Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Credit Cards
Profile Image

Question By

20 Contributions
6 People Helped
Primor Vs Open Sky (And a Cap One secured question too!)
Some background info: My first application for a Capital One secured card was rejected due to "insufficient income" and a lack of credit history. I'm 26 and have only ever used cash or debit cards. I don't work per se, though I help out with the family business. All of my expenses are paid for by my father and I don't pay rent or have any bills. Because I have no paystubs of any sort, my petty cash "income" (about 3k a year, all of which is either spent by myself or saved) wasn't enough to get me the card. After I was declined I found out I was eligible to list my father's income as my own as I have more or less unlimited access to his funds and he was willing to write a letter asserting as such though he is not willing to cosign on any of my applications. Doing this, I was instantly approved for the card with a $49 deposit on my second application.

In January I applied for (and was denied) Care Credit. That brings my total hard inquires up to 3. I'd rather avoid any more this year. I toyed with the idea of applying for a Cap One Quicksilver One, but my younger sister (who is a student and was also eligible to list our father's income) was declined it despite having NO inquiries. She didn't even get an instant approval for the secured card, as I did. (Question the first: Possibly because I waited a day between applications and she did not? When she applied they didn't discourage her from doing so and made it seem as if it would have no bearing on her decision but why else would they decline her but approve me with otherwise identical applications?) I'm sure i'll try for it again next year, if I don't feel secure in applying for a better card that is.

With that said! I now have an additional $250 that I'd like to invest into a second secured card. It's my understanding that with my thin file, two cards would be better than one. I have no intention of spending more than 10-15% a month on the card(s). I would spend up to 15% and leave the balance in place until the date Cap One reports to the bureaus and then promptly pay it off before my due date so as to not pay interest.

-It's my understanding that I could spend all the way up to the limit as long as I pay it down to less than 15% before it's reported to the bureaus, is that correct? Or is utilized credit recorded no matter how much you've paid off? -

I am not a permanent resident, and as such am not eligible for SDFCU's secured card. (My sister may go for it if Capital One doesn't approve her.) Because i'd like to avoid any more hard inquiries, it seems that First Choice's Primor and Open Sky's Secured Credit Card are my only choices as far as opening a second card. The difference in annual fees is negligible to me, the credit lines would be $200 for both. I've seen equal parts negative and positive things said about both cards in their reviews, so i'm having a hard time making a choice.

I read somewhere that you have to mail in payments for the primor cards and can't pay them online, is this true? That'd be a total dealbreaker for me. I understand both cards have comparable processing times for payments, around 10-14 days due to the "holds" placed. That's fine, i'm just using these to build my credit while I have the luxury of not having any bills of my own and plan on paying promptly after my balance is reported. I know neither card graduates and I would ideally be closing either account in a little over a year.

Any votes for one or the other? Am I missing any key decision-making or breaking points? You all have a lot more experience than I do and i'd appreciate the help!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.


Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.