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cweb10

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capital one secured card
Im in a bit of a bad spot. I am a young "early 20s" successful entrepreneur who never took the time to bury myself in debt to build my credit. I bought my car with cash and so forth.

Now, it's time to buy a nice home and my credit is bad 640s because I never established it.

I have spoke with someone who suggested getting a capital one secured card and after 30 days closing it. Doing this several times will artificially increase my credit 40pt month to month and to get 2 cards at a time.'

Is this true?

So far, this is what has happened:
I went to CapitalOne and bought the secured card and while im not seeing the results yet as it's too early I do see a 19 point drop on my credit.

Thanks for the help!

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Wow!! So much wrong in your post sir/mam

Helpful to 2 out of 3 people

Let's get to the stupidity first:

1. Opening a capital one card or any card and closing it over and over is the dumbest thing I have ever heard to raise someones credit. I am more shocked that people actually believe this ridiculous statement. Do that and your score would go down the drain, trust me. A secured card is meant to "MAINTAIN" it and keep it open to add a credit history. So whoever told you that is a complete moron...

2. If you really do have a 640 (Fico) score then you can qualify for a mortgage which is a 620 requirement only. Also you can get an unsecured card with that score as well. You said you haven't built up your credit history which makes me question your "640" score. I don't believe that you have a true 640 score it just makes no sense. 

3. The drop in your credit is probably from too many hard inquiries which occur "EVERYTIME" you apply for a card, which makes the "40 point rise a month" theory" completely untrue. 

My advice to you is to apply for the Capital One Platinum card if you really have the score you say you do. If not then stick with the Capital One secured card if you still have it. Don't apply for too many things so soon since that would hurt your credit like I mentioned before...

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