I would have to concur with just about everything credit guy mentioned.
If you're looking for cards try the Capital One Quicksilver. The lower tier has an annual fee ($49), but it gives you 1.5% cashback on all purchases, 0% APR for the first year, and they up your limit after 6 months of positive credit behavior and no late payments. I started with this card over a year ago when I was rebuilding. My credit was around 620 and I was approved for $1000. Several months later they automatically increased the limit to $5000. To be honest this is the very best that I can think of with your score. It will give you the best versatility and perks with fair credit. If there's a store you enjoy shopping at you can apply for one of their cards, but they usually have lower limits.
Honestly, if you already have a card already try opening just one more, then maintaining them both. Credit utilization and on time payments can make an incredibly positive impact even in just a few months. Trying to open a bunch of cards at one time can be seen as you being desperate for credit by lenders, and they can refuse approval specifically for this reason. Barclay, for exampl, is notorious for this. With an outstanding balance in collections it would make things look even worse.
Remember there's no quick remedy to fixing the negatives on your credit report. The only thing that can fix bad scores is time and consistent positive behaviors. Always be honest with lenders, pay on time, keep utilization low and don't go too crazy on inquiries and I bet within the next year you'll see a huge increase in your score.
If you try that Quicksilver card (or any other options) let us know how it goes.
Might just be trying to get you off the phone. There are people who have called within minutes of not seeing an instant approval and ended up getting approved by the time they got off the phone. Call them again after you get the letter if it's not approved. Just make sure you don't call a bunch of times. I know a few people have mentioned that they keep notes.
OP, which capitalone one card were you declined for? I agree to wait and get the letter and see what it says, then try a recon.
you might want to consider going the secure card route. Do you have a banking relationship with bank of america, us bank etc? or if you have a credit union that you belong too, their are some good secured card options.
Even the secured Discover It could be a good possibility as they even have a lower $200 dollar initial limit min. And after 1 month you can add more funds to the card. Its hard when you are starting out to rebuild. Usually capitalone is very forgiving though, so im surprised you got declined with them if you applied for one of their rebuilder cards.
|Total Credit: $240,100||Credit Utilization: 1%||AAoA: 5 years, 7 months||Installments: Car Lease, Marcus Loan||Negatives: 0|