First Progress or OpenSky?

[CreditDrama85]

thanks! i might give it a try

[Anonymous]

---

@CreditDrama85 wrote:

i was thinking about adding another card. my scores are rising but i still have baddies. do both report as secured? has anyone gotten a credit line increase from FP or OpenSky without adding additional security deposit? 

---

I've had the First Progress card since July, just closed it today.  It reported very quickly after account opening to all 3 bureaus & no it did not report as "secured".  I deposited $500 for an equivalent CL & never inquired about or tried for a CLI.  Only had the card for about 6 months, used it quite a bit the first few months.  Usage started dwindling last month - only used it for (1) token charge last month & this month - and decided it was time to shut it down.  So, I can't say if they ever would have upped my CL without an additional deposit.  Although, IIRC, their T&L reads that a CLI without an additional deposit is possible....I guess I'll never know!  Also, I believe it said that the highest CL available on this card was $5K (?). 

Anyway, I hope this helps.  First Progress was my first rebuilder card when I started this process last July.  And, although it certainly doesn't compare in regards to the  perks/benefits of the prime cards out there & there's a lot to be desired with their website &, at times, their customer service, it definitely served its purpose. 

By the way, my DH also opened (and still has) the First Progress card.  FP & Credit One are/were his 2 rebuilders.  Credit One's website is much better & Credit One is unsecured (and with a much higher AF).  Overall though, we both like FP better.  As noted, Credit One's fees are much higher & they offer no grace period.  So, last night DH decided to close Credit One, but to keep FP.....for now anyway.

Good luck with whatever you decide!

[CreditDrama85]

thanks for the info. did your reports say first progress or synovus bank?

[Anonymous]

---

@CreditDrama85 wrote:

i agree the notation of secured has no effect. i was asking because eventhough i have paid most of my debts, i wouldnt want a third party to see the notation of secured and attack the collateral in the event there was a judgment and i decided not to pay the third party creditor might attack the account if it showed secured but they would have no idea there was potential $ there if it didn't read secured.

---

Okay, well given that additional information (and after a cursory look at your posting history) I would recommend NOT opening any more credit cards at this time, secured or unsecured. It would probably be wise to close any open accounts you currently have and cut the cards up. You need some time away from credit to rethink your financial life and plan a strategy for rebuilding, but having open accounts isn't going to help.

Take a year or two and pay cash for everything, pay off whatever debt you have, and hopefully save up some money so that when you do reemerge, you do so in better financial shape. Above all, keep your spending  < income and live within your means.

I know this isn't what you want to hear, but this is what you need to hear...

Good luck.

[CreditDrama85]

i disagree. everyone's situation is different and each person knows why they ran into credit trouble. there is a fine line between opening too many accounts and lowering your AAoA but IMO not re-establishing credit while tackling items on your credit is a mistake. the damage has already been done with baddies why not let the clock start ticking on positive history while you do PFD, settlements, and disputes.

[-Wade-]

---

@CreditDrama85 wrote:

i disagree. everyone's situation is different and each person knows why they ran into credit trouble. there is a fine line between opening too many accounts and lowering your AAoA but IMO not re-establishing credit while tackling items on your credit is a mistake. the damage has already been done with baddies why not let the clock start ticking on positive history while you do PFD, settlements, and disputes.

You do have a point ! Might as well get some good history while waiting on all the bad to fall off! you do what's best in your book

[Anonymous]

---

@CreditDrama85 wrote:

thanks for the info. did your reports say first progress or synovus bank?

---

They report as "1st Progress/1st Equity" on EX, "First Progress Card" on EQ, "FSTPROGRESS" on TU.

[Anonymous]

---

@CreditDrama85 wrote:

i disagree. everyone's situation is different and each person knows why they ran into credit trouble. there is a fine line between opening too many accounts and lowering your AAoA but IMO not re-establishing credit while tackling items on your credit is a mistake. the damage has already been done with baddies why not let the clock start ticking on positive history while you do PFD, settlements, and disputes.

---

Yes, everyone's situation is different and I don't know how or why you ran into difficulty. I do know you've been rebuidling for at least six years (quote from one of your posts in 1/08: "while in the process of repairing my credit and getting back on track..." So in six years, you've been basically going in circles. From a purely mathematically, FICO perspective, it probably does make sense to open new positive accounts, but one of the problems with this message board is that everyone has a "FICO über alles" mentality. FICO is only one aspect of your financial picture- it doesn't tell the whole story. There are plenty of people who currently have 750+ credit scores who are a year away from bankruptcy.

About the same time that you made that statement in 2008, I was probably in much worse shape than you were. Conventional wisdom (and everyone else) told me to open up new tradelines to improve my credit score. I ignored that advice because I'd gone down that road before. I decided to shun credit for a while. I paid my outstanding debts, paid with cash (or with debit cards), lived within my means, and built a nice nest egg. By the time I decided to get back into the credit game last year, all my baddies had dropped off and I quickly went from 0 to $31,000 in credit in six months all without going through scum issuers like First Premier or junk store cards with $200 limits. Would trying to add "positive credit" while letting negative credit age and drop off had given me better credit than I have now? Perhaps, but my time away from the credit rat race gave me time to break old spending habits, reflect on exactly how it had  all gone bad, reassess my goals, and plan my eventual return to good credit.

Just something to think about...

[CreditDrama85]

thanks for the feedback but at the same time i don't think its safe to assume my credit took a dive because of poor spending nor that i have been going in circles (maybe i just had a lot of debt and it took years to pay). i asked a specific targeted question having nothing to do with your advice which has taken a turn and is based on a lot of assumptions. You recently recovered from credit problems and you dont see me saying that you have too many cards listed in your signature because its not my business.

[myjourney]

I love a lively debate and encourage differences of opinions to show all sides of the topic.

As long as it's friendly and not against the TOS and this one seems to have strayed.

Let's stick with the topic please 

Monitoring thread 

Thanks MJ