New to Credit: Advice on 6 month mark with Cap One Secured MC

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New to Credit: Advice on 6 month mark with Cap One Secured MC

Postby thecritic3977 » Thu Feb 20, 2014 2:28 pm

I am new to credit at the age of 30. I have always used cash, check, & debit over the years. I currently have a Capital One Secured Mastercard with 6 months history. Recently my girlfriend added me as an authorized user on her Discover with 3 years 5 months history. This makes my new AAoA 1 year 11 months. $7,000 credit available. 4% utilization. Credit Karma score of 733.

What should I do next? I want to get an unsecured credit with no AF of my own which i can keep for the long haul. I do not want to keep the Capital One past the 11th month as it has a $29 annual fee, low $300 limit, & will never graduate apparently.

Thank you very much,

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Postby Obi-dan » Thu Feb 20, 2014 5:49 pm

Pick a credit card you think will be right for you and apply. If you can get an secured card open before the AF hits on the Cap One then close it. I would be wary of closing the Cap One before I get an unsecured card.

You can always ask Cap One to unsecure the card (basically do a product change) but I have heard they don't do this. I don't know first hand. It doesn't hurt to try though.
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