Quick question

[Bigtonyp24]

So last night I decided what the heck I'll apply for the quicksilver one since credit karma said I had a fair chance on it. And poof I was approved with a $500 sl. I then decided to go and apply for the cap Plat too and was approved for $500. So now my question is I have had a secured cap one card for 6 months paid on time and in full. It starred out as 200 and is now at 5pp they gave me an unsecured increase. Do I close out the secured card or just leave it open and have a small purchase per month go on it? What's the best way to go about it

[kdm31091]

I would have just taken the QS1 approval and stopped as you are risking 6 HPs for a total of $1k in limits. Anyway, what's done is done, and hopefully the pulls will be combined into 3.

On the nature of your question, I'm not sure if secured cards are eligible but you could try and merge it into one of the newer cards.

[red259]

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@Bigtonyp24 wrote:
So last night I decided what the heck I'll apply for the quicksilver one since credit karma said I had a fair chance on it. And poof I was approved with a $500 sl. I then decided to go and apply for the cap Plat too and was approved for $500. So now my question is I have had a secured cap one card for 6 months paid on time and in full. It starred out as 200 and is now at 5pp they gave me an unsecured increase. Do I close out the secured card or just leave it open and have a small purchase per month go on it? What's the best way to go about it

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If you don't have to pay any money to continue to use the secured card then I would leave it open for awhile at least until you get your other accounts up and running. Others can chime in but I would look to see if there is a way to change it over to an unsecured card. 

[Anonymous]

well your info is very limited. if those are your only three cards and with $500 limits on them then that means you're just now establishing or re-establishing credit. idk how long you've had that secured one but applying for that other platinum wasn't a great idea because there are no rewards but you're also probably in credit steps so you'll get a SP CLI in about 5-6 statements most likely.

[Anonymous]

and that should apply to both new cards. but you definitely took a ding on your AAoA but over time that'll improve. i would hold off on apping for a bit though.

[Anonymous]

oh sorry one more thing. you don't need to use your secured anymore if you don't want to. i would mainly use the QS1 and maybe the new platinum once a month to pay it off so cap1 sees payments so you can get your CLI. once you get your CLIs then you'll start seeing other lenders give you higher limits too.

just keep in mind having three cards at $500 looks worse than having one at $1,500 because your average account is lower so other lenders will most likely match that

[Bigtonyp24]

It was all off the same pull. Also they are both in the credit steps program. Yes I am re establishing my credit. I have had the secured card for 7 months. Thank u all for the input. These boards are great

[Anonymous]

if you have other questions feel free to ask. we will do our best to help guide you in the correct direction. but PLEASE get advice from more than one person if you're unsure. some people say app for it all but that is rarely the case.

[Anonymous]

Build up your history on the new cards before closing the secured card. Just put it in a drawer and leave it there. Don't use it and don't close it. Not knowing how well you handle money or your finances, I would say just keep it and use it as a form of forced savings. I know you're not earning any interesting, but the opportunity cost if that money were in the bank is close to zero any way. 

Build your history and in 6 months at the minimum, you can revisit this. Garden and enjoy your new cards. Use them responsibly. 

Also avoid Cap1 going forward. No more 3 HPs for any future cards until you have built up a strong credit foundation. Some think HPs are insignificant. They are not. 

[Anonymous]

well they are once you surpass 60 lol. at that point one more HP means jack. but yeah they do hold you down some. if i had 0 my score would be probably 20 points higher