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Quickie...
Currently have CHARGED OFF Capital one. -- Paid Off 2 days ago just waiting to fall off.
I now have BofA $300 Secured Card. Just got last week. (Card arrived today by the way)
Should I apply for at least another secured card? Maybe even 2 more?
I have been advised against First Premier so I would prefer to go the secured route unless there is another company with almost guaranteed approval that isn't as bad as first premier?
I'm just assuming I need more than this 1 tradeline......Thoughts?
I would try for another one.
Look into OpenSky. They are a secured card. No credit check and I have read reviews that went either way.
Yes, I would stay away from FP, they have very high fees.
I have read mixed things about the WF secured card also.
Yea, I would rather do Wells I think. OpenSky looks a little....shady :-)
and the reviews don't seem to be so great. No grace period? WTH? So you start paying intrest as soon as you make a charge?
Oh hell no.
Just did further research. OPENSKY does not ANY LONGER start charing intrest immediately. They have a 25 day grace period AND they allow $200CL when most people are now starting at $300. I just applied. So now I have 2 open tradelines.
I would like to USE my 1-2-3 Cash Rewards Secured from BofA so is it okay to do the under 9% rule with that card and let this OpenSky report at $0?
check with your local credit union. I dont bank with mine anymore (I think I have a $7 balance) but I applied online and they called me 2 days later with a CC at 10% and a $500 credit limit. I contacted them about a CLI and went for broke and asked for $2500 and they gave it to me!
When I started my journey I had one credit card and a house payment. I now have 3 credit cards and we bought a car for our 36th anniversary and my score has gone from 583 in Nov '11 to 728 now...in what 10 months or so.
CC utilization is the key and having diverse timelines obviously helps. I have a mortgage, revolving (CC) and installment (car loan). Once I opened more tradelines you can "prove" that you can balance more credit responsibility and your score will increase quicker.
Use the card but do not pay it off completely every month. Leave about 5-10% in the acct. If you pay it off completely and the CC reports a "0" balance then the CC co. doesn't think you are using the card. They dont get a full day to day report of your monthly activity. They only get a snapshot of that particular day. You also need to find out when your card reports. Usually it's 3-5 days after the payment is due. That should show on your credit report. And do not charge anything between those 2 dates. I thought my CapOne reported on the 11th for what was due on the 8th.....WRONG....I charged a bigger item thinking it was clear and my CS took a small hit.
Hope this helps! Good luck!!
BTW....you only need one card to report the 0 balance. If you get a card at a lower interest rate put the other card in your dresser....
Wow. Thanks!
James....let me change that...I misspoke....you only want one card to have the 5-10% balance.....the others need to ne at 0
I have read that you should rotate regardless of interest if your truly building. Why, because FICO also looks at if you have lowered your use with a card not just utilization.
Say you have two card with a $1000 limit each. Card A reports with a $100 balance and card B reports $0 balance (5% UTI). You get a bump for the 5%. Next month card B reports $100 and card A $0 balance (5% UTI). You get a possible bump for the 5% UTI on card B BUT you also can get a bump from card A as well since you lowered your use of the card to $0. FICO also look at your balance for the previous month to see if you used less on your revolving.
guiness56 has commented on several occasions about rotating cards.
Someone will correct me if I'm wrong...
@RCOH wrote:I have read that you should rotate regardless of interest if your truly building. Why, because FICO also looks at if you have lowered your use with a card not just utilization.
Say you have two card with a $1000 limit each. Card A reports with a $100 balance and card B reports $0 balance (5% UTI). You get a bump for the 5%. Next month card B reports $100 and card A $0 balance (5% UTI). You get a possible bump for the 5% UTI on card B BUT you also can get a bump from card A as well since you lowered your use of the card to $0. FICO also look at your balance for the previous month to see if you used less on your revolving.
guiness56 has commented on several occasion about rotating cards.
Someone will correct me if I'm wrong...
Rotating the cards is more so the CCC will see you are actually using it and not drop your limit or close the card.
FICO doesn't look at previous months utilization. They can't. They have no memory of utilization. You are scored for what is on your report at any given time a score is pulled.