topic Re: more credit card help? in Credit Cards

more credit card help?

Anonymous — Fri, 12 Sep 2014 05:03:48 GMT

Hi,

I wanted to improve my score, I know if I open new account or have many inquiries will hurt my score in short term.

RIght now I only have 1 secured credit card with capital one. I wanted a store card but when I apply I was denied by khole, macy, searc etc..all denied. I cant even get an unsecured card right now dont know why.

My question is should I get another secured card? if so would i get another capital one or should I just increase my credit line? what is best secured card out there byside capital one?

Re: more credit card help?

Burned2manybridgesB4 — Fri, 12 Sep 2014 05:05:02 GMT

How many apps have you done in the past year, and with whom?

Re: more credit card help?

Skye12329 — Fri, 12 Sep 2014 05:05:03 GMT

How old is your secured card? Whats your report like?

Re: more credit card help?

Anonymous — Fri, 12 Sep 2014 05:06:58 GMT

I have many app macy, sear, khole, barclay CC, DCU auto loan, DCU CC, BOA, a lot within this year.

Re: more credit card help?

Burned2manybridgesB4 — Fri, 12 Sep 2014 05:07:17 GMT

@Skye12329 wrote:
How old is your secured card? Whats your report like?

Check out rebuild. The OP's facing a repo/co, and CA.

Re: more credit card help?

Anonymous — Fri, 12 Sep 2014 05:08:38 GMT

The card is open since may this year so it only been 4 months, i paid off 0 balance in 2 months and the rest with very little balance but my ulitlzation is under 30% and my balance under 9%..reported is good to all 3 CRA

Re: more credit card help?

Burned2manybridgesB4 — Fri, 12 Sep 2014 05:11:03 GMT

You've got too many pulls, on top of baddies. You're looking desperate for credit. Good rule of thumb, two strikes, and you're out...on apps.

Others will recommend a possible secured card for you, but stop apping for now. Those hard pulls are bringing you down.

Re: more credit card help?

Anonymous — Fri, 12 Sep 2014 05:13:14 GMT

I know i did stop pulling I will wait for another year.

You think i should get additional capital one secured card or just increase my line? if i do get additional secured card what is best one beside capital one?

Re: more credit card help?

Burned2manybridgesB4 — Fri, 12 Sep 2014 05:24:56 GMT

@Anonymous wrote:
I know i did stop pulling I will wait for another year.

You think i should get additional capital one secured card or just increase my line? if i do get additional secured card what is best one beside capital one?

When I did my rebuild, I jumped the gun, and tried adding cards, while having a lot of bad things weighing me down. I got lucky, but took some denials as I tried, just like you. I did this to "dilute" the bad, by adding "good," while working on removing the "bad," so I could cut down my rebuild time. Works for some, doesn't work for everyone though.

I'm only experienced with the First Progress card, but I'm sure there are better options out there now. Others will add to this, so just wait for replies. Most likely by tomorrow afternoon.

Re: more credit card help?

Anonymous — Fri, 12 Sep 2014 05:34:21 GMT

I think I am in your shoe before so you should understand how I feel now. You are right, I am trying to hard to get rid of my bad and trying to add the good at the same time. I cant be patient but I have too I guess.

Ill look up first progress.

Re: more credit card help?

Burned2manybridgesB4 — Fri, 12 Sep 2014 05:38:41 GMT

There's a variety of secured cards out there now. Others will type about their favorites in the next day or so.

Re: more credit card help?

takeshi74 — Fri, 12 Sep 2014 13:15:00 GMT

stickyrice74985 wrote:
I wanted to improve my score, I know if I open new account or have many inquiries will hurt my score in short term.

Start with the usual factors and consider how new applications and accounts affect these factors:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

Applying for new credit ill result in a hard pull (New Credit) which will cost you some points. Opening a new account will drop your AAoA (Length of Credit History)which will also impact your score. It is possible for other factors to lead an overall improvement but it would take something like a significant enough credit limit to drastically improve your utilization (Amounts Owed). You not only need to think about short term but long term as well. In many cases long term improvemnts come at the cost of short term hits. Not necessarily saying that you should go out and apply right now -- it really all depends on the specifics of your credit.

@Anonymous wrote:
RIght now I only have 1 secured credit card with capital one. I wanted a store card but when I apply I was denied by khole, macy, searc etc..all denied. I cant even get an unsecured card right now dont know why.

What are the reasons for denial? If you don't know why then you should start there. If you've been applying repeatedly for credit you probably need to put things on hold and let those inquiries age. Inquiries tend to have a bigger impact when one has a thinner credit profile like you do. In general, if you're getting denials you really need to look at your credit and maybe consider secured. When did you last pull all 3 reports and review them? You need to know exactly where you stand and what you need to work on.

Again, go back to the factors involved in FICO scoring and consider how your credit stands in regard to those factors. If you really only have 1 card reporting then you don't have any variety in Types of Credit Used. You don't have that many accounts reporting which also plays a part. Depending on when you got the card you probably don't have much established positive Payment History. Depending how you're using and paying off the card your utilization (Amounts Owed) may be high -- especially if that one card has a low limit.

So to start with some additional information from you will help others to assist:

How old is your Capital One account?
How many inquiries do you have on your reports?
Do you have any derogs on your reports?
Are you sure you have no other accounts (open or closed) on your reports?
What's the limit on your Capital One card and how are you paying it? Are you carrying a balance on it?

@Burned2manybridgesB4 wrote:
Check out rebuild. The OP's facing a repo/co, and CA.

^ This is important to know. If you have ANY derogs then get them addressed. Derogs always have a major impact. They impact your Payment History which is the biggest slice in the link above. If you want to see results then tackle the big items first. Do whatever it takes to avoid dergos in future as they will drag you down, can be difficult to address and can take a long time to overcome.

@Anonymous wrote:
The card is open since may this year so it only been 4 months, i paid off 0 balance in 2 months and the rest with very little balance but my ulitlzation is under 30% and my balance under 9%..reported is good to all 3 CRA

4 months is an extremely short AAoA if you only have 1 account. Keep in mind that 30% is max. Ideal is much lower. Also, it's reported utilization that matters -- i.e. balance[s]/limit[s] as they appear on your reports, not your current balance(s)/limit(s). Other creditors can only see what's on your reports. They don't have access to your Capital One account activity.

However, tweaking utilization is something you can worry about later on as it can be adjusted at any time. Messing with reported utilization will offer little benefit as long as you're being dragged down by derogs.