topic Re: Rebuilding just got cap one platinum...should I try for secured? in Credit Cards

Rebuilding just got cap one platinum...should I try for secured?

reno55 — Tue, 30 Apr 2013 19:26:31 GMT

As the topic states my wife and I just got discharged in march and applied for unsecured Capitol one cards and got approved for the platinum card both at $300 limit with credit steps.

I'm wondering if it's also worth applying for a secured Capitol one card to help boost our revolving a bit?

Re: Rebuilding just got cap one platinum...should I try for secured?

09Lexie — Tue, 30 Apr 2013 19:31:21 GMT

Discharged...bk? I hate to assume

Re: Rebuilding just got cap one platinum...should I try for secured?

reno55 — Tue, 30 Apr 2013 19:47:22 GMT

Discharged chapter 7 on 3/13

Re: Rebuilding just got cap one platinum...should I try for secured?

Revelate — Tue, 30 Apr 2013 20:29:13 GMT

I'd do a secured card somewhere else for a second tradeline.

Better to establish a diversity of lenders honestly; not sure how BK friendly BOFA is (probably not at all but I don't know specifically), but you may want to look into something like SDFCU which has an excellent secured card and doesn't do a credit check either for membership or for the secured card application.

There's other lenders which would be likely too, but right now I'd recommend just picking up any 2-3 tradelines and start building positive history post-BK.

Re: Rebuilding just got cap one platinum...should I try for secured?

reno55 — Tue, 30 Apr 2013 21:01:19 GMT

Yeah I'd love to do that but cap one is the only oneI that I know of that will do lower deposits for a Secured card....

We are ecstatic that they approved unsecured but just want to get a few good TL's reporting

Re: Rebuilding just got cap one platinum...should I try for secured?

Countingpennies — Tue, 30 Apr 2013 21:10:35 GMT

I was approved for a Cap1 about 2 mos. out. About 3 mos. later I added a Cap1 Rewards card. I tried for a couple others, (Walmart for one) and denied. Probably a good idea to go with a card from a local credit union, secured if you have to, and start building a relationship. I just haven't found a decent local CU yet, so my very loose plan at the moment, is wait a few more months and try for a BoA secured (I was denied for unsec., probably tried too soon anyway.) Maybe down the road DCU. I'm not in a rush, I've been living on cash for about 4 yrs. anyway, so I'm just babying my two Cap1's for now, but dang, it's nice to have 'em.

No one has mentioned yet, but have you pulled your 3 reports and made sure everything is reporting correctly? I was discharged 11/12 and I'm still cleaning up a couple of stragglers.

Re: Rebuilding just got cap one platinum...should I try for secured?

Revelate — Tue, 30 Apr 2013 21:05:56 GMT

@reno55 wrote:
Yeah I'd love to do that but cap one is the only oneI that I know of that will do lower deposits for a Secured card....

We are ecstatic that they approved unsecured but just want to get a few good TL's reporting

Good point, most deposits run in the $250-300 range minimum. If you only have $50 to work with, get the Cap One secured and go on with life. Then maybe add another lender when your finances support it.

It will do everything you actually need in your current situation: namely, another tradeline that you can demonstrate credit-worthiness post-BK. Multiple lenders is desirous, but not required honestly.

Re: Rebuilding just got cap one platinum...should I try for secured?

09Lexie — Tue, 30 Apr 2013 21:06:49 GMT

You could also try the shopping cart trick and as others have suggested a secured cc with a cu

Re: Rebuilding just got cap one platinum...should I try for secured?

Anonymous — Tue, 30 Apr 2013 21:15:41 GMT

I've always heard BOFA is extremely unfriendly towards BKs. Might I recommend a store card? Walmart has been really successful for some people, but really, wherever you shop frequently.

Re: Rebuilding just got cap one platinum...should I try for secured?

reno55 — Tue, 30 Apr 2013 21:56:38 GMT

Thanks for all the recommendations....

I burned comenity in bk and Walmart also so I don't think those will work.

Shopping card trick never works for me and I'm opted out and all reports are correct.. Though I have a stare tax lien that is satisfied that I have to habe the court mark as satisfied just need to take paper to court house.

II think I'm going to try for cap 1 secured and use it very minimally... I figure if they approved unsecured they should only require a $50 desposit

Re: Rebuilding just got cap one platinum...should I try for secured?

Countingpennies — Tue, 30 Apr 2013 22:00:03 GMT

If you already have a Cap 1 unsecured, why not just wait another month or two and get the Rewards unsecured?

Re: Rebuilding just got cap one platinum...should I try for secured?

09Lexie — Tue, 30 Apr 2013 22:04:04 GMT

Why not take care of your state lien paperwork before attempting to obtain more credit. The procedure for the release and CB's updating will also give you more time with your new Cap 1. Your options will greatly approve IMO

Re: Rebuilding just got cap one platinum...should I try for secured?

reno55 — Tue, 30 Apr 2013 22:07:01 GMT

I think I'll take that advice lexie

Re: Rebuilding just got cap one platinum...should I try for secured?

Anonymous — Tue, 30 Apr 2013 22:12:59 GMT

Not too long, though. The sooner you start building your AAoA, the sooner you can go for the cards you want.

Re: Rebuilding just got cap one platinum...should I try for secured?

reno55 — Tue, 30 Apr 2013 22:19:26 GMT

Dreamwalker what do you mean?

Re: Rebuilding just got cap one platinum...should I try for secured?

LS2982 — Tue, 30 Apr 2013 22:25:39 GMT

MO you and your DW should just take care of that account for a year and focus on taking care of any baddies / gain positive CC history.

Re: Rebuilding just got cap one platinum...should I try for secured?

Anonymous — Wed, 01 May 2013 17:25:43 GMT

Well, part of the reason people go on 'app sprees' s because they get a cluster of accounts that age together, so your credit score takes a bigger dive in the present, but is stronger going from then.

For example:

1st card ever: Capital One

Average Age of Accounts is 1 month

A year later...

Average Age of Accounts is 12 months

...until you apply for a new card.

2nd card: Discover IT

Average Age is now 6 months

Versus taking on two cards:

Capital One and Amazon Store Card

AAoA is 1 month

A year later...

AAoA is 12 months

....and when you apply for a new card..

New card!

AAoA is now 8 months.

I hope that wasn't terribly confusing. It doesn't seem like a lot, but the newer your cards are, the slower your Average Age increases.

Re: Rebuilding just got cap one platinum...should I try for secured?

09Lexie — Wed, 01 May 2013 17:33:56 GMT

OP can still use his TLs that were IIB to calculate his AAOA. I am assuming there was a mortgage and perhaps other cc's on OP's cr before filing bk. Even if some or all of those accounts are closed, they are still used in the calculation.

Yes, it's nice to group inq's, accts but in this case, IMO, the OP will be spinning his wheels trying to be approved with a recent bk and an open lien.