I haven't posted on here for some years, and I never really do, but I wated to restart my credit journey with everyone here being so supportive. Back in July/August of 2019 I was in a bad financial time as well. I had a lot of really good cards that I let go bad & I feel so stupid for doing. Tarnished my credit report. I hate it, But back in May I decided to take charge and get my credit back in line. I opened an OpenSky secured card back in May of 2020 with a poor score of around 447( Fico 8). Since then My credit has jumped up to 533 which is still very bad, but it's a step in the right direction so I can't beat myself up too bad. It's a step in the right direction. I also realize and have come to terms with that credit rebuild takes a very long time to get better. So after about 10 months of having OpenSky I did the prequalification for Capital One and was pre-qualified for the Cap One Plat and Cap One Quicksilver. I didn't think I'd get approved because I had a secured card with them since back in 2014 & and Quicksilver with a $1650 limit since 2015. I burned them on both accounts. But surprise to me they approved me with a $500SL! I didn't care about the limit because it's for rebuilding. It's a chance! I don't know why they would approve me but I'm so friggin happy. I've learned my lesson and will NOT be making mistakes like I have in the past. I'm more educated on credit now and I really wasn't back them. I'm a statistic, but that's okay! Any tips will be greatly appreciated. I dont know if I should keep my OpenSky or close it because of the $35 AF. I have a $12 subscription on it with a $200 limit. I don't use it. I just let it ride. Or should I try for another card in 6 or so months? I burned discover so i can't do that secured card. I tried. My Burn list pulled from Experian.
Congratulations on your Capital One approval!
@Boribori, Personally I would ditch the OpenSky card , just because of the annual fee. (it should still report for up to 10 years)
You might check Discover's Pre-Qualification web page? .. To add, would even opt for Discover secure card, as it would un-secure.
All JMHO ..and you may get some better advice than mine!
Edited:, Because I missed the last part about Discover.
I've thought about it, I've even heard that if you call to cancel the card that they may offer the AF. Wouldn't having 2 cards open making on time payments be better than one? Maybe I'm wrong and you can shed some light on this? I figured having 3 revolving accounts would be optimal for rebuilding credit
congratulations. Way to go to take time to restart your credit journey. It's always tuff when starting from the the bottom with current negatives.
* Could you possibly make SECU whole so they can extend credit again.
* look for credit unions that look past your negatives--might be a neddle in a hay stack
* Fintechs that don't do credit pulls that grant credit
* aged AU tradelines that fight the negatives, and boost your score higher
Congratulations on your approval!!
One consideration might be to join a local credit union and open a secured card with them. You'll build your credit and relationship with the CU.