Do I need another card for rebuilding? Read on please

[Anonymous]

Hi,   

Just starting out after years with no cards, and one year with a Cap one Platinum that I never used.   I started using and paying in full the Cap One Plat, applied for and received a Cap One QS One, and have been using that and paying in full.   Recieved an email that I will have an auto increase on the QS after 6 months from opening date if all is well.    Received a VS card via SCT, but I heard that store cards don't really count, and I'm sure I will not use it often.   So I have 2 regular cards, one store card.    My scores are bad, in my signature.    I had a few things removed and paid, and CK says I'm up 35-40 points on TU and EQ fakos, but I can't pull another FICO for a couple of weeks.   It's doesn't matter because they will still be very low!   

I'm wondering, do I need a new card?    Would it be a downgrade to add a secured card (Discover or Citi or BOA?)    I only have 2 inquiries ever on my reports.    I'm just wondering if it would be a good idea to add another tradeline.

My goal is to save $50 grand and buy a house in 2 years.   

Any thoughts are much appreciated!

[Anonymous]

As long as your Platinum is at least 2 months old, go into cap one chat and ask if it's eligible for upgrade to Rewards status.  They will change it to a QS w/no AF.  Once you've received your auto CLI for the QS1, combine it with your new QS (ex-Platinum).  You'll have one QS w/no AF and a bigger CL.

Your VS card will work just fine for building credit., no differently than a bank card.   However, if you'd like a new bank card a secured one is a good idea.

[Anonymous]

Thanks Never,

If I did the combination, wouldn't I be losing a tradeline?    Meaning 2 cards become one card?   Sorry if a dumb q, I'm totally clueless regarding credit cards!

[Anonymous]

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@Anonymous wrote:

Thanks Never,

If I did the combination, wouldn't I be losing a tradeline?    Meaning 2 cards become one card?   Sorry if a dumb q, I'm totally clueless regarding credit cards!

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Yes - you will - but then you are eligible to apply for another Cap One card - and might get a higher starting limit and your card will be getting rewards and no annual fee (a good thing).

Secured cards are good places to rebuild too.   Also - give all the cards a chance to report.....Yes Three cards is the 'sweet spot" for scoring - but if you let that new card report and your scores go up - you might be able to get another unsecured card......Discover likes thin files and I was able to get mine with a score at 603 (however everyone is different).

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Thanks Never,

If I did the combination, wouldn't I be losing a tradeline?    Meaning 2 cards become one card?   Sorry if a dumb q, I'm totally clueless regarding credit cards!

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Yes - you will - but then you are eligible to apply for another Cap One card - and might get a higher starting limit and your card will be getting rewards and no annual fee (a good thing).

Secured cards are good places to rebuild too.   Also - give all the cards a chance to report.....Yes Three cards is the 'sweet spot" for scoring - but if you let that new card report and your scores go up - you might be able to get another unsecured card......Discover likes thin files and I was able to get mine with a score at 603 (however everyone is different).

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Thanks so much JLynn!   I need simplicity in my life, so maybe I'll just keep what I have, upgrade a Cap one, and maybe attempt a Discover later!   

The fact that I have more than one card, is already stressing me out.   I really don't want to use ANY of them, but I know I need to build a history!  

[Anonymous]

I did this and the gave me the Quicksilver with the annual fee, I'm not sure why. Is there a credit score requirement for QS without the fee?

[Anonymous]

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@Anonymous wrote:

I did this and the gave me the Quicksilver with the annual fee, I'm not sure why. Is there a credit score requirement for QS without the fee?

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No there is not. I have had three platinum cards converted to QS/QS1 cards. The platinum accounts that had no AF converted to QS cards. The Platinum account that had a $59 annual fee (was originally an Orchard Bank card) converted to a QS1 card. Cap One does have two different platinum cards, The "regular" Platinum card which has no AF, and the "Classic Platinum" which has an AF but several percentage points lower interest.

[Anonymous]

Hmmm... Very strange that they didn't offer me the one without the annual fee, the just upgraded me to the annual fee card and I never questioned it. I guess I can always call them and change it down the road. Thanks for letting me know

[Anonymous]

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@Anonymous wrote:

Hmmm... Very strange that they didn't offer me the one without the annual fee, the just upgraded me to the annual fee card and I never questioned it. I guess I can always call them and change it down the road. Thanks for letting me know

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I think you have to wait about 6 months to request a product change.....Just in case you were going to do it soon.

[Anonymous]

Well I just paid the fee in October to change it so I can wait until next year before the annual fee is due again. You said 3 cards is the "sweet spot" would it be worth it to apply for another card, maybe even a secured card just to have 3 cards reporting? When I pull my score it says I have to few accounts (6 equifax, 7 Transunion) Are there any cards other than CapOne that don't do hard pulls on your credit report? I'm planning on buying a house next year, I'm not sure whether it's better to try and ride out what I have, or get one more account.