topic Re: Should I get an unsecured credit card? in Rebuilding Your Credit

Should I get an unsecured credit card?

Anonymous — Tue, 02 Aug 2016 19:49:32 GMT

I have been hovering around 6:30 fico for the past year. I have two negatives from hospital bills that are about 50 months old. I only have one secured capitol one credit card that I use every month. I think one of the reasons my score isnt progressing is because I dont have different types of credit. I dont want to buy a car right now but Im wondering if anyone knows if I applied for an unsecured credit card how much I would qualify for and if this would help my score? Second question is how far apart I should spread out getting a car loan after getting a new credit card? Thank you!

Re: Should I get an unsecured credit card?

805orbust — Tue, 02 Aug 2016 20:31:56 GMT

Hey Scott,

Good question, however, it would help if more information about your credit profile was given. What's your average age of accounts, length of credit history, any bankruptcy, mortgage accounts, inquiries, etc. Helps give a better overall picture. Off the cuff I'd say with that score you can definitely qualify for a Credit One card (sucks, but useful if used properly), a Walmart store card, or perhaps even one of the Comenity shopping cart trick cards may be worth a shot. I believe Capital One *may* even graduate you to an unsecured card. There are some options out there. As for the car loan, I'd say go for it as soon as you're ready as it won't hinder that approval at all.

Re: Should I get an unsecured credit card?

Anonymous — Wed, 03 Aug 2016 00:52:57 GMT

Thanks so much. I have about a 9 year credit history, no mortgages or bankruptcies. My secured credit card is about 2 years old. I have been receiving "pre-qualified" offers in the mail.

Re: Should I get an unsecured credit card?

darwin_wins — Wed, 03 Aug 2016 01:11:13 GMT

If your credit age is 9 years, any reason why your only card is secured?

As for unsecured, yes try going to Discover and see if they offer you something at fixed APR. Try AmEx and if they pre-approve you. You can also try Capital One. If you are pre-approved you should apply for 2 more cards if you can and keep your revolvers at min 3.

Re: Should I get an unsecured credit card?

Anonymous — Wed, 03 Aug 2016 17:34:46 GMT

You would also benefit from a small secured personal loan. It will add to your credit mix.

Re: Should I get an unsecured credit card?

805orbust — Thu, 04 Aug 2016 21:06:05 GMT

Totally 2nd the Capital One idea. They've got several cards you can qualify for. I would also take a look through those pre-qualifications you keep getting. A Cap One, or even Amex may approve you if you're getting junk mail.

Chase, Amex, Captial One, and even a few others have a spot on their site where you can check your "offers" with a soft pull only. This may give you an idea of what cards they consider you to be qualified for before you waste any hard pulls. Definitely do some homework on the Comenity Bank "shopping cart trick". I'll bet you can snag a couple of those as well. Your score will begin to go up as soon as you start adding credit lines.

Re: Should I get an unsecured credit card?

805orbust — Thu, 04 Aug 2016 21:09:31 GMT

Honestly, if you could do some negotiating (pay for delete) on those hospital collections that would probably be good for a 30 point increase as well. You're in a good position to do some real growing Scott. Best of luck.

Re: Should I get an unsecured credit card?

Anonymous — Fri, 05 Aug 2016 04:36:56 GMT

It would definitely help. I didn't have any credit cards, and a mess of bad crap, and my score still went up a good 12-15 points after I opened two small credit cards. I got one through Capital One and one through Credit One, both for $300. Credit One charges big ass fees though so I should've gone elsewhere. I've been happy with Capital One and they bumped me up to an $800 limit after only three months of on time payments.