What to apply for next?

[Anonymous]

Makes sense to me.  The reason I chose the Capital One Secured card over the non-secured Platinum was because I can't do anything with a $300 credit limit, but I can with my $3000 secured limit.  If I want to let a balance post, 8.9% = $267 on my secured card, versus $26 on a $300 non-secured card.

Same with Discover.  My FICO08 probably would have approved me for a bad limit non-secured IT card but I wanted a $2500 Discover card that I can actually USE rather than fight charge limits on.

FWIW, I do have some regular things I charge 5 figures on every month or two, so higher limits were very important for me versus just having a tradeline for aging.  Since my oldest positive account falls off this year, my AAoA will drop from 5.5 years to 12 months any statement now...  So while I want one more high limit secured card (Wells Fargo up to $10,000 deposit), I have to wait on my AAoA to bump up just enough that a new account won't drop me below 12 months average.

After that, I'm in the garden until my AAoA goes about 24 months (in a year from probably July/August coming).  Even if my FICOs are 100 points higher (as expected) I really want to get some aging in.

[Anonymous]

Great points and feedback ABCD. Your approach serves your needs well. For me, if I do a secured, it would be a very similar amount to what I've been approved for on unsecured cards.

[Anonymous]

Yep, in that case you're definitely better off waiting for your FICOs to go up some more and aim for the non-secured variety of cards.  I only have on SCT card because I literally got it when I was actualyl buying something with my regular CC and figured WTH I might as well snag the store card for 5% rewards versus 2% cash back.  Otherwise most of the SCT cards are relatively useless to me since I don't shop at any of those places typically.

One nice thing about the Discover secured is that you CAN increase the credit limit with a quick phone call, so if you got that one at the smallest limit to begin with but found more cash on hand you can just call in and increase your CL.  I went from my starting SL to a higher limit by depositing more money and the phone call took less than 2 minutes including hold time. 

[Anonymous]

If you don't qualify for an unsecured card or a Discover secured, then you might consider the Primor Secured Visa:

http://www.beverlyharzog.com/primorsecuredvisaclassic/

As far as secured starter cards go, it serves its purpose. It has been problem free for me. And you can close it once your scores are high enough to get better cards. 

[Anonymous]

Thanks gamewithrules. I'll take a look if I go secured card.

[Anonymous]

The question I am wondering is should I try to get one more card to complete the trifecta for open CCs, or just use the two I have now responsibly and develop some positive payment history? I'm wondering if the third open CC will be an immediate score boost because I'll have 3 open and current CCs. If it's not likely to affect my score positively to open another, I'll lean towards waiting.

[Anonymous]

FICO08 wants to see 3 credit cards for the best FICO bump.  Some data points show that cards 4 and 5 actually give you smaller little bumps but only after they've aged a bit -- 3 cards will give you a nice score bump even with a low AAOA, 4-5 cards give you a tiny bump after they've been aged a bit.

As usual, YMMV based on what's on your report.  FICO is complex because there are 10 tiers of "scorecards" or "buckets" for FICO, and no one knows which tier they're in.  But almost everyone is helped by having 3 credit cards at least and using them wisely, not maxing them out when it comes to statement reporting date, etc.

I'm rebuilding and I would prefer secured cards with high limits than non-secured cards with unusable limits.  That's my opinion, of course.  I absolutely love my Discover secured, it's the best secured card ever with massive 2-4% cash back monthly.  If I got the non-secured Discover card I would have ended up with a useless $300 credit limit I bet.  With the secured, I have a $2500 limit that I actually can use and profit from!

[Anonymous]

Thanks ABC. Sounds like thats a lean towards adding a third card. If I applied for an unsecured Discover, would they potentially counter with an approval for a secured (if denied unsecured)? I'd hate to take two HP inquiries just to end up with a secured card.

[Aprile421]

If you got approved for the Capital One Platinum could you possibly get the Quicksilver One from Capital One? They allow you 2 subprime cards at one time and the Quicksilver One would allow you to earn a little cash back on purchases.

[HeavenOhio]

You're better off getting what you can get out of the Platinum. In time, it's pretty easy to product-change it into the no-fee Quicksilver. QuicksilverOnes are harder to PC.

Along with that, I believe Capital One only allows one new card in a six-month period. If you do well with the Platinum, by the time another approval is allowed, there's a good chance you'd qualify for a card that's better than the QS1.