Congrat on your approvals! After 3 statements go online and get a SP CLI on your Cap1 card then the credit steps will give another CLI. Then go and upgrade the Plat to the QS for cash back. Slow and steady. Enjoy your cards.
I would get a Capital One Card. Stay away from Credit One, Surge, and First Premier. Look into secured cards that will graduate such as Discover and Citibank.
Wow!! 26 replies! Thank you everyone for helping me out.
So I applied for Capone platinum and was approved with a $300 limit. Wasn’t expecting with my scores! Applied for QS1 on the same day but was denied. FYI there was only 1 HP for both apps (all 3 bureaus).
Took your advise and applied for discover it secured and put down $600 as suggested.
Was planning to apply for credit one but after reading all the replies, I am not going to do it. What should be my 3rd card?
Also is self lender a good option or should I try local CUs to see if they have anything available?
Thank you everyone!! really appreciate it!! 🙏
Self Lender is good. Also, you should look into building a relationship with a credit union. Make sure you keep your utilization low, below 8.9% is best. Also, read up on the AZEO method.
I think your next card can be an unsecured card from a decent bank. I'd explore options from different banks rather than adding a second Capital One card. If Capital One has a product that appeals to you, grabbing it later in your build will get you a better limit.
I'm a big fan of pacing oneself so card #5 would come in month 25 of your card acquisition quest. Spreading them out evenly, that would mean a card in months 1, 7, 13, 19, and 25. You grabbed two cards right away, which is OK too. But at some point over those 25 months, take enough of a break to bring yourself back to that pace.
Doing this keeps you under 5/24 at all times. 5/24 is Chase's rule that denials will happen if one has opened five or more cards in the past 24 months. It's also a good rule to follow for other banks in that you'd be unlikely to be denied for too many new accounts or inquiries.
When it's time to apply, you'll want to employ AZEO as mentioned above. Because your scores will likely still be on the low end, this will give you every point possible. You'll also want make sure you check in here to weigh your options before pulling the trigger.
My opinion is that right now with your two cards you have successfully set your self up for recovery. Do not apply for any more cards for 6 months or so because you want your new accounts to show up on your credit report and have some history, Allowing the history to show up will open up fresh doors that are currently closed and to allow you to get higher starting limits. Also with the history you will be able to access products that are higher quality and offer better structures for you.