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Trinigurl

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I was just approved for a secured credit card, should i apply for another one?
I have been shopping around for weeks for a crecit card I think I would be approved for because I didnt want to waste a hard inquiry on a card that I wasn't going to be approved for. I have had a few unsecured credit cards in the past but lost my job, couldnt pay and the cards went into collections which is whats hurting my score the most. These mistakes are all atleast 3+ years old and I have since paid off the collection agencies so they are reporting $0 balances. My score is still low tho (563). My question is, given that I have been approved for capital ones secured mastercard, should I apply for another secure or maybe try my luck with an unsecured credit card before the hard inquiry from this card is affecting me? I want to use the cards to rebuild my credit history and i've been reading through numerous google searches that I can rebuild it faster with 2-3 cards paying the balance in full every month and not using more than $30 of the credit limit. Is this true? And also, is a hard inquiry bad on a credit report? And if so, is that hard inquiry still bad if it resulted in an approval? Thanks so much for the help!!! And advice is greatly appreciated!!!

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Since you have RECENTLY got approved for a secured card and your credit score is still low, you should keep paying on time in full for that only card. After around 6 months to one year, try to ask your bank to upgrade the card to a non-secured one. This won't hurt your credit score because they will do a soft pull the most, or not even a pull to your credit report. You shouldn't open any other card until you can upgrade your secured card into a non-secured one. You can see that building credit is hard already. Rebuilding credit is much much harder.

A single hard inquiry is normal. You always have to get it before getting approved (or denied). A hard inquiry will NOT turn good right away. If you keep on paying on time for the new credit, together with your current one(s), if any, then yes, it will help bump up your score faster. On the other hand, a series of hard inquires in a short period of time is not normal. It shows that you are desperate. And you don't want to show any instance of this desperateness when rebuilding credit. Lenders are more alerted on those cases. Hope this helps.

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