topic Re: Rebuilding Credit i got 2 secure cards did i do the right thing? in Credit Cards

Rebuilding Credit i got 2 secure cards did i do the right thing?

Anonymous — Sun, 06 Jan 2013 19:29:44 GMT

Good Afternoon

New to the boards

I have been a credit freak for the past 5-6 months, because before my credit wasnt that great. I believe i started at 580. I heard about Capital One Secured card about 5 months ago. I have been buying minimal stuff here and there. Been paying it off monthly. My score jumped up to about a 640. I had some bad accounts on there for past years. 6-8 years ago. I removed them and now my score jumps to 720. I was shocked. Well here is what i did. Fear of getting rejected for a Chase Freedom Card. I stupidly went back to capital one for another secure card. I kinda regret it because well its a secure card. My question is did i mess it up by getting another secure card? I should have apped for an unsecure card. I know that C1 don't graduate you. Did i do the right thing in my situation because im rebuilding credit?

Btw my scores across the board now are

Trans 702 ( because of new Cap1 Secure Card Hit )

Exp 669

EQ 661

My goal is 750+ across the boards.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Guyatthebeach — Sun, 06 Jan 2013 19:29:46 GMT

I think you are off to a good start. I would wait six months then apply for an unsecured card.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

tempusfugit123 — Sun, 06 Jan 2013 19:42:16 GMT

Both ofvyour secured cards will eventually unsecure. Just keep adding to your deposits. Also it doesnt show secured on your credit report so you can get a better unsecured card later

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Anonymous — Sun, 06 Jan 2013 19:44:35 GMT

Thanks

That is what i am hoping for. I know with patience everything will be possible. Just need to keep it clean and steady.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

nicholasyud — Sun, 06 Jan 2013 19:54:03 GMT

Any other thing on your report ??? What your AAOA ??? 700+ seem like pretty good score.

I only 657 and have a few PRIME CARd in my wallet.

Just be patient.

ADd about $2000+ in your secured CC.

Then app for something on your wish list in the next 6 months.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Anonymous — Sun, 06 Jan 2013 20:08:00 GMT

I just recently started 6 months ago. Believe should be June 2012. I only had 2 bad standing accounts. One i had paid off in full late. The other i never paid was nothing major. $300 dollars. They were both removed. They where there since 7-8 years ago. So they did not dispute and where removed from my Transunion account. Im just glad i can start clean again.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

tempusfugit123 — Sun, 06 Jan 2013 20:12:35 GMT

For my Cap1 secured I made small deposits every month until my limit was 3k. Helped my score a great deal and helped me open other accounts.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

SnackTrader — Sun, 06 Jan 2013 20:37:51 GMT

You're doing just fine. It sounds that your current history is pretty short since the addition of your newest CapOne card dropped your score a bunch. As stated earlier, I would suggest letting the newest account age to about 6 months or so and then consider an app spree. That way you can acquire 2 or 3 cards at the same time before the new accounts start dropping your AAoA again. But you may need to wait a year after that app spree before going on another spree because your scores will probably drop again. So make sure you plan the spree well and really think about which cards will help you most in terms of rewards, Interest rates, credit limit growth, etc.

Good Luck, and stick around the forums to learn even more!

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

HiLine — Sun, 06 Jan 2013 20:47:49 GMT

It's actually perfect that your second secured card is a Cap One which gets reported as a regular credit card as opposed to a secured card. This will help with manual reviews by some creditors such as Chase.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

nicholasyud — Sun, 06 Jan 2013 21:12:36 GMT

So you have nothing but 2 account from CApital One ? Any good standing account like student loan, auto loan, .......etc.....

Find some family member to add u as authorize user on their long standing account.
Add more to secured CC.
Use them response for 6 months to 1 years.
Keep Uti under 9%

AT one year mark, You should qualify for most card u want.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Anonymous — Sun, 06 Jan 2013 21:53:08 GMT

Thanks I have been actually coming to these forums for about 2 months now. I just recently decided to post. I will keep my slate clean and keep adding charges and paying them up. I actually have a cousin that works for Chase at our local city. Hes VP of Loan Officers. SO hes helping and guiding me through things. I hope he can help me get a Chase Freedom card one day soon. Yes my AAoA isnt much. I want to change that. @ nicholas. No i don't have any good standing accounts as of yet. Just the first Cap1 secure card and it hasnt been more than 7 months. no student loans nor auto loans.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Anonymous — Sun, 06 Jan 2013 22:17:30 GMT

@Anonymous wrote:
Good Afternoon

New to the boards

I have been a credit freak for the past 5-6 months, because before my credit wasnt that great. I believe i started at 580. I heard about Capital One Secured card about 5 months ago. I have been buying minimal stuff here and there. Been paying it off monthly. My score jumped up to about a 640. I had some bad accounts on there for past years. 6-8 years ago. I removed them and now my score jumps to 720. I was shocked. Well here is what i did. Fear of getting rejected for a Chase Freedom Card. I stupidly went back to capital one for another secure card. I kinda regret it because well its a secure card. My question is did i mess it up by getting another secure card? I should have apped for an unsecure card. I know that C1 don't graduate you. Did i do the right thing in my situation because im rebuilding credit?

Btw my scores across the board now are

Trans 702 ( because of new Cap1 Secure Card Hit )
Exp 669
EQ 661

My goal is 750+ across the boards.

It is an OK move. If you are interested in bigger CL in the future, I suggest you add to the deposit of 1 of the cards to get a nice sized limit ( It may help).

The Capital One cards do not unsecure, but they help you get a good card from Capital One. You probably have to close one of them to apply for an unsecured card with them. I would wait another six months or more before applying.

Re: Rebuilding Credit i got 2 secure cards did i do the right thing?

Anonymous — Sun, 06 Jan 2013 22:49:31 GMT

Would it help if i just move past Cap1 for now. Once i help my score more. I want to apply for a better unsecure card with Chase or somewhere else. In the future close one of the Cap1 Sec cards for their Unsecure card, but for now im ok with those 2 cards with Cap1. Thoughts?