how long before getting another CC?

[Anonymous]

Hello everyone, hope your Monday is going well.

My CR is screwed up by a student loan default, a hafl dozen collections items, and the fact that I had no revolving credit.

I started rebuilding my credit after the new year, by paying off collections on my CR, and also got a Wells Fargo secured credit card for $500 about 3 weeks ago. My defaulted student loan will start the rehab process in June of this year.

After getting my secured CC in March, my scores saw some increases. which is great!

Exquifax  before secure CC: 498 and after secure CC: 520

Experian before secure CC: 496 and after secure CC: 536

Trans U   before secure CC: 508 and after secure CC: 525

Still dismal, but hey, you gotta start somewhere, right?

So now I am very very eager to get another card of some sort, but could use some advice on what kind, and is it too soon to start shopping for another card and get another inquiry on my report? I was approved for the Wells secure card on March 13...

Also, beyond getting another credit card, is there anything else I can do to boost my score? My collections will be paid soon, and that just leaves me with re-habbing my defaulted student loan. 

Thanks for any advice!

[Anonymous]

Try Cap One unsecured, or secured if they turn you down initially. You can aslo go with a secured card through SDFCU.

[Anonymous]

Cap One Quicksilver might approve you for 300.00.

[Anonymous]

Thanks for the replies guys, appreicated - one thing though - that fact that I just got this Wells secured - would it not be considered too soon to apply for a new one? I've heard and read that sometimes you are supposed to wait so as to not get a bunch of credit inquiries, which supposedley can lower your score?

[Anonymous]

When first establishing or when rebuilding, you want to get 3 accounts established right away. Don't worry about inquiries at this point, its much more important to get the accounts established as soon as possible so they age to mature status (24 months) all about the same time.

You'll get much more score juice from getting the first two accounts than you could possibly lose from a few inquiries.

[Anonymous]

Thanks Norman, appreciated.....I will start researching another secure CC this evening after work.

I was originally interested in the Open Sky card, but I have read online that it is better to get secured cards that can "graduate" into regular cards. From what I can tell the Open Sky card does not graduate.

[Anonymous]

I have open sky and while they don't graduate, they don't pull a credit check and they always report. Even gave me a small increase. I believe in the near future they might have a normal card based on what the cs woman was telling me 

[Anonymous]

I highly recommend OpenSky CC. Btw I'm also trying to get my third card, have you checked on FNBO... If there are any that catches your eye please do share...

Thanks