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theceo

App Spree Success! I’m BACK here after a decade.

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Store cards and the quantity and quality of that overall list aside, definitely get out of that Credit One application if you can.


Seriously, a BOA secured card would be better than Credit One or something like that. My BOA secured card converted to unsecured within 6 months and I got a CLI. I believe it's been less than two years now, and between two cards with them, I have close to $20k now.

You need to look at the big picture here and not be in such a rush to repair/grow your credit. I'm guilty of going nuts and taking whatever I could get, too, but you should really take the advice here and slow down and build better quality credit instead of just taking whatever you can get. You will be glad you did in the long run. Chill out with the store cards. It's a marathon, not a race. :)

 

Well said.

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Why is there even talk of secured cards continuing?

 

The OP has an 2 unsecured CapOne's and a new unsecured Discover.

 

The only single reason for a secured card would be if the OP was going to drop down $10K on it or something. The OP is revolving appx $1K in balances right now, so the think-o-later tells me they don't have $10K laying around to do this.

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Why is there even talk of secured cards continuing?

 

The OP has an 2 unsecured CapOne's and a new unsecured Discover.

 

The only single reason for a secured card would be if the OP was going to drop down $10K on it or something. The OP is revolving appx $1K in balances right now, so the think-o-later tells me they don't have $10K laying around to do this.

 

Because opening a secured card with a better lender would be a drastically better decision than opening a Credit One account and ending up closing it in 2-3 years. BOA (the example that I'm using) would likely unsecure within a year (mine was 6 months) and be eligible for a large CLI. I got the $99/500 deal a couple years ago and now have a $10k credit limit and a $9100 credit limit with BOA.

 

Orrrrrrr... you could open up a Credit One account that they give you a $200 credit limit on and you may get a $100 CLI on it before you close it in 2-3 years. At the stage he's at, I don't see anything wrong with a secured card at all. Capital One and Discover are not exactly the mecca. He hasn't crossed the finish line.

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Why is there even talk of secured cards continuing?The OP has an 2 unsecured CapOne's and a new unsecured Discover.The only single reason for a secured card would be if the OP was going to drop down $10K on it or something. The OP is revolving appx $1K in balances right now, so the think-o-later tells me they don't have $10K laying around to do this.

Because opening a secured card with a better lender would be a drastically better decision than opening a Credit One account and ending up closing it in 2-3 years. BOA (the example that I'm using) would likely unsecure within a year (mine was 6 months) and be eligible for a large CLI. I got the $99/500 deal a couple years ago and now have a $10k credit limit and a $9100 credit limit with BOA.Orrrrrrr... you could open up a Credit One account that they give you a $200 credit limit on and you may get a $100 CLI on it before you close it in 2-3 years. At the stage he's at, I don't see anything wrong with a secured card at all. Capital One and Discover are not exactly the mecca. He hasn't crossed the finish line.

Time is all the OP needs now. Not a secured card. Not a Credit One card.

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Why is there even talk of secured cards continuing?

 

The OP has an 2 unsecured CapOne's and a new unsecured Discover.

 

The only single reason for a secured card would be if the OP was going to drop down $10K on it or something. The OP is revolving appx $1K in balances right now, so the think-o-later tells me they don't have $10K laying around to do this.

Because opening a secured card with a better lender would be a drastically better decision than opening a Credit One account and ending up closing it in 2-3 years. BOA (the example that I'm using) would likely unsecure within a year (mine was 6 months) and be eligible for a large CLI. I got the $99/500 deal a couple years ago and now have a $10k credit limit and a $9100 credit limit with BOA.

 

Orrrrrrr... you could open up a Credit One account that they give you a $200 credit limit on and you may get a $100 CLI on it before you close it in 2-3 years. At the stage he's at, I don't see anything wrong with a secured card at all. Capital One and Discover are not exactly the mecca. He hasn't crossed the finish line.

OP already has better lenders: Cap 1 and Discover. Like Kon says OP now needs time, and also patience, discipline and working on the income side of the credit game equation.

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Couldn’t reach Credit One today, but will try again to cancel the application.

 

Yeah, I am rather impatient to have decent credit again. I wanted to buy a house in 2 years or less and the odds are increasingly dim. Or rent an urban apartment if a career takes me there since it would mean a good income jump, but I can’t even qualify for a decent downtown apartment with my credit yet. I should pay off those Cap One cards I know, but after a rough patch, am afraid to not have as much cash as possible on hand. I’ll have to rethink that. My scores and options could improve even with a 50 point credit score jump from paying those off. Don’t we all need to work on our income? :D I do there too.

 

I don’t know why I want BOA or Citi so much, even though it’s not necessary, but I do want to start a relationship with a decent lender. I suppose I do already have that with Discover- if they really let me keep that card. Can’t help but think they made a mistake and I won’t really have that credit card. Anyway, I do need to let things garden. I just really don’t want to have to wait a year for a decent score.

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Couldnt reach Credit One today, but will try again to cancel the application.

 

Yeah, I am rather impatient to have decent credit again. I wanted to buy a house in 2 years or less and the odds are increasingly dim. Or rent an urban apartment if a career takes me there since it would mean a good income jump, but I cant even qualify for a decent downtown apartment with my credit yet. I should pay off those Cap One cards I know, but after a rough patch, am afraid to not have as much cash as possible on hand. Ill have to rethink that. My scores and options could improve even with a 50 point credit score jump from paying those off. Dont we all need to work on our income? :D I do there too.

