is it time to apply for unsecured card?

Anonymous · ‎04-10-2015

I have been a silent reader on this board for 3 months now. I received so much valuable information and advices. Thank you all!
Finally I have decided to post my first one seeking on inputs on my next steps.

Currently, I have only one secured CC open with Wells for 1k in good standing and would like to apply for couple more but not sure if I can get approved. Please I need advice on what I can apply for based on my information below.

AAoA: 5yrs

I have couple of CC accounts closed in good standing in the past.
I was able to complete a PFD with Cap1 recently and score jumped by 40 points.
I am waiting on couple of baddies to fall later in the year and not planning to pay them - chase 5k charged off not paid and due to fall off in 11/15 and BoA 3.5k charged off not paid and due to fall off in 08/15 says TU
my auto loan was charged off and paid in full. this is due to fall off in 04/16.

Thanks in advance

Fico 8 Scores (4/10/15) EQ: 594 TU: 578 EX: 592
Current TL: wells 1k

Anonymous · ‎04-10-2015

u probably need 2-3 secured cards to boost up your score, u should wait til u get to 600ish for unsecured

Santi78342 · ‎04-10-2015

Definitely wait for those baddies to drop off.

Santi78342 · ‎04-10-2015

I've read numerous times of people getting baddies removed early. Maybe that is something you can look into?

Anonymous · ‎04-10-2015

Thanks for the input richardbb85. I'll apply for one more secured card... thinking of applying for First National Bank

Anonymous · ‎04-10-2015

If you didn't have 5 years AAoA to lose, I'd tell you to go crazy on store cards...because that is all you'll be approved for right now aside from secured cards.

As such, I'd maybe pick up another secured card and try my luck with an Overstock card and Lowe's. The reason I pick those 2 is for the high limits which will aid you down the road.

You don't really need a whole lotta accounts because you have a nice 5 year AAoA already.

Anonymous · ‎04-10-2015

@Santi78342 wrote:
I've read numerous times of people getting baddies removed early. Maybe that is something you can look into?

Thanks for the response Santi78342 - Since I am not planning to payoff the 2 bad CC accounts, I am just waiting to let them drop off in the next few months. My auto loan was charged off but paid in full a while back. Can I do something on this?

happypill · ‎04-10-2015

You should probably wait until your scores poke into the 600's before applying for unsecured cards. The unsecured cards that you can get at this point (Credit One, First Premier, etc.) are inferrior to secured cards.

Check out the State Department FCU. I believe they offer a secure card with no HP.

Anonymous · ‎04-10-2015

If you go the first national route you may want to look into the swagbucks card, the overstock.com card or the SavingStar card - all issued by FNBO and all earn rewards that will offset the annual fee, if any, and I'm pretty sure they graduate (SavingStar for sure does, the other two I'm not 100% sure on but I think they have the same terms).

Sdfcu is also a good no hard pull card. It won't graduate but the APR is great and since it won't pull it won't cost an inquiry.

Anonymous · ‎04-10-2015

@Anonymous wrote:
If you didn't have 5 years AAoA to lose, I'd tell you to go crazy on store cards...because that is all you'll be approved for right now aside from secured cards.

As such, I'd maybe pick up another secured card and try my luck with an Overstock card and Lowe's. The reason I pick those 2 is for the high limits which will aid you down the road.

You don't really need a whole lotta accounts because you have a nice 5 year AAoA already.

Thanks for the inputs CreditFlunky. I am going to apply for First National Bank secured card and then will try for Overstock. is this Overstock mastercard?