Second Card needed

[Gotons]

My US Bank secured card is close to coming up on a year old.  The woman at the bank told me that as long as I wasn't late or over my limit, my deposit would be refunded to me and my card would become unsecured.  I'll be looking for a second card as this one only has a $300 limit on it (what I put down for the security deposit).

My new mortgage (which I wouldn't have been able to do without the great help from these forums, btw) showed up on my credit last month, so I have that obstacle.  Should I go the route of another secured card or should I try to app for some unsecured rebuilder card (if one exists) in the next month or two.

My current scores are EQ:654, TU: 640, EX(FAKO):604.  I do have some old student loans that defaulted 6 years ago, but the main thing killing the scores last month I broke down on the side of the road and didn't have my debit card to pay the repairs.  I had to use the secured card, but the bill took me $2 from my limit ($298).  I paid the balance the next day but before I could, my statement cut and the 298 balance reported to the CRA's.  The balance is now 0, and the score simulator said my scores should raise to EQ: 684-724 and TU: 650-690.  Talk about the CRA gods biting me in the rear on that one.

Anyway, any advice on what I should do about a second card?

[Anonymous]

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@Gotons wrote:

My US Bank secured card is close to coming up on a year old.  The woman at the bank told me that as long as I wasn't late or over my limit, my deposit would be refunded to me and my card would become unsecured.  I'll be looking for a second card as this one only has a $300 limit on it (what I put down for the security deposit).

My new mortgage (which I wouldn't have been able to do without the great help from these forums, btw) showed up on my credit last month, so I have that obstacle.  Should I go the route of another secured card or should I try to app for some unsecured rebuilder card (if one exists) in the next month or two.

My current scores are EQ:654, TU: 640, EX(FAKO):604.  I do have some old student loans that defaulted 6 years ago, but the main thing killing the scores last month I broke down on the side of the road and didn't have my debit card to pay the repairs.  I had to use the secured card, but the bill took me $2 from my limit ($298).  I paid the balance the next day but before I could, my statement cut and the 298 balance reported to the CRA's.  The balance is now 0, and the score simulator said my scores should raise to EQ: 684-724 and TU: 650-690.  Talk about the CRA gods biting me in the rear on that one.

Anyway, any advice on what I should do about a second card?

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I would suggest a store card where you shop frequently as the next step.  

Then, I would wait and see what US Bank does at 12 months.    It may take longer than a year to unsecure, and they may give you a bigger limit when it does. 

Then I would apply for a major bank card (unsecured or secured).  The advantage of a secured card, If you have the funds available to add to your deposit over time, is you can get a high limit.   

[Gotons]

I just got off the phone with US Bank actually and the rep told me to call back on 11/03 (the actual 1 year mark) and they would get me taken care of.  The rep also said generally that they initial amount is the same amount that you have secured, however, to ask for a CLI on the phone and they might accommodate.

I do tend to shop around Best Buy from time to time.  I know they have two types of cards, I'll have to check to see what they are.

Gotons

[Creditaddict]

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@Gotons wrote:

I just got off the phone with US Bank actually and the rep told me to call back on 11/03 (the actual 1 year mark) and they would get me taken care of.  The rep also said generally that they initial amount is the same amount that you have secured, however, to ask for a CLI on the phone and they might accommodate.

I do tend to shop around Best Buy from time to time.  I know they have two types of cards, I'll have to check to see what they are.

Gotons

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I think what no rep has told you so far is USbank requires a 680 or better credit score to unsecure an account.

[Gotons]

The rep told me on the phone that they only look at the card and how it was treated.  She said my account was in excellent shape and that there wouldn't be an issue, just to call back on the 3rd of November.  I guess we will see what happens then.  

If they do indeed require a 680, do you know what CR they pull?

***EDIT***

Actually, I'm going to give them a call and see if the 680 thing is true...I'll post again and update.

[Gotons]

The rep I just spoke with checked with his supervisor and said there is no hard number that they look for when unsecuring a card.  Only the past usage on the card, payment history and verifiy that there is no recent delinquencies on your CR's.

[Gotons]

Now to get this back on track...

Any other advice on a second card?

[Pushto700]

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@Gotons wrote:

Now to get this back on track...

Any other advice on a second card?

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Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.

[Anonymous]

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@Pushto700 wrote:

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@Gotons wrote:

Now to get this back on track...

Any other advice on a second card?

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Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.

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Both are good choices.

[Creditaddict]

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@Anonymous wrote:

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@Pushto700 wrote:

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@Gotons wrote:

Now to get this back on track...

Any other advice on a second card?

---

Best Buy Rewardzone MC, or a Cap One. They are excellent rebuilders if you are looking for a 2nd card.

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Both are good choices.

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I would by far want Capital One over Best Buy MC if possible... but I also wouldn't apply for them if you dont' get a pre-approval offer on the site.

and be sure to do the pre-approval for best buy also, you can do a search to get the link.