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Hi-

Lately I have been considering applying for the Capitol One Visa for 'credit that needs some improvement'. I know it is probably not the best idea since I have a paid CO with them from a year ago. I have read on this site how people right out of BK get approved with Cap1. Last fall they declined my auto loan whereas Chase approved me (with 17% interest). Anyhow, Chase won't give me a CC. I only have one bank CC with Orchard and would really like another. Could someone please advise me a good course of action? Like say 'wait 6 mos and apply for a specific card' or 'don't apply for Cap1'. I don't want to waste an inquiry really and I hear they usually pull 2 CR. My scores are EQ 628/EX 575/TU 630. Thanks.

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You're trying to jump tiers here. When you rebuild, you have to do just that - you can't expect to open one or two revolving accounts with a subprime issuer then go for a higher tier card.

The goal here is to learn from your mistakes, and not make them again - not to see how many new cards you can get. That means, keeping your balances low, and making your payments on time.

Sometimes you have to go the secured route until you've built up enough positive history to move up to the next tier.

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They pull THREE reports. The card you're talking about will like have a low limit and a high annual fee. And you know they don't report limits and are generally a nightmare.

If you don't have spare cash available for a secured card, Juniper pulls TU... you might try for one of their easier-approval semi-prime cards, like Carnival Sea Miles or US Airways.

https://www.juniper.com/app/ccsite/affiliates/prtnrCoBrandDynamic.jsp

Of course if you do have spare cash, you can always apply for BoA and try for the 99/50 secured if you haven't already. Also I hear Wells Fargo does a decent secured card. Or you might go one tier up from Orchard (Household). Pretty sure HH pulls EQ most of the time and your EQ isn't bad either.

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Thanks for the input everyone! I don't mean to 'jump tiers'. I think I am in a good place right now as far as handling my credit. I guess I need to cool it a bit. That's why I posted this (so I could put myself in 'check'). I was sitting at home thinking about my vacation this fall and said to myself 'It would be nice to take a card with me that has a limit of more than $300'. I always have my debit card.

LNY- I do have spare cash to put towards a 'secured' card. BOA denied me for the 99/500 last October and I guess I was scared to apply elsewhere. I have heard about that Wells Fargo card too. Don't want to be denied for it. Anyone know who they pull? :D

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I just saw your other post where you have 2 outstanding charge offs. That is not handling your credit, sorry to say.

Let me be blunt about this.

You need to address those first, worry about filling your wallet with new plastic second. The idea here is not to screw your creditors out of money then go get new cards and rack up a bunch more debt.

Learn from your mistakes, fix them, move on. Never let it happen again. That's what you need to worry about before filling out a bunch of apps.

You have to prove to potential lenders that you can be responsible. Having two outstanding charge offs on your reports will not do that.

:wink:

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That's why I posted this (so I could put myself in 'check'). I was sitting at home thinking about my vacation this fall and said to myself 'It would be nice to take a card with me that has a limit of more than $300'. I always have my debit card.

Vacation... What's that... I need to look that word up in the dictionary...

But seriously, if you have to use a sub-prime card (instead of using cash) to pay for something, then you probably cannot afford it...

And if you already have charge-offs or bad credit from the past, then you definitely not the sort of person to be using sub-prime credit to finance things. And I will be the first person to raise my hand and say that in my past I had screwed up my credit with sub-prime outfits. It just puts you in a deeper hole that becomes very difficult to get out of.

Yes, everyone needs a vacation and other stuff... But the longer you can hold off on such purchases, the better... So that way you can exercise responsible credit behavior, fix your spending habits, and become a more informed consumer...

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There is some 'tough lovin' going on here and I have to remind myself not to get defensive since I posted this topic. I DO have 2 unpaid CO's from 3 yrs ago (which are very close to SOL). I DO have the money to pay them off, but I won't b/c it won't HELP my credit and shortly I won't legally have to. I have worked TWO jobs since finishing college and haven't had a vacation since 2003. I don't Need a CC to finance this, however it would be nice (so I thought) to have one (with a larger limit than $300) to take with me for an emergency or something unplanned. I really effed up my credit and had poor spending habits in college. I consider that to be in my past. I just want to do the best I can now. I appreciate all the support and information gained from this site. Thanks again for all your input.

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I think what they're saying is that you should not be enjoying "luxuries" like vacations (my last one was 2001; before that... 1995. :x) if you need a credit card to enjoy them.

HOWEVER... everyone should have a credit card with a limit of at least $1000. Forget "luxuries" for a minute. You never know when a sudden expense of several hundred dollars is going to befall you, whether it's attending a faraway funeral or fixing your car. You should always have enough available credit to finance at least an emergency plane ticket, hotel room and food for a few days. Even if that card is sockdrawered, you should have it.

I don't think Heatherette should be criticized for wanting a credit card just because she has a few glitches in her past. Most of us here do, and she's HERE, which shows me she intends to it right this time. We should be helping her to do that, not chastising her for mistakes she made in the past. I thought that's why we're all here... to help each other recover from past mistakes, repair our messed-up credit, get new credit and use it responsibly. Which I personally believe is Heatherette's honest intention.

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Thanks LNY!

I know everyone is trying to express the dangers of living off sub-prime credit. I completely agree and I don't use any of my cards to finance anything b/c I do have the cash to pay for it. But if I do, then it is for activity and PIF shortly after. I guess I feel 'insecure' w/out a safety net in my sock drawer.

DocDon, I know I have to work to get my CO's removed and that I do not look worthy enough to creditors right now. Sometimes I forget that after reading so many success stories on this site. I just gotta work harder. :)

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I don't think anyone here would criticize someone for wanting to get a credit card, even if it is a sub-prime. We all have to start somewhere and oftentimes a sub-prime is the only way to start...

But most of us here have had problems with credit. Some were circumstances beyond their control but many did it themselves (and I raise my hand for jacking my own credit). And from the many of us who have learned the hard way, credit is not an extension of income. In fact, it is the very opposite...

So it is not much of "tough love" as it is an explanation of the school of hard knocks...

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DocDon, I know I have to work to get my CO's removed and that I do not look worthy enough to creditors right now. Sometimes I forget that after reading so many success stories on this site. I just gotta work harder. :)

Stick with it. It will come with time. :D

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