should I apply for another secured card?

Anonymous · ‎03-13-2017

Hi two years ago my credit scores was in the 650s but then I got hurt and couldn't work at my job and a lot of my credit cards closed. I had 2 NFCU cards with $14k limits NFCU credit line of credit $15k, BOA $500, United $8k, BOA BCE $1k, Walmart $400 and USAA $1500.. All of them closed as I had ran up the limits and couldn't make the payments.. Now I finally have a chance to work on my credit and just got approved for a capital one secured card for $200 with $99 deposit. My fico 8 scores arent great of course Exp 500, TU 518 and EQ 502.. Which secured card would give me a good chance for approval?

Anonymous · ‎03-13-2017

Others I'm sure will disagree. but my opinion is the conservative approach is best here. Let that card report for 3-6 months, use and pay off frequently, then check those scores again. I think you will have enough of a bump to qualify for unsecured cards then.

If you MUST have another card now, I would go with Discover It. It will unsecure in as little as 7 months and will grow nicely to a prime card.

Anonymous · ‎03-13-2017

Thank you I'm really itching to apply for the Discover it Secured but afraid of getting denied due to my scores.

Anonymous · ‎03-13-2017

With your current scores it would be difficult but certainly not impossible to get approved. When is the last time you checked your credit reports? Thats the first thing you want to do to ensure all accounts are up to date and accurate. BOA has a good secured product (cash rewards version) that's fairly faithful with graduating within 12 months. Discover also has a secured card that will also earn you rewards. Im sure others will chime in, but you may need to garden with that one card for a while in order to let your scores bounce back a bit.

Anonymous · ‎03-13-2017

Then I repeat to give that one card some time to help your scores.

Also, what are you doing about the old accounts? Are they paid? are you oaying on them? Spend some time in the rebuilding forum to get some good advice for cleaning up those old accounts.

Anonymous · ‎03-13-2017

Thanks as of now I only paid the walmart store card just trying to get it deleted off my report.. I can't afford to pay off the others right now but im trying to find a solution.

Anonymous · ‎03-13-2017

@Anonymous wrote:
Thank you I'm really itching to apply for the Discover it Secured but afraid of getting denied due to my scores.

Discover It Secured is one of the harder secured cards to get. I would not waste the HP until your scores are 580+