Should I be thinking about applying?

[mysterythemoon]

Started my rebuild in July. Started with no FICO scores. Grabbed the Discover It and Cap1 secured cards, both at $200 CL, and have kept my credit util to 3% since. Always PIF the day after the statement. My frist FICO score was 496 TU. Since then I've been pretty lucky with getting baddies removed, and I'm down to just two baddies (both on TU totalling 170 that I have the option to PFD) as well as one Kohl's CO for $461 that I'm currently debating how to handle best (any advice?). No debt other than that. In these four months my scores have grown, and I just checked today and I'm at 651 EX, 613 EQ, 610 TU. This has me thinking: how close am I to applying for an unsecured CC? I truely didn't expect my scores to be where they are just yet, but I'm now more motivated than ever to broaden my portfolio and really do everything I can to make my credit profile as solid as possible. Are there any cards that I should have my eye on right now, or in the near future?

[austinguy907]

I think if you take care of the 2 CO's you'll be in better shape to get not only unsecured cards but a much better limit than you would currently.  Of course most on here w/o patience would just jump for anything that's offered regardless of the implications down the road.  Go for the low hanging fruit on the PFD and then tackle the Kohl's account with a vengeance whether it's just paying it off or working with their collections department to get a resolution on it.  If it's been sent to a collections company then you might be able to squeeze them into a deal to delete as well.  With those off of your reports your scores should jump up considerably which will net you better results when you do apply for something new for your collection.  Keep in mind the Cap1 won't ever convert to unsecured status but, the Discover can take additional deposits up to $2500 which will give you more breathing room when spending. 

[Anonymous]

My scores were lower than yours when I went from secured to unsecured while having 1 outstanding CO - Was able to get a Cap1 Quicksilver One 

I'd say check the credit pulls database and go off that. 

[SouthJamaica]

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@mysterythemoon wrote:

Started my rebuild in July. Started with no FICO scores. Grabbed the Discover It and Cap1 secured cards, both at $200 CL, and have kept my credit util to 3% since. Always PIF the day after the statement. My frist FICO score was 496 TU. Since then I've been pretty lucky with getting baddies removed, and I'm down to just two baddies (both on TU totalling 170 that I have the option to PFD) as well as one Kohl's CO for $461 that I'm currently debating how to handle best (any advice?). No debt other than that. In these four months my scores have grown, and I just checked today and I'm at 651 EX, 613 EQ, 610 TU. This has me thinking: how close am I to applying for an unsecured CC? I truely didn't expect my scores to be where they are just yet, but I'm now more motivated than ever to broaden my portfolio and really do everything I can to make my credit profile as solid as possible. Are there any cards that I should have my eye on right now, or in the near future?

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I would say probably yes. You could check the Capital One prequalifications to see. If you're prequalified for QS or QS1 go for one of those, if not go for the Cap One Platinum.

[mysterythemoon]

My plan is to go after the QS or QS1 after my sixth or seventh statement with my Cap1 Plat secured, since they now have the rule of one approval every six months. I'd like to get into another company (also have the Discover It card secured, and I'm confident I'll graduate with that in the future). Any other companies I should be looking at that are good to be with for a while that have a card that I could have a shot at approval? I doubt I can get with with Chase just yet, although that's a mid-range goal.

[Anonymous]

I agree I'd wait till the Cap-1 has 8 months of history, and see what the prequal says

I'd jump at the PFD for such a nuisance amount.

I'd be ok with banging the CLI on the Disco (which is attempting an early release come the secured section) but only via the SP method, otherwise just let the aging/time work for you.

We forget too often that time/aging works wonders and it's FREE, no HP cost or anything😃

Both your cards are 7-8 months away from hitting the 1 year mark
You delete the baddie as mentioned coupled with the value of these on time payments and you should start seeing some offers coming your way.

IMO ignore the sub-primers, be efficient with your HPs allow the accounts you have to mature, as the current HPs age out or importance then attack ( I'm ok apping for another Cap1 card a bit earlier because their secured card is an anchor that doesn't grow nor graduate, so you're stuck burning a HP either way you go, with them)

Do you belong to any CUs, like NFCU or PenFed or USAA?

A nice SL with one of those guys gives plenty of room so that one's overall total CL is high enough for some usage while maintaining a great utilization rate, as the accounts age.

Good luck

[mysterythemoon]

This board truely is an embarrasment of riches. I plan (I hope) Disco early releases me after seven months I've heard that happening and I'd think I'd be in the position for them to do it. I'm guessing the day after they switch me to an unsecured is going to be the day I do my first call and request a CLI. As far as Cap1, yeah the secured card is just sorta there to get things going. Hoping to qualify for a QS rather than just the Platinum when the time comes. 

I have been prequalified for a Credit One card. I'm thinking that's a pass?

I'm not a member at a credit union as of yet. Thinking about joining one locally. I'm not related to any military so that limits my options for the really great CUs.

[austinguy907]

Most Disco conversions come with a CLI at graduation.

Pass on C1

CU's are a lot easier to joing than you may think these days.  Find one that fits your needs and go for it.  If you're looking to make some decent money on your checking you should head over to www.depositaccounts.com and go under checking / reward checking and it'll show you a long list of places you can open an account and reap the rewards.  Most CU's can be joined now through associations they sponsor or through American Consumer Council which you can join for free using code "consumer" which grants access to maybe 50 different CU's alone.  Most of the assoc costs to join them range from $5-$25 one time fee.

[Anonymous]

IMO you should NOT apply for any Cap One cards or product change for that matter, and instead join Navy Federal Credit Union. Anyone can join now regardless of military affiliation, and their card options are superior to Cap one, and they give generous limits to rebuilders.

[Anonymous]

What I am about to say is based on personal experience.

When I was 18 I applied for 7....yes 7 credit cards and was insta-denied for every single one and opted for a checking account and a secured platinum card with BofA. 

At 19 I tried again (because I would need a car loan between 20-25 years old) and Discover granted me a secured credit card with a measle 500 credit limit. 

I cherished both, used <5.0% of both cards, PIF the very next day, and continued this for 2.5 years when every inquiry fell off my reports.

Fast forward, when I barely pulled in 1K in CL, I am now sitting on ~36K in CL and credit offers flooding my mailbox. Use both secured cards for what they're for --- building to excellent credit and reap the benefits later. I know how it feels to be impatient, but trust me, you want to set a personal goal of achieving a top tier CC to move on from starter cards. How do you do that? Use what you have now, use both cards, PIF, don't apply for any new credit for 2 years and then do an app spree then sitout out again for another 2 years.

Slow and steady wins the race.