Next step?

[Anonymous]

Hi all,

My fico scores are exp-498,equifax-484,transunion-501. I have a cap one secured and a swagbucks secured credit card. Everyone says i should have 3 cards but i dont want to keep wasting hp on something i wont get. I also dont want to go for the bad cards like first premier or credit one. Needless to say i have alot of baddies on my report but almost everything will fall off within the next 2 years.  Should i just wait for 6 months and apply for a cap one unsecured card?

[Pitt570]

Yes i would wait....dont waste hard pulls let those secure cards age..

[Anonymous]

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@Anonymous wrote:

Hi all,

My fico scores are exp-498,equifax-484,transunion-501. I have a cap one secured and a swagbucks secured credit card. Everyone says i should have 3 cards but i dont want to keep wasting hp on something i wont get. I also dont want to go for the bad cards like first premier or credit one. Needless to say i have alot of baddies on my report but almost everything will fall off within the next 2 years.  Should i just wait for 6 months and apply for a cap one unsecured card?

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What about state department federal cu secured card?  I could be wrong but I think it's a SP and guaranteed approval.

[Anonymous]

Never heard of it, do you know if it reports as an unsecured card?

[Anonymous]

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@Anonymous wrote:

Never heard of it, do you know if it reports as an unsecured card?

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It reports as secured but it still is rated as one of the top secured cards out there.  Whether a card reports as secured or not it still is helping your credit just as if it reported the other way.

[Anonymous]

I was just on their site and it says to get the secured card i have to have a savings account with the deposit amount. When i go to become a member it looks like i have to be related to someone with an account or work for certain companies. Am i doing something wrong?

[Anonymous]

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@Anonymous wrote:

I was just on their site and it says to get the secured card i have to have a savings account with the deposit amount. When i go to become a member it looks like i have to be related to someone with an account or work for certain companies. Am i doing something wrong?

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Anyone can join by becoming a member of their affiliated group, American Consumer Council which is a small fee.  You then open a small savings account and then get the card.  These 'backdoor' ways in to certain credit unions is common and a great way to become a member where otherwise you wouldn't be eligible. A credit union like this would be good for you down the road when your credit improves as they offer some very good credit cards and loans.

https://www.sdfcu.org/join

[Anonymous]

I've heard decent things about BofA's secured card, and it's ability to be become unsecured. However, I don't remember if there is an annual fee.

I would advise doing what you're doing. Wait six months, see how your scores change, and then apply for a base level unsecured card. You might even get a mid-tier one. Just remember that this isn't a sprint. It takes time to rebuild. You should check out the Rebuilding Your Credit forum, if you haven't already. They might have some advice on getting your derogs removed early, especially as they get close to dropping off. 

[Anonymous]

Patience is a virtue in the credit game. I would just use the 2 you have responsibly until your score goes up a bit. Congrats on your 2 cards!

[Anonymous]

I wanted to try for the Boa card but from what i have read i would not get approved with my scores. Also it would be a hard pull cause i would have to apply for one of their reg credit cards and after i get denied i might get the offer, so no guarantee their.