1 secured 1 unsecured... What's next?

[Anonymous]

I got my Secured Cap1 Plat card in Feb 2018. I was at about 520. Started with 200cl, 99. deposit now at 500 cl. Right after the 500cli in November, I applied for a QS1 card and got a 500cl on that one.
I have been reading and reading wondering what to do next??
Some say only apply for a new card after 3 months of getting a new one? The secured card alone jumped me up over 130+ in 6 months with a couple changes to my report.
Due to the QS1 card just opening and a small Student loan I just took out. my score dropped to a 662 tu, 650eq, 651 ex I believe. So, they should go back up soon... maybe I should wait until I hit 700 then apply for better cards then? Shouldnt be long right?
btw I PIF every month with 1% Util

Thanks in advance!
My current goal is to break 700 before spring and to get higher limits.

[Anonymous]

There used to be a great thread in either the bankruptcy or rebuilding forum about how to bounce back-and that could have been helpful for your situation too. Unfortunately, I cannot seem to find it at the moment.

Is your QS1 included in the credit steps? First and foremost, I would not apply for anymore Capital One cards. 

In February, I would recommend going to the Discover website and see if you are pre-approved (there is a link halfway through the home page that asks "Are you pre-approved?" That will be a soft inquiry, and although not a guaranteed approval, it can help to see if you are pre-approved or not for a better chance at being approved. 

Give your Discover 6 months (if approved) and by that time you will probably receive offers in the mail for other cards and you might be able to go to the other banks' websites to see if you are pre-approved for any of their cards.

Also, you should be doing the AZEO method discussed here. Essentially, allow one of your cards (preferrably the one with the highest limit) to report to the bureaus with a small balance (under 30% of the credit line) and all other cards should report a $0 balance. That will really help your score. 

My guess is that by this time next year you will have big name bank cards. It may seem like forever but it actually goes pretty quickly as long as you avoid the pitfalls of applying for everything; getting tons of store cards etc. 

[Anonymous]

I thought I had to leave a statement balance on all cards. Okay I will just leave a balance on 1 card. That's not a problem. My balances were on like 3 bucks anyways.
I was thinking about Discover. If I qualify for the secured card only at that time, do you think it's a good idea to still use that card to get in there?
Also, do I just keep both cap1 cards for a while?

Thanks!

[pizza1]

Welcome to the forums!

What negatives if any do have reporting?

Are your rebuilding or are you new to credit?

Where are you getting your scores from? Do you know your true fico scores?

I didn't see it stated anywhere, but have you had a BK?

[Anonymous]

Hi! Thanks!
I am rebuilding. Never had a car or anything, only 1 credit card at 18 but that's long gone and not on reports at all. In fact what was holding me back was no credit according to anyone I applied to.

I have a utility bill about 800. I have a medical bill about 178. I plan on paying the small one soon and start a plan for the other eventually. That's it. The only Hard hits I have are from the credit cards I have gotten and the loan.

The scores I shared are my fico scores as of 2 days ago. Not sure what BK is but if its Bankruptcy no.

[Anonymous]

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@Anonymous wrote:
I thought I had to leave a statement balance on all cards. Okay I will just leave a balance on 1 card. That's not a problem. My balances were on like 3 bucks anyways.
I was thinking about Discover. If I qualify for the secured card only at that time, do you think it's a good idea to still use that card to get in there?
Also, do I just keep both cap1 cards for a while?

Thanks!

---

Yeah, a lot of people think that but I can vouch for the AZEO method, my score jumps (slightly because I am near the top of the score range) but I have seen the fluctuation with score when I have more than one card report a balance.

You should hopefully be offered an unsecured Discover IT. If they only offer a secured version, I would pass. You shouldn't need another secured card at this point. 

I would keep the QS1 for a while but once you start getting approved for better cards it would be best to cut that secured Capital One card loose as it will not really grow. The QS1 may not grow much either, unfortunately, but it would be a good keeper card for the time being and may be able to be product changed to the QS with no annual fee. 

[Anonymous]

Got you! Thanks!

[Anonymous]

Hi! I decided to reach back out to you guys and will start hear instead of opening a new thread. So, I wait until my score went back. My QS1 card jumped from 500 to 2k last month, I still have the 500 secured platinum by Capital One as well (that one is 6 months older thatln the QS1. I qualified for the Discover it card 10.5k. I am wondering what my next step should be for more credit and also a growing score.
When should I drop the Secured card? How long should I keep the QS1 card? Should I try to transfer it over to the QS card without the annual fee now or let it another 5 months?
Should I apply for another card right now and then wait or wait now?

Also, I did get a preapproval for citi as well. Should I take these right now to prevent more staggering in cards and then sit a few years?

Thanks
current scores 690 - 697 between all 3

[HeavenOhio]

Congrats on the Discover card, @Anonymous.

Use the QS1 each and every month. A few reports here indicate that consecutive months of usage may be a factor in getting an upgrade offer. I was able to upgrade two QS1s after 12 or 13 consecutive months of use. Also, call in each month and check for upgrade offers. If it turns out that you have an offer for a card that's not your first choice, take it anyway. Offers will likely begin to appear again in six months.

Your Capital One Secured card is going to need to be closed at some point. What you do with the QS1 would depend on whether you can upgrade it. Ideally, I wouldn't close a card until you can close and still have three open cards.

Exactly when did you open the Discover card? Knowing that will help us suggest a good time for your next card.

But based on what we know, I'd look at March 2020 as a great date for your fifth card. That's month 25 of your credit card history. Your fourth card can sometime between now and then.

In the meantime, Discover is a great card to use while you're waiting as its sign-up bonus is earned over the course of a year.

[Anonymous]

Okay so small update I applied for the Citi card because I read it was good to go for a known bank. They sent me the letter in the mail past few months, so I took it this time. Okay so this is where I am.

How to make the best of my situation? Higher Scores most important then CL of course.

secured cap 1 - 500 from 200 start - 1 yr 3 months
qs1 - 2k from 500 - 6 months
discover it -10.5k 1 week start
Citibank double cash -1k just approved today.

I was wondering if I should do the citi bank card now after getting the discover card and then sit on them so I just went ahead and got it. Hoping good use will get my score up. Also now that I will have 3 open cards should I close the secured card within the next 6 months maybe?