topic Re: Approved!! in Credit Cards

Approved!!

Gracie15 — Wed, 23 Nov 2011 16:24:42 GMT

I wasn't sure if I should post this here or in "rebuilding". But I was approved for an Old Orchard CC today. I know, I know. But I need to rebuild. I am so excited and happy to finally have a credit card to start proving I can be a responsible person, again. My question is, should I just hang out with this one card for a while? I was approved for a secured Cap. One. Maybe if I wait a few months, I could be approved for an unsecured one from either Cap One or from somewhere else. Also, do secured cards post on CR's as secured? Thank you for any information anyone can give me

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 17:28:05 GMT

That's great! Congrats.

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 17:32:20 GMT

Congrats!

Re: Approved!!

birjest — Wed, 23 Nov 2011 17:33:51 GMT

Hey, welcome to the club. You are in the re-building phase. Now is the time to continue sweeping your credit reports for any negatives marks, or to continue paying your debt down. There are numerous ways to bring your score in the 600s and higher. The secured cards are the way to go and if you want to app for Cap1, I say go ahead. I put an app for Cap1 just for giggles, and received and email stating the my card was in the mail. Sure, I pay in annual fee of $39., but I was given a $2k limit with a $500cli in 3 months.

Respect the cards, but respect the credit limits. It's a business and as easy as it was to get credit, and can be taken.

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 17:41:31 GMT

Some secured cards (like BofA) post a secured. The Capital One secured card does NOT report as secured., at least it hasn't for me. Just shows up as a regular CC.

Unless you're getting close to having to pay the AF again or you need your security deposit, you might as well leave it open for a bit longer. I'd definitely close it before you have to pay the annual fee again, though. Supposedly using your card will also build internal history with Capital One, so if you decide to apply for one of their unsecured cards, you (in theory, again) stand a better chance of getting approved for one if you already have a good payment history with them.

But it's Cap One, so nobody can really promise anything.

Re: Approved!!

coldnmn — Wed, 23 Nov 2011 18:04:08 GMT

If I'm reading your post right you were approved for a secured Cap1 card but have not taken it. If you haven't IMHO I would use the Orchard card for six months and it will probably be taken over by Cap1. Even if it hasn't then I would apply for a Cap1 rewards card after showing some responsible use on your Orchard card. The secured card will never become unsecured with Cap1. If you did apply already for the secured card you have taken the Inquiries on all 3 credit reports. So if you have the extra money it would be in your best interest to speed your credit rating up with 2 lines of credit.

Re: Approved!!

theagent26 — Wed, 23 Nov 2011 18:14:14 GMT

Congrats Gracie! I can tell you right now that you've come to the right place. I started reading these forums last year when my EQ score was 533. Keep workin at it!

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 19:17:12 GMT

this is the right place to b,, lots of learning can b done here

Re: Approved!!

Gracie15 — Wed, 23 Nov 2011 19:29:43 GMT

Thank you all for the advice and the congrats! Yes I was approved for the cap one secured, but have not sent in my deposit. I think I will go ahead and do that, since I have already taken the hit for the inquiries. That way I will show responsibility for 2 cards. And hopefully increase my scores as I go. Thanks so much!!! I love this place!!!

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 19:31:25 GMT

we luv u2,, hope to cya around the block

Re: Approved!!

boomhower — Wed, 23 Nov 2011 19:40:59 GMT

Congrats! Orchard is a necasary evil while rebuiding. I've had one for a couple years but will finally be able to close it this year when the AF comes up, it has served it's purpose.

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 19:43:01 GMT

amen

Re: Approved!!

Anonymous — Wed, 23 Nov 2011 20:21:28 GMT

CONGRATULATIONS!!!!

We used the cash system for WAY too many years and wound up having NO FICO SCORE whatsoever -- SO, we are using secured credit cards to build up and generate a FICO. We have a Mastercard from Capital One, an American Express card from USAA Bank, and a Visa card from U.S. Bank. By this time next year we should be able to sign onto this website and get a FICO score -- we are anxiously looking forward to that day.

My best wishes to you -- Happy Thanksgiving!!!