Cards for average credit

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Cards for average credit

Postby jupiter » Sat Mar 02, 2013 4:19 pm

I have been using a secured card with my credit union for 7 months now, always paying in full, so I have decent credit. I figured might as well see if they would give me an unsecured card, so I applied, but was denied due to not having enough credit lines open. Apparently they didn't feel comfortable extending it to me with only the one secured card. So now I'm wondering which cards would be the best to try for. They suggested CapitalOne since that bank usually gives credit to those who are just starting out, but I'm wondering if another card would be better. Any thoughts?

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Postby MemberSince99 » Sat Mar 02, 2013 4:56 pm

Not really in terms of unsecured cards, to be honest. Cap One is much maligned here and for good reason, but they do serve a purpose as a very useful starter or rebuilder card.

A possible option is another secured card with BofA which later unsecures. But Cap One as far as an unsecured option is pretty much your best bet. Just go in realizing it will NEVER grow beyond one CLI and just use it to get better cards down the road and you'll be fine.

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Postby rossmo » Sat Mar 02, 2013 7:24 pm

I agree with everything MemberSince99 said.

You should also consider getting a "store" card (Gas station, Department store, etc..) which are generally easier to get and also help diversify your credit portfolio. They typically have low limits, but if you pay on time, will help with your on-time payment history. Just start with 1 to help your credit. (This also depends on your scores, of course.)
Credit Union Visa: $5000 (4/11)
Discover IT $1750 (10/12)
Chase Freedom $1500 (3/13)
BofA Credit Card: $18.7k (1/02) (Authorized User)
Secured CapOne Visa: $300 (5/12)
Banana Republic Store: $1200 (5/11)
Express Next A-List: $1340 (6/11)

FICOS (as of 3/15/12):
EQ 762
EX 731
TU 747

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Postby credit_card_fonz » Sun Mar 03, 2013 4:08 pm

Capital One is often treated unfairly, but they are excellent for someone with really bad credit because in most cases they will give a card with a 200CL for a deposit of $49 when other secured cards deny credit. They will then up the limit to 300CL after 6 months, but this is the only CLI you will ever get with that card unless you choose to add funds yourself, then you can add up to $3,000.

The reason they are slammed is because when your credit improves, they will make you apply for a new card, HP all 3 CR's and maybe give you a 500CL with a $39AF then up you to a 750CL then make you apply for another card. We shouldn't slam them because they will give someone a start when they can't get credit but when your scores are in the 650 range, I wouldn't mess with Cap1 as you will need near perfect credit to qualify for their best cards.

If you have credit well above 620, I would look at the Barclay Rewards Mastercard, you should get at least a 2,000CL. Of course under 600, you would need to look at a secured card. Something you could do is look at the Capital One preapproval tool and it's a soft pull. They will let you know if they think they have a card you qualify for. BofA has the same thing on their website.

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