Rebuilding credit, 650 now, should I get a 2nd card?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Viajeque
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Rebuilding credit, 650 now, should I get a 2nd card?

Postby Viajeque » Sun Jul 08, 2012 5:28 pm

Guys I have been rebuilding my credit for 18 months now. I improved it from 450 to 650. I have a secured Capital One Card with 1500 limit. Getting a 2nd card, an unsecured card will help boost my credit? Or should I wait to get into the 700s? I would like a cash reward card.

Thanks in advance


Crashem
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Postby Crashem » Mon Jul 09, 2012 10:46 am

2nd card should raise fico once inquiry and new account hit goes away. You might get immediate bump even
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Ratfacedudeguy
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Postby Ratfacedudeguy » Mon Jul 09, 2012 12:25 pm

All of the cards I got before this month have been with a score in the 600s. Of course you probably won't be eligible to take advantage of the more prime offers, but just going for an unsecured card in and of itself should be achievable, depending of course on the negative info on your credit report (age, severity, etc.).
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

Viajeque
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Postby Viajeque » Mon Jul 09, 2012 12:41 pm

Thank you guys. My only negative item in my report is a wrong balance that will drop by September this year. Its been 7 years!

My balance on my Capital One is not zero yet. Should I wait to put it on zero before making the move? or it would not make that much difference.

I am in between the CapOne Cash Reward and Chase Freedom, any recommendation for my case?

Money card
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Postby Money card » Tue Jul 10, 2012 9:53 pm

definitely not a capital1 card. they'll make you open a checking account in order to apply for a CREDIT CARD, NOT A DEBIT CARD BUT A CREDIT CARD. what do you think about a Discover card.

I've gone through 4 visas 1. my first fidelity, then first card , then Bank1 then chase this is since 1987 or so I've had only 1 Discover since 1998 all I can say is I love my Discover, I love cash too but I love my Discover. I had the Freedom card for about 2 months never used it.

If you have no interest in the Discover More card, I would go with the Freedom over the capital1 card.
5% cash back in rotating categorys this quarter is restaurants and gas stations, you have to sign up. 1% back on everything else.

Crashem
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Postby Crashem » Tue Jul 10, 2012 9:56 pm

Dont go for prime cards as they may cite too few revolving lines of credit. You still have rebuilding to do before you can get most prime cards. Get 2 more cards of any sort. No AF
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

Ratfacedudeguy
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Postby Ratfacedudeguy » Tue Jul 10, 2012 10:06 pm

Money card wrote:defnatley not a capital1 card they'll make you open a checking account in order to apply for a CREDIT CARD NOT A DEBIT CARD BUT A CREDIT CARD.


Uh.... what? I've had a Capital One account since '08 and I've never had a checking account with them, let alone been "forced" to open one. If you applied in branch then that was probably just an overzealous employee trying to keep up with his cross sell ratios and sales goals.
Amex Green - NPSL - 05/12
Amex Zync - NPSL - 06/12
Discover it - $7750 - 11/12
Chase Sapphire Preferred Visa Signature - $5000 - 11/12
SECU Platinum Visa - $5000 - 08/08
Bank of America Cash Rewards Platinum Plus Visa - $3000 - 06/08
Citi Diamond Preferred Mastercard - $3000 - 05/12
GECRB Old Navy Visa - $2500 - 11/12
Chase Amazon Visa - $2000 - 11/12
Chase Freedom Visa - $2000 - 07/12
Citi Thank You Visa - $1000 - 06/12
Amex Blue Cash Everyday - $1000 - 01/13

MemberSince99
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Postby MemberSince99 » Wed Jul 11, 2012 6:31 am

He might be able to get a Zync with that score.

MemberSince99
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Postby MemberSince99 » Wed Jul 11, 2012 6:33 am

Also Chase is POSSIBLE, with a recon most likely, and a likely 500 or 1000 limit. Still that would be great to get as well.

Viajeque
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Postby Viajeque » Thu Jul 12, 2012 12:32 pm

Crashem wrote:Dont go for prime cards as they may cite too few revolving lines of credit. You still have rebuilding to do before you can get most prime cards. Get 2 more cards of any sort. No AF


Can you give me more details on what kind of other unsecured cards of any sort to get? I only have 1 Capital Secured card and I am an authorized user on 2 retails store cards.

Thank you in advance



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