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I was recently approved for a Bank of America Secured Card with a credit limit of $300 matching my deposit! And so begins the establishment of my credit history!
I took a look at my credit scores and report, and they are as follows: TU: 651 and EQ: 651. My Experian credit file is too thin to have a score, though I suspect both of those scores are greatly exaggerated for this same reason.
My TU credit report (but none others) show a card 103% over its $2500 limit and months overdue, this can't be mine as I just turned 18 in December. It reports that I am an authorized user, so I asked around and figured out it was a well-meaning grandparent. I turned in a dispute to have it removed but haven't heard anything back yet (however it's only been a few days.) I suspect this will lead to a bump in that score, however accurate a score with one card and one payment on it can be.
My eventual goal is a Chase Sapphire Preferred, as I do a lot of international travel for work and such. I was considering opening up another secured line with a 1k deposit to show multiple revolving lines on the report and higher total credit availability. Because right now, my debt to credit ratio can get thrown past the 40% mark with a modest trip to the grocery store! Might there be a better alternative than hiding away $1000? A fast track to a useful credit card? I've considered buying a piece of jewlery on credit and then paying it off in the first bill to show multiple credit types as well. But I'd love to hear other reccomendations!
Welcome to myfico. BofA is a very good secured card. Congratulations on obtaining it. As far as your AU problem, you'll probably hear something right at 30 days. Whenever I've disputed something, I've had to wait the entire thirty days before the dispute was remedied. In addition, I think an additional secured card would make good credit sense. Try Cap One this time. Their secured cards are first rate. Good luck. Taking your credit seriously is a very important step to increasing your quality of life. Kudos to you on learning this early on.
I would go with the US Bank harley davidson secured over the cap1. Other than looking a bit silly pulling it out to buy things if you dont ride a harley it is far superior to the cap1. First it can graduate, second no AF, third you don't have to deal with Cap1 CSRs. They also have a no AF aero mexico or something secured card if that sounds better...The HD card earns 1 percent toward HD gift cards, meh. but I have sold a couple on the gift card swap sites, get 20 bucks for the 25 dollar cards so at least it is a .8 percent cash back card.
Another option is State department federal credit union. you can join by being a member of an organization (search the forums) and they do a combined share secured loan/ secured card. People have reported being very happy, though I have no personal experience.