New credit card

[Nelsoul]

Considering a secured card from Andrew's federal credit union. With this card there's no HP . I'm wondering how does this effect credit scores since there's no HP hit that drops my score.

Also since this will be a new account but its secured , should I wait 3-6 months before applying for another card, Is the risk assessed the same by other banks/ CU's ?

Thanks 

[1GaDawg85]

---

@Nelsoul wrote:

Considering a secured card from Andrew's federal credit union. With this card there's no HP . I'm wondering how does this effect credit scores since there's no HP hit that drops my score.

Also since this will be a new account but its secured , should I wait 3-6 months before applying for another card, Is the risk assessed the same by other banks/ CU's ?

Thanks 

---

It will drop your score as it is a new account. It may be approved with SP and an HP will come later but it really depends on the credit union. What is in your profile (scores included, if possible) because Andrews FCU may not graduate their secure card like other lenders. 

[Red1Blue]

There are several secured cards you can apply that will graduate. SDFCU does not do a hard inq for membership/secured card. They claim it will graduate after 12 months. US Bank has 3-4 secured cards that would gradaute after 12 months. Affinity Federal Credit Union has a secured card. There will be no hard pull but the card does not graduate. If you look around and search there are plenty of cards that eventually graduate. You can also look into FinTech companies like One Fiance, Tomo, X1 that offer credit cards with out looking at your credit reports.

[HeavenOhio]

@Nelsoul, you didn't say how many cards you have.

If this is your first or second card, the addition of the card will probably more than offset any age-related scoring penalties. If you have three or more cards and the newest is less than a year old, expect to be dinged a few points. If you already have some cards and you haven't added one in over a year, expect a rather noticeable penalty for resetting the age of your youngest revolver to zero.

How long you should wait depends on how many cards you have and when you last added one. If this is your first card, six months of activity will definitely position you for something better on your second card. If you have a couple of cards and haven't added anything within the last year or so, adding two will likely be about as easy or hard as adding one.

[Nelsoul]

My scores are between 720-745 across the 3.

AU capital one 3 years 10K 10% UTI

Joint CC PNC 7months 19K 12%

Secured card BOA 6 months $300 0%

Capital one 3 months $750 0%

Navy federal secured loan 2 weeks 3001 just paid to 8%

AAoA 10 months

Plan on a NFCU card in 3 months and want to save my HPs, that's why I was wondering by getting AFCU card (no HP) now, would hurt getting approved for Navy ?

Since my AAOA is mostly the AU , would it better letting these accounts age , then add a NFCU in 3 months ( build relationship with them) vs trying to add more accounts which will lower my age ?

I'm on a dash to build as much credit / data points as possible so I can get business funding by the summer.

Andrew's secured card is definitely no HP at all. I was told it doesn't graduate but after a year you get your deposit back and they do a card change using the same account number so you keep the history. 

[silver_idle]

---

@Red1Blue wrote:

There are several secured cards you can apply that will graduate. SDFCU does not do a hard inq for membership/secured card. They claim it will graduate after 12 months. US Bank has 3-4 secured cards that would gradaute after 12 months. Affinity Federal Credit Union has a secured card. There will be no hard pull but the card does not graduate. If you look around and search there are plenty of cards that eventually graduate. You can also look into FinTech companies like One Fiance, Tomo, X1 that offer credit cards with out looking at your credit reports.

---

The last I recall, SDFCU does do HP for memberships unless they changed in the past year. I gotten one last year around this time (still kind of stupid for them to do an HP though)

[ChargedUp]

---

@Nelsoul wrote:

My scores are between 720-745 across the 3.

AU capital one 3 years 10K 10% UTI

Joint CC PNC 7months 19K 12%

Secured card BOA 6 months $300 0%

Capital one 3 months $750 0%

Navy federal secured loan 2 weeks 3001 just paid to 8%

AAoA 10 months

Plan on a NFCU card in 3 months and want to save my HPs, that's why I was wondering by getting AFCU card (no HP) now, would hurt getting approved for Navy ?

Since my AAOA is mostly the AU , would it better letting these accounts age , then add a NFCU in 3 months ( build relationship with them) vs trying to add more accounts which will lower my age ?

I'm on a dash to build as much credit / data points as possible so I can get business funding by the summer.

Andrew's secured card is definitely no HP at all. I was told it doesn't graduate but after a year you get your deposit back and they do a card change using the same account number so you keep the history. 

---

Your scores really aren't bad. Your file is just thin with your own credit. Come have some fun in "The Garden" for a few and let your existing accounts age. You have Cap One and BoA reporting as your own, and if you're a joint applicant with PNC, this is the 3 you need to optimize your scores. This along with the secured loan have you on the right track. Personally I'd wait 9-12 months and you should be able to get a normal unsecured card from Disco, Amex, Navy Fed, Citi, Chase and many others.

[HeavenOhio]

@Nelsoul, you don't need another secured card. Go for an unsecured card from Navy. You could do that fairly soon if you'd like. Or if it'd make you feel better to let your newest stuff age a bit, you can do that too. Navy isn't particularly sensitive to new accounts or recent inquiries. And they place a lot of weight on one's history with them.

[Nelsoul]

The only reason I was considering another secured card was to add another card to my thin file with no HP , and take the AAoA hit now. But I think I'll try navy this week. 

When do you start to count the starting age of a new card, off the HP date or when its first reported on credit report?

My relationship with navy is , one month of membership, opened a checking and saving account,  added my direct deposit, and did a pledge loan.

I did read another member say Navy doesn't factor checking/saving and DD into their internal scorning system. Is that correct?

[Anonymous]

---

@Nelsoul wrote:

When do you start to count the starting age of a new card, off the HP date or when its first reported on credit report?

---

Neither.  You count the age of an account as 0 months when it shows up on your CR with an account opened date in that month.  If the account takes several weeks to show up on your report and the account opened date is in the previous month when it appears, that account is then 1 month old.  Accounts age by 1 month on the 1st of every month.  If you open an account on Nov 5, it turns 1 month old on Dec 1.  If you open an account on Dec 30, it turns 1 month old 2 days later on Jan 1.  Hopefully that helps.