Have secured card. Am I ready for a regular credit card?

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mah300274
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Have secured card. Am I ready for a regular credit card?

Postby mah300274 » Wed Jun 18, 2014 9:58 am

I turned 18 about 4 months ago and signed up for a secure card asap via Bank of America's Cash back card. I paid for a $400 credit line, but heard that you should keep utilization between 0-20%. So I charge the card to about 20% and pay off in full when I get each statement. I have been reporting for 3 terms now and have a 722 TU score.

My question is - should I get another card? Possibly a student card or another secure card or should I just get a regular credit card and see what they approve me for?


takeshi
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Postby takeshi » Wed Jun 18, 2014 12:29 pm

6 months is tossed around as a typical suggestion but you really don't know for certain unless you apply.

mah300274
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Postby mah300274 » Wed Jun 18, 2014 5:35 pm

takeshi wrote:6 months is tossed around as a typical suggestion but you really don't know for certain unless you apply.


I know a chargecard is "not" the same difference as a credit card, but I use them both in the same matter.. Would it be more worthwhile for building credit to get one or the other?

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kcm7
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Postby kcm7 » Thu Jun 19, 2014 10:25 am

My sister applied for a regular card (Capital One) about 6 months after using a secured card, and she got a approved -- with a credit limit that I thought was surprisingly high. Then again, her income was pretty decent, too, at the time, so your income might affect your results.
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG



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