verify my identity. needless to say i was instantly denied by the CSR(front-line) creditor on the phone. i was not interested at all in best buy store credit.

i have the answer and it is BETTER than cap one. (forget them.. wait until you are 720 and then go for their platinum card. i heard alot of good approval rating from that card.)

apply for the hooters mastercard. their approval rating is very good in the low 600s. this is not a secured card. what is great about them is that they also do prime cards as well. and thats why i got one too. HOOT!

Re: Second Card needed

Anonymous — Thu, 04 Nov 2010 01:00:41 GMT

Still a fan of Orchard as a rebuilder. They'd prob give you $300 or $500 CL and very easy to manage

Re: Second Card needed

Anonymous — Thu, 04 Nov 2010 01:26:38 GMT

+1 to Orchard or HSBC

Both have been good to myself and DW over the last few years.