 

I dont know why I want BOA or Citi so much, even though its not necessary, but I do want to start a relationship with a decent lender. I suppose I do already have that with Discover- if they really let me keep that card. Cant help but think they made a mistake and I wont really have that credit card. Anyway, I do need to let things garden. I just really dont want to have to wait a year for a decent score.

If you've never burned Citi or BOA in the past, it's only a matter of time before you get them. The cards you have should help you attract them if used judiciously. If you're goal is BOA or Citi make yourself look good to them which means you need to do a lot of reading here while gardening.

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Couldn’t reach Credit One today, but will try again to cancel the application.

Yeah, I am rather impatient to have decent credit again. I wanted to buy a house in 2 years or less and the odds are increasingly dim. Or rent an urban apartment if a career takes me there since it would mean a good income jump, but I can’t even qualify for a decent downtown apartment with my credit yet. I should pay off those Cap One cards I know, but after a rough patch, am afraid to not keep cash.

 

 

I don’t know why I want BOA or Citi so much, even though it’s not necessary, but I do want to start a relationship with a decent lender.

Adding a bunch of crap cards, adding a secured card etc will do basically nothing to improve your credit at this point.

 

Not paying interest on revolving debt will help your finances at this point.

 

BOA cards pretty much suck unless you have $100K in BOA/Merril accounts. The Citi DC is a good long term no-AF card.

 

You're looking at cards based off lenders which is lame. You should be looking at cards based off YOUR spend/needs.

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I like BOA and Citi also because they’re national/international and if I used them for credit cards, banking, and (eventually) a mortgage, that would simplify my life and potentially land me better rates and convenience. I don’t think Discover or Capital One offer mortgages.

 

But, yeah, more cards really wouldn’t do much for me and I’m trying to just let things sit. Luckily that’s easy since my credit is crap and i wouldn’t get approved for anything else anyway. :D

 

I actually did burn Citi and BOA some 10-12+ years ago. I’m not sure they’d even approve me for a secured card if I applied. I’m listening to the advice and not going for a secured card. I need to focus on my savings then paying off my 2 CrapOnes.

 

Still can’t get a hold of Credit One. I waited a long time on the phone to cancel that application today. Ugh.

 

I could pay off my credit cards, and really probably should, but I’m afraid to just in case another job layoff / something happens and I need some cash on hand. I do need to work on my savings and once I have a decent emerg fund, really pay off my ~$1k in credit cards.

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I've written horrid reviews of Credit One most places, because yes, they're horrid. Constant little (And not-so-little) fees popping up all over the place, for the 'privilege' of having their credit cards. No thanks. Yes, abort, abort!

Take a few deep breaths, and garden a while, clear up utilization the rest of the way, and grow with CLIs sounds like the best possibility. I also dissuade against Fingerhut typically, but in your case that is anchoring your AAOA, so...eh.

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I like BOA and Citi also because they’re national/international and if I used them for credit cards, banking, and (eventually) a mortgage, that would simplify my life and potentially land me better rates and convenience. I don’t think Discover or Capital One offer mortgages.

 

But, yeah, more cards really wouldn’t do much for me and I’m trying to just let things sit. Luckily that’s easy since my credit is crap and i wouldn’t get approved for anything else anyway. :D

 

I actually did burn Citi and BOA some 10-12+ years ago. I’m not sure they’d even approve me for a secured card if I applied. I’m listening to the advice and not going for a secured card. I need to focus on my savings then paying off my 2 CrapOnes.

 

Still can’t get a hold of Credit One. I waited a long time on the phone to cancel that application today. Ugh.

 

I could pay off my credit cards, and really probably should, but I’m afraid to just in case another job layoff / something happens and I need some cash on hand. I do need to work on my savings and once I have a decent emerg fund, really pay off my ~$1k in credit cards.

 

You can always run those CC's up again if you have to. No reason to be paying interest today on them though.

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That’s true.

 

Can’t credit cards close on me whenever? That’s why I would worry about paying them off then getting into a bind and then having no savings left/no credit cards left.

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Credit score estimators do suggest that paying off those Capital One cards will spike my score to 652 or so.

 

Is utilization *that* important? I know its largely important, but a nearly 100 score spike on my lowest score is huge.

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That’s true.

 

Can’t credit cards close on me whenever? That’s why I would worry about paying them off then getting into a bind and then having no savings left/no credit cards left.

Technically the answer to this question is that it's other people's money to borrow, and they can close anything on a whim. They could close it while you still owe, and you'd be a mass negative on balance to limit. Which would even more so impact utilization. Use it for a small something and pay it off before interest hits, if you're looking for the quickest way to build your credit while also building savings.

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Yes, but how likely/common is it?

Another card from my app spree came in...

 

Coldwater Creek - $500!

 

Yeah, It's gardening for me for a long time now.

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Yes, but how likely/common is it?

Another card from my app spree came in...

 

Coldwater Creek - $500!

 

Yeah, It's gardening for me for a long time now.

Congrats take your own advice and garden u are store card heavy this is not the way to build a strong profile.

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Congrats on the approvals. We're those even on the original list?

 

Definitely time to garden and figure out the long term strategy of adding quality, non-store cards to the portfolio in the future.

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Another one of the applications came in...

 

 

APPROVED

 

$2000 West Elm

 

 

I'm just waiting for application results in the mail. No more apps for a longggg time, oops. But my utilization is down and available credit is up. Gardennnnnnnn time.

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(I thought I'd add... I'm not applying to anything else, these are just results of pending applications. Yeah, I overdid it.)

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