- Centurion Member
- Posts: 1157
- Joined: Sun Jan 26, 2014 3:55 am
- Location: US
Have you tried calling the reconsideration line for Chase? I've no experience doing it, but I know it can be done. It may not be too late to speak to an analyst and try to turn that no into a yes. No guarantees, but you've already taken an inquiry for a Freedom so there is nothing to lose (the worst they can do is tell you "no").
It's not what you wanted, but congrats on the Capital One card. If you always pay in full, you'll never spend a cent in interest and will get your security deposit back down the road anyway.
As far as the next step, I'd definitely recommend getting something. More tradelines just show more companies willing to extend you credit, more accounts aging and reporting positive payment histories (which will help you immensely in the future), and your ability to manage more financially. It really doesn't matter what you get for scoring and credit-building purposes: as far as your credit profile is concerned, a tradeline is a tradeline. It just comes down to what you would prefer. There is nothing wrong with a secured BofA card, and you can use it wherever you want if that is important to you for convenience, tracking spending, etc.
Some members here have an aversion to store accounts; I just like to recommend them because they are as easy to get as secured cards, but don't come with fees and security deposits. $39/year isn't a lot of money, but my thinking is simply why spend it when there's no need? You wouldn't be able to spend it everywhere, but you're already used to that. It's not like you'd be earning rewards on a secured card anyway. So there are pros and cons to each, and again it just ultimately depends on what features are most important to you. If you do decide to apply for a store account, I would recommend a company you shop at somewhat frequently (hence my Walmart example, if you do shop there regularly). You don't even have to use the card every month, but some regularity would look better than an inactive account.
Speaking from personal experience, I applied for a lot of store account while I was in college and it helped me greatly in building credit. You can see there are a lot in my signature, but by no means is that an optimal route (I mainly got them for one-time upfront perks like a discount on a purchase rather than proactively trying to optimize my credit score). Anyway, store accounts have done great things for me (I was able to finance a car on the best terms shortly after college, and I may soon be purchasing a house on the best terms) and I've never paid a cent in interest or fees from credit cards.
EX - 809 (11/16) | TU - 803 (11/16)
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now