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Question By
Sabre408

3 Contributions
2 People Helped
When should I add another credit card? Rebuilding Credit
Started the process of rebuilding my credit & score (Currently 550ish). I recently applied for the cap one secured card, mid feb, and was approved so I sent them $200 and got a credit limit of $351, 2 weeks later I had to buy a car so I also have an auto loan now with awful interest and another hit on my report/score. I would like to apply for the BoA secured card because they will refund your deposit for the secured and upgrade you to an unsecured card after a year of on time payments, cap one will not. I would like to cancel the cap one down the road a year or so. Should I take the hit now on my score by applying? or wait a few months after my score improves and try for an unsecured card or the BoA secured?

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Top Contributor
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Since you applied for a credit card and an auto loan just two weeks apart, it may be a good idea to wait about 6 months. Applying too often will make you look risky and desperate to creditors and they will begin to deny you credit.

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