I am originally from Australia and been living in the states for the past year. I have been paying a car loan off for the last 7 months (I have a co-signer) which has helped my credit. All the payments have been made on time.
Since I had a car loan I thought it would be very easy for me to get approved for a credit card however, this is not the case. I have applied for 2 credit cards both from Capital One. The first time I applied, I did not do my research at all and didn't really understand how it worked and chose a card that was definitely going to be declined. The second application was for the Capital One Platinum – in the description it listed foreigners and it had a very high interest rate, I also received a pre approval letter in the mail, so i was pretty certained I would be approved. However, Today I received a letter stating it had been declined.
So now im wondering what my best option would be.
I bank with Wells Fargo, so I was thinking about getting a secured credit card with them, I have been banking with them ever since i moved here so I was hoping that my banking history would play into being graduated to a unsecured card.
I have read about the Orchard secured card so I was thinking about applying for this.
- As I only just applied for a unsecured credit card no longer then 2 weeks ago, would it be a bad idea to apply for a secured credit card?
- If opening a secured credit card is the best option, what card would best suit? How long does it usually take to graduate? Is it more beneficial to have a higher collateral?
I really need some good advice on how to best go about building my credit further. My transunion credit score is 597. Please help me with a good plan to build my credit quickly.