What should I do next?

Anonymous · ‎08-22-2020

This week I applied and was approved for NFCU nRewards Secured ($200) and Discover IT Secured ($200). I also applied for BoA Cash Rewards Secured but was denied. I was hoping to get three cards to help beef up my thin credit profile before gardening for a year or so and working on improving payment history, as well as getting a couple collections/charge-offs off of my report. What other card would you all recommend applying for? (I'd prefer a card that has the potential to graduate and grow, as well as opening the door to more unsecured cards with the company).

Anonymous · ‎08-22-2020

Wait... maybe open up a secure loan with NFCU... get more cards from them later

Anonymous · ‎08-22-2020

No more credit applications for now.

The point of a secured card is to allow you to start to build favorable payment history.

You do not want to collect secured cards as if they were Lou Gehrig baseball cards.

Edit: You have two of the best if not the two best secured cards. I would stop there.

Anonymous · ‎08-22-2020

@Anonymous wrote:
Wait... maybe open up a secure loan with NFCU... get more cards from them later

Thank you for your feedback! What's the sweet spot for applying for another card from NFCU? I've seen on here where people start out with the secured and then apply for their unsecured, but am unsure of how long I should wait to do that?

Anonymous · ‎08-22-2020

@Anonymous wrote:
No more credit applications for now.
The point of a secured card is to allow you to start to build favorable payment history.
You do not want to collect secured cards as if they were Lou Gehrig baseball cards.

Edit: You have two of the best if not the two best secured cards. I would stop there.

Thank you! At what point in the process is it best to start thinking about applying for another, specifically unsecured?

Anonymous · ‎08-22-2020

@Anonymous wrote:
@Anonymous wrote:
No more credit applications for now.
The point of a secured card is to allow you to start to build favorable payment history.
You do not want to collect secured cards as if they were Lou Gehrig baseball cards.

Edit: You have two of the best if not the two best secured cards. I would stop there.
Thank you! At what point in the process is it best to start thinking about applying for another, specifically unsecured?

Discover card will eventually provide a Fico score.

Saying eventually not to disparage Discover but rather that you may or may not have a Fico score.

If not in six months or so you will.

Post back in six months with scores and overall profile then we can discuss.

Capitol One card may make sense at some point.

Anonymous · ‎08-22-2020

I think US Bank will graduate. I am not sure if it is automatice though.

Rogue46 · ‎08-23-2020

Capital one is a card a lot of rebuilders go with. They approve thin accounts pretty regularly and have the potential for growth

Anonymous · ‎08-23-2020

I've had a Capital One QS since 2017 and it hasn't grown a dollar since then, despite high use and on-time payments... should I apply for another one of their cards?

Anonymous · ‎08-23-2020

@Anonymous wrote:
I've had a Capital One QS since 2017 and it hasn't grown a dollar since then, despite high use and on-time payments... should I apply for another one of their cards?

If you have an unsecured Capitol One card that implies that have 3 credit cards. Diminishing returns at best to add more credit cards.

Capitol One cards can be bucketed at time of application.

I would suggest improving your profile before applying for another Capitol One card.