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!

Question

Posted in Credit Cards
Profile Image

Question By
creditnewbie87

0 Contributions
0 People Helped
Should I apply for an unsecured credit card?
When first joining CK a couple of months ago, my score was in the 530s. Most accounts are student loans. I was recently approved for an auto loan. After that approval, I applied for a Capital One secured mastercard and was approved. However, I haven't made the $200 deposit yet (have until November to do so). Once the auto loan hit my credit report, my score increased to 608. According to CK, I now have "very good odds" of being approved for a capital one platinum credit card. Is it smart to apply for that one? I would rather do that instead of paying a deposit for the secured card. So what should I do? Please help asap.

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
987 Contributions
546 People Helped
Most Helpful Response

Helpful to 2 out of 2 people

First, before you take those approval odds seriously? I would log out and log back in few mins later and do it over few times and see if odds changes... I would use CapOne's pre-approval site and see if anything come up for you...

Two, no one can answer it with any certainty. But if I was in your shoes? I did go ahead and open that secured card, you already took 3 hard inquiries for it, no need to take chance of being denied with 3 more HP for the platinum, even if you do get approved? The limit might be something like 300~500 dollars. I would much rather have secured card for 6 months then apply for QS/Venture/VentureOne with rewards and much higher starting limit. Once approved for couple of unsecured cards? Then I can close secured card and get my deposit back (if you choose to).

Top Contributor
5038 Contributions
1131 People Helped

I would say that you should pay the $200 and get the Secured card. After you do that, check the preapproval on Capital One's website to see if you may have a chance of getting a Platinum card. I would not base any decisions upon the approval odds that you find on this site, you will find by reading the forums that many people are disappointed by the suggestions on here. If you think that you can get a Platinum card, go ahead and apply for that to. You want the Platinum card in ADDITION to the secured card, you don't want to replace the Secured card with it. Really, you should have at least 3 credit cards to start building, but you have to be careful about opening too many accounts in a short time, as you may start getting denied by some lenders for opening too many accounts recently.

Top Contributor
36 Contributions
55 People Helped

Again, NOT a big fan of secured cards, however I am with TryingToUnderstand...especially since you have already taken the HP. Besides Capital one is really good about converting sercured accounts to regular accounts with demonstrated responsibilty. Usually 6 mos to a couple of years, they will convert your secured card to a regular CL and send you a check for your initial deposit used to open the secured account. Do not close it just to get your money back, lol.

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

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

View your scores and reports anytime.

SIGN UP NOW

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.