Discover IT Secured vs. Capital One Secured

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
You're probably not gonna like what I have to say, but from the details I have gathered about your situation, and from someone who also has a MacBook from 2011 that I use both photoshop and Lightroom on frequently; I would think the best move would be to not drop more money that you don't actually have on a computer and camera, and instead work to clear up IRS situation, then wait until you can actually pay cash for a new computer $1k should be pretty easy to save, even if you aren't making much at all. In your current situation, let's say you buy a laptop and camera and create a business that is extremely successful quickly. Let's say you make $100k in first 12 months. The IRS will see this and take it all anyway, and you will have actually still made close to $0. They will also be mad that you didn't think to settle up with them first. You're better off paying them now, prolonging your time in the hole a bit then work your way out to safety. As it is now, even if you climb out you're gonna live with an extremely high risk that they just find out your out and throw you back in. Then you are back at square 1 with less time left.

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My husband and I have been talking about it and we plan to save as much as we can over the next couple of months and then go to them and make an offer. They may reject it, but at least they will see we tried.

I do actually have a desktop as well, but I start classes at the end of August and I was hoping to get a laptop to use at school before then. I can make do with my Macbook if I have to, it's just so slow it's driving me crazy. The camera can wait, because I can use my phone camera for now. It will do. 

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For ~$400 you can get a nice laptop with a SSD and decent ram, then store all documents on a cloud service (microsoft onedrive which gives a free TB of storage with an office subscription, and most colleges and universities give a free subscription to Office with your school email now.) With 8gb of ram and a small SSD you will have quite a quick computer that isn't expensive at all that is perfect for school and basically everything except for very extreme programs.

Better yet...do things the old fashioned way and take notes in a paper notebook...and do all assignments on desktop while at home. A laptop isn't neccisary for school at all tbh. Any class that requires computer work will be in a classroom with computers. Again though ultimately it is your choice, but I feel like the laptop will be a temporary satisfaction that won't really add to your life, and after the purchase the debt incured will give lasting negative feelings.

[Anonymous]

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@Anonymous wrote:

Okay, so I'm just starting my rebuild. I have a HUGE tax lien on my CRs that is NEVER going to come off (like EVER) because of my ex and there's no possible way in Hades I could ever pay it. I can't even afford a tax pro to help me with it because they all want thousands of dollars to help me with a debt like this. I've been terrified to talk to the IRS about it because I'm afraid they're going to force me into monthly payments and we're already struggling to stay afloat some months as it is. (My husband works TONS of hours some weeks and very few other weeks, and my income has dropped recently.)

I have the BoA 99/500 offer that I recently accepted after getting a pre-approval letter in the mail. Already made a payment of $150 yesterday and my first bill hasn't come in yet. I just used the card to pay a high utility bill and didn't want a huge utilization to show up.

I signed up for a Discover IT Secured card and already paid the $200 minimum deposit, just waiting for the card to come.

I have Fingerhut's FreshStart program with a $180 limit. Ordered two items. One shipped already and I paid it off completely, Just waiting for the other to ship so I can pay it off and see if they increase my limit.

I also got approved for a Capital One Secured card, but I was wondering which would be better for my credit -- opening the new CO secured card with a $200 deposit OR putting that $200 into raising my Discover IT limit? Which one would benefit my credit more?

My short term goal is to get enough credit somewhere to finance a new laptop and camera for my business. Long term goal is to buy a home with my husband. He's rebuilding too, but his scores are slightly higher than mine and he has no tax lien. 

Just trying to decide which direction to go in. I need a laptop ASAP, as I work from home and my 2011 Macbook has been getting slower and slower. I plan to pay the laptop off within maybe 3 months, but I just don't have the scores to apply anywhere that won't gouge the crap out of me in finance charges and I can't get the SCT to work for me ANYWHERE, so I'm trying to raise my scores as quickly as I can before this Macbook dies.

So, put $200 into raising Discover IT or into opening Capital One?

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I have both and honestly the cashback on the discover is so much better than nothing from cap1.   I didnt have any cards, so i went with both.    if you have the option i would recommend NFCU as i was able to get 1k unsecured even tho my scores are low, they use DTI and UTI more for decisions. 

[Anonymous]

I got into NFCU, but they denied me. Then denied me again on recon. My scores aren't as bad as some I've seen approved, but I guess it was mainly my 47% utilization that hurt me. I just can't pay my cards down that much right now, so I have no choice but to wait a while and try again when my util is lower.

[Anonymous]

If your Scores are LOW, and your Utilization is HIGH, stop putting things on Credit, and only Pay with Cash.

It appears that you are currently in a Spin Cycle that will not end.  Meaning, your scores will Not go up, and you will Not get any additional credit.

   TU: 542 EX: 538 EQ: 528

The topic here is getting Secured Credit.  Not going to happen with these choices.

Something has got to Change!

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JustTara wrote:

I got into NFCU, but they denied me. Then denied me again on recon. My scores aren't as bad as some I've seen approved, but I guess it was mainly my 47% utilization that hurt me. I just can't pay my cards down that much right now, so I have no choice but to wait a while and try again when my util is lower.

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