What should I app for with no scores?

[Anonymous]

I have recently received a Cap1 secured card with a $351 limit and a secured BofA card with $300 limit. I've read that 3 cards produce the best results for building credit. My reports do not generate any scores due to no recent history. The only thing showing on my reports is my chapter 13 which comes off in April.

What should I app for at this point? I thought about a secured Discover but seen that they are all over the place with approvals even for a secured card so I don't feel my chances are very good with them. Hoping for something that will graduate. Any suggestions would be grateful.

[dragontears]

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@Anonymous wrote:
I have recently received a Cap1 secured card with a $351 limit and a secured BofA card with $300 limit. I've read that 3 cards produce the best results for building credit. My reports do not generate any scores due to no recent history. The only thing showing on my reports is my chapter 13 which comes off in April.

What should I app for at this point? I thought about a secured Discover but seen that they are all over the place with approvals even for a secured card so I don't feel my chances are very good with them. Hoping for something that will graduate. Any suggestions would be grateful.

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Personally if I was in your shoes I would give it 6 months of responsible use of the 2 cards you currently have then go for unsecured cards. The rule of Thumb is 2-3 cards, you already have 2 so time is your best freind right now.

[Anonymous]

The capital one platinum is most likely the easiest unsecured card to obtain. Discover secured appears to be a nice rebuilder card as well.

[Anonymous]

Then I would wait till April.... Waiting for the Chapter 13 to fall off , can might a difference in a 500 CL and 5000 CL...

[CYBERSAM]

You have one of the best CC companies out there for rebuilding. After your 6th statement is cut, call them and try to do PC to QS. CapOne uses SP for CLI

Try to use your CC as debit card, use heavy PIF. even if you need to buy a gum! In 6 months they should give you nice CLI if rest of your record is good.

For rebuilding I like cards that allow CLI with SP, so may want to look at AMEX and Discover it after you PCed to QS.

[Anonymous]

Ok guys thanks, I'm going to wait until April before apping for anything else. I'm also going tomorrow to my credit union to start a secured loan to help with my scores.

[Anonymous]

From my understanding, the Cap1 secured cannot upgrade. Correct? So I couldn't PC to a QS.

[dragontears]

you are right, Cap1 will not graduate and can not be PC.

After your BK falls off you and you have some history with your current cards you should concider Discover and possibly Amex as they have reputations for liking thin clean files (Assuming you didn't burn them in your BK)

[SouthJamaica]

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@Anonymous wrote:
I have recently received a Cap1 secured card with a $351 limit and a secured BofA card with $300 limit. I've read that 3 cards produce the best results for building credit. My reports do not generate any scores due to no recent history. The only thing showing on my reports is my chapter 13 which comes off in April.

What should I app for at this point? I thought about a secured Discover but seen that they are all over the place with approvals even for a secured card so I don't feel my chances are very good with them. Hoping for something that will graduate. Any suggestions would be grateful.

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Simple: don't app for anything at this point.

Wait until:

1.  you've got credit scores (you'll have them shortly... around 6 mos from when you got your first card)

AND

2.  your Chapter 13 comes off

No problem with your plan to get a secured savings loan at the credit union but be sure to pay it down to 9% of original balance.

[Anonymous]

I'm going to wait because I really don't want another secured card. So I will follow the advice here to wait until my file is clean and current cards are reporting. 

I I wasn't aware I could pay my loan down to 9%.. Doesn't that kind of defeat the purpose? I figured they would like to see monthly on time payments. But I will ask if the credit union will allow me to do that.