Trying to get my first credit card

[myjourney]

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@Anonymous wrote:

myjourney,

Thanks for the advice.

Couple of questions: Do you know if the discover secured "graduates" to an unsecured?  CapOne made it sound like I wouldn't have to close out my secured card, but that it would be upgraded/converted to an unsecured card (like the QS1).  I've also heard people on this forum talk about difficulty in getting their deposit out?  That would definitely raise some flags if true...

Also, what are your thoughts on applying for both the Discover secured and QS1, GIVEN that I have a recent denial?  I was thinking maybe just starting with one card would be the conservative route for now.

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Happypill answered based on experience with deposit and card....Bravo Happypill Kudo coming 

Ryan, Run the Cap1 preapproval and let me know what its says 

https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx

[Anonymous]

Ryan10,
Have you checked Capital One's online pre-qualifying tool?

As another option, do you have a parent or someone close to you with a long standing positive credit card history? Adding a parents 10 year old perfect credit card would help you quite a bit as the biggest issue with your score is the very limited history. If someone adds you as an authorized user, it will report to your credit and help you get started!
As for Capital One secured, as of now, they do not upgrade to a regular card. If you go the secured route, go with Bank of America as it will grow to a regular card eventually! After several months of history, you should be in good shape to add some of the very good travel rewards cards out there, but unfortunately you need to start with a boring card or two to get there.

Good luck!

[Anonymous]

As far as being added as an authorized user: I have been added to a great BoA credit card that has a ~30K limit...but they are not reporting to the my credit history for some reason.  This was my very first idea, and when I realized it wasn't working, I started to use solely the corporate card.

Using the CapOne pre-qualifying tool, I was shown the QS1 and Platinum cards.  They ask you to describe your credit, and I did it once choosing "rebuilding" and again using "average" -- same result each time.

I think I will do some research into the Discover secured (I know it isn't as widely accepted as Visa and Mastercard, and I would want to make sure that I could put my deposit to work and cover some travel expenses).

I will also call CapOne on Monday/Tuesday to find out more info about the secured card.  Then, it will come down to whether I trust the CapOne pre-qualifying tool enough to face potentially another rejection.

[myjourney]

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@Anonymous wrote:

As far as being added as an authorized user: I have been added to a great BoA credit card that has a ~30K limit...but they are not reporting to the my credit history for some reason.  This was my very first idea, and when I realized it wasn't working, I started to use solely the corporate card.

Using the CapOne pre-qualifying tool, I was shown the QS1 and Platinum cards.  They ask you to describe your credit, and I did it once choosing "rebuilding" and again using "average" -- same result each time.

I think I will do some research into the Discover secured (I know it isn't as widely accepted as Visa and Mastercard, and I would want to make sure that I could put my deposit to work and cover some travel expenses).

I will also call CapOne on Monday/Tuesday to find out more info about the secured card.  Then, it will come down to whether I trust the CapOne pre-qualifying tool enough to face potentially another rejection.

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Apply you have nothing to lose and everything to gain and then report back

[Anonymous]

Yes, apply for the Cap One QS1, you are good to go! Do not waste your time with their secured when you can get a real card! The pre-qualifying tool is virtually always solid. Start collecting that 1.5% and building your credit. At some point down the line, you might be able to get them to remove the annual fee. You can't do anything with a secured card down the line. I would apply for the QS1 right now!

Regarding the authorized account, how long have you been on it? It could take a couple of months to appear. If it has been a long time, have the card holder contact BoA and make sure they have your information correct and ask why it's not reporting.

Good luck!

[myjourney]

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@myjourney wrote:

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@Anonymous wrote:

As far as being added as an authorized user: I have been added to a great BoA credit card that has a ~30K limit...but they are not reporting to the my credit history for some reason.  This was my very first idea, and when I realized it wasn't working, I started to use solely the corporate card.

Using the CapOne pre-qualifying tool, I was shown the QS1 and Platinum cards.  They ask you to describe your credit, and I did it once choosing "rebuilding" and again using "average" -- same result each time.

I think I will do some research into the Discover secured (I know it isn't as widely accepted as Visa and Mastercard, and I would want to make sure that I could put my deposit to work and cover some travel expenses).

I will also call CapOne on Monday/Tuesday to find out more info about the secured card.  Then, it will come down to whether I trust the CapOne pre-qualifying tool enough to face potentially another rejection.

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Apply you have nothing to lose and everything to gain and then report back

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Ryan, 

I'm going out for awhile but here was my plan for you in 2 stages 

Run preapproval app Plat if approved 

close out browser open new window (incognito) 

App QS1

Going for the 2 card same HP's trick 

Let me know results and happy hunting 

[Anonymous]

 Great news:

I applied for the Quicksilver One (after much deliberation and anxiety)...and I was approved with a $500 CL!  Very excited.

Going to enjoy it for now, and then start the road to building a good credit history and getting a top rewards card.  

I don't want to get greedy and try for another right now...but let me know if you completely disagree.

Thank you to everyone who helped me through the process.  I wish this had been my first stop!

[daybreakgonesXe]

Personally, I say wait. Nurture that new card for at least 6 months, then you can attempt to apply for another good card (except for Chase, they like to see one year of revolving history). I'm more the slow and steady type and that's how I've gotten where I am today by not having to hassle with achieving higher limits, while others prefer the apply for as many as you can now and then aggressively grow them later. All depends on your preference. Good luck and cheers!

[myjourney]

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@Anonymous wrote:

 Great news:

I applied for the Quicksilver One (after much deliberation and anxiety)...and I was approved with a $500 CL!  Very excited.

Going to enjoy it for now, and then start the road to building a good credit history and getting a top rewards card.  

I don't want to get greedy and try for another right now...but let me know if you completely disagree.

Thank you to everyone who helped me through the process.  I wish this had been my first stop!

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Waste no time follow step 2 now and report back ASAP

[Anonymous]

Don't bother with another Cap One card, its not needed.

Just use this card as much as you can and pay in full. After a few months you will probably be able to get your limit increased and then again at 6 months or so!

You did good, now just wait for your scores to start going up and then you can get better cards! The Cap One Platinum is such a useless card and will do little for your credit!