Should I get multiple secured credit cards to reach my goal?

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Supermade
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Should I get multiple secured credit cards to reach my goal?

Postby Supermade » Tue Mar 20, 2012 5:22 am

I am requesting advice on achieving my goal within the year (if even acquirable) of obtaining an American Express Zync card. Any advice on how to achieve this, even if it's not within this year, will be greatly appreciated!

Here is a rough run down of my credit report.

I stupidly made mistakes and poor choices when I was 18 going to 19. I am now 23. I accumulated debt from not paying my credit card and an unpaid medical bill, both of which have been paid. And as an agreement with the collection agency, the medical bill and any negative marks were taken off my credit report. Lucky for me.

Step 1:
I was approved for a BankAmericard Secured Platinum Plus Visa (CL $300) a few days ago and still waiting eagerly for the card to arrive in the mail.

Step 2:
I've read suggestions that to obtain an unsecured credit card, multiple secured credit cards or more than 1, is highly recommended. Should I try to apply for a second card? Or straight to applying for an AMEX Zync?

FICO Scores:

Experian: 602
Equifax: 614
TransUnion: 584

I believe, if calculated correctly, my AAoA is 4. Only account still on my credit report is the Capital One CC which is a 4.5 yrs. It has been closed and debt settled.

My debt for the medical bill has not been removed since I just paid it off, which is why i believe my FICO is still low. I did get in writing that it will be removed within 30 days.

Will it be easier to recover from bad credit since all that will remain on my credit report is the credit card I did not pay until now and only reached $650 in debt? It did take me 2.5 years to decide to pay it though.


namvet
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Postby namvet » Tue Mar 20, 2012 5:44 pm

I would get 6 months of good pay history on your new card before trying to get another card. Just pay on time and don't max out your card. You should be able to get a unsecured card by that time.

Supermade
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Postby Supermade » Tue Mar 20, 2012 8:38 pm

Thanks namvet.

Any ideas how bad my credit it is? And how much time and effort it will take to repair it, considering that my only baddie is the unpaid credit that took me 2+ years to pay?

Like I said, my ultimate goal within this year is to obtain the AMEX Zync or Green card.

JCarter
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Postby JCarter » Tue Mar 20, 2012 11:48 pm

I would increase your credit limit on the first secured card, and go ahead and get another one. After that, get yourself 6-12 months of solid history built up before attempting American Express. Also plan on your scores needing to be atleast ~720.

Supermade
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Postby Supermade » Wed Mar 21, 2012 12:16 am

JCarter wrote:I would increase your credit limit on the first secured card, and go ahead and get another one. After that, get yourself 6-12 months of solid history built up before attempting American Express. Also plan on your scores needing to be atleast ~720.


Is there an amount you would suggest? I'm assuming a credit line of $300 isn't going to get me anywhere fast.

Maybe this is an arrogant question, but I'll ask it anyways.

Does anyone think I am more likely to get out of this "bad position" regarding my credit, based on my scores and considering that I only have 2 negative marks on my credit?

I think I forgot to mention that 1 baddie was Capital One and the other was the collection agency in which the account was referred. I just paid that off December 2011. Account was open 4.5 years ago.

JCarter
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Postby JCarter » Thu Mar 22, 2012 1:20 am

I would suggest you go for what you can afford, if that is $300 then stay there, if you can afford $5000 then by all means, go for it.

You'll see them fall off in 2 and 1/2 years, but if you have maintained good credit history since then you shouldn't have too many problems.

immaengineer
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Postby immaengineer » Fri Apr 06, 2012 7:44 am

I know exactly how you feel Supermade, I was in your exact situation not too long ago. What I did was open secured card accounts with Bank of America, American Express and Capital One. I started them all off with $500 a piece, then went up to $1000 each after 4 months. I waited until month 8 and called each company to speak with a representative and apply over the phone. My score was only in the 650's, but I was accepted for the Amex Zync, and Capital One card. Bank of America denied me at first, but I called back a little later in the day, and spoke with another rep and was able to have them manually review my account and I was approved. So I cancelled all my unsecured accts and started off fresh with unsecured. Hope this helped.

eschaton
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Postby eschaton » Sun Apr 08, 2012 3:21 pm

I had a few delinquent baddies from child support, various 30, 60, 90, 120 day late payments from 2007-2008. They have since been resolved. I got my first credit card (unsecured) from Capital One (12/2010) and after one year of building credit (at the time, I wasn't aware of how credit worked, I just paid my account in full every month) and I eventually applied to the BCE and was denied. However, I was approved for the Zync last month (Experian FICO of 728).

So, to answer your question, it's possible with just one credit card, but of course, YMMV.



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