topic Re: Newbie with CC ???'s in Credit Cards

Newbie with CC ???'s

Sassy_Taurus — Sat, 31 Mar 2012 14:31:52 GMT

I'm trying to rebuild my credit. I've recently applied and was approved for 2 cc:

Orchard Bank (unsecured) $300

Capital One (secured) $200

Should I apply for one more? If so who do you thing I'd have a better chance with getting approved with?

Thanks in advance for your help.

Re: Newbie with CC ???'s

Anonymous — Sat, 31 Mar 2012 14:37:57 GMT

With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

Re: Newbie with CC ???'s

mmduluth — Sat, 31 Mar 2012 14:41:32 GMT

@Anonymous wrote:
With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

Re: Newbie with CC ???'s

LS2982 — Sat, 31 Mar 2012 14:53:16 GMT

@Sassy_Taurus wrote:
I'm trying to rebuild my credit. I've recently applied and was approved for 2 cc:
Orchard Bank (unsecured) $300
Capital One (secured) $200

Should I apply for one more? If so who do you thing I'd have a better chance with getting approved with?
Thanks in advance for your help.

No, garden those accounts for a year and make deposits on the Cap1 to raise your CL.

Re: Newbie with CC ???'s

Sassy_Taurus — Sat, 31 Mar 2012 14:53:55 GMT

@Anonymous wrote:
With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.

Thanks for the reply. I was thinking that I should wait and just garden those 2 cc. I think I have the app itch

Re: Newbie with CC ???'s

LS2982 — Sat, 31 Mar 2012 14:55:17 GMT

@Sassy_Taurus wrote:
@Anonymous wrote:
With your score in the 500's, the only other one I'd probably get is one more secured card, if at all... I think you'd be better served by just working with those two for at least 6 months to a year and letting those relationships grow.

In about 6 months, pull at least your Equifax FICO score to gauge where you are at.
Thanks for the reply. I was thinking that I should wait and just garden those 2 cc. I think I have the app itch

Don't burn INQ's that will net you better cards in the future.

Re: Newbie with CC ???'s

Sassy_Taurus — Sat, 31 Mar 2012 14:55:55 GMT

@LS2982 wrote:
@Sassy_Taurus wrote:
I'm trying to rebuild my credit. I've recently applied and was approved for 2 cc:
Orchard Bank (unsecured) $300
Capital One (secured) $200

Should I apply for one more? If so who do you thing I'd have a better chance with getting approved with?
Thanks in advance for your help.
No, garden those accounts for a year and make deposits on the Cap1 to raise your CL.

Thanks for the advice.

Re: Newbie with CC ???'s

Anonymous — Sat, 31 Mar 2012 14:56:54 GMT

I agree! Add as much money as you can to your Cap One depsit account. It will take about 10 days to show that your credit line has increased. And keep your utilization down as low as possible. In about six months to a year try for an unsecured Cap One account and most likley they will enroll you in Credit steps. Good Luck!

Re: Newbie with CC ???'s

Anonymous — Sat, 31 Mar 2012 14:58:36 GMT

Don't app. You'll be wasting INQ's that you could use within 6 months to a year.

And make sure they you start practicing the utilization rule. (1% - 9% reported balance on 1 card, 0 balance on the other)

Figure out what your statement dates are.

You have a good 6 months, minimum, to practice this. Your patience WILL be rewarded.

Re: Newbie with CC ???'s

haulingthescoreup — Sat, 31 Mar 2012 15:13:38 GMT

@Anonymous wrote:
Don't app. You'll be wasting INQ's that you could use within 6 months to a year.

And make sure they you start practicing the utilization rule. (1% - 9% reported balance on 1 card, 0 balance on the other)
Figure out what your statement dates are.
You have a good 6 months, minimum, to practice this. Your patience WILL be rewarded.

Plus six months to research what's out there and work on your wish list.

Re: Newbie with CC ???'s

Sassy_Taurus — Sat, 31 Mar 2012 15:24:58 GMT

Thanks for all the advice. I plan to only use the cards for gas once a month and immediately pay them off.