"Applying For A 2nd Secured Card"
Capital One® Platinum Credit Card Review
Written by: vingstar on 2010-08-24
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vingstar's review: 
Earlier in the year I applied for & was approved for a Capital One secured MasterCard. I've been treating this one with "kid gloves". I make sure I NEVER ever miss a payment & stay well below the credit limit AND never ever max it out.
So I started wondering if I should get a second secured card & went ahead & applied for a second one with Capital One.
I'm rebuilding my credit & IF I get approved for this one then I'll be done applying for a long long time.
I'll have 3 cards. 2 secured & one non-secured.
Earlier in the year I applied for & was approved for a Capital One secured MasterCard. I've been treating this one with "kid gloves". I make sure I NEVER ever miss a payment & stay well below the credit limit AND never ever max it out.So I started wondering if I should get a second secured card & went ahead & applied for a second one with Capital One.
I'm rebuilding my credit & IF I get approved for this one then I'll be done applying for a long long time.
I'll have 3 cards. 2 secured & one non-secured.
4 Comments
Comment 1 by brian23
Re: Applying For A 2nd Secured Card 
on 2010-08-24
Sounds like you're on the right track. Did you apply stricly for the secured or for the unsecured. I would think if you've been doing well on your credit since the begining of the year, they should be able to apply for an unsecured card.
on 2010-08-24 Sounds like you're on the right track. Did you apply stricly for the secured or for the unsecured. I would think if you've been doing well on your credit since the begining of the year, they should be able to apply for an unsecured card.
Comment 2 by roughdraft
Re: Applying For A 2nd Secured Card on 2010-08-25
I've read recently how you should try not to apply for several cards with one lender because other lenders see who you're borrowing from. In fact, whether you have subprime accounts, etc. Or 'who' you're borrowing from can account for up to 10% of your score. I'm just now repairing my credit a year later after going from self employed to working for a company. I also applied for the Capital One Secured card, but my second card instead was with Public Savings Bank. There are also things like Jewlery companies that offer unsecred credit, and also you can make secured loans to yourself, through your bank, that is reported to your credit score. But have you checked your score lately? Perhaps you could apply for an unsecured card?
on 2010-08-25 I've read recently how you should try not to apply for several cards with one lender because other lenders see who you're borrowing from. In fact, whether you have subprime accounts, etc. Or 'who' you're borrowing from can account for up to 10% of your score. I'm just now repairing my credit a year later after going from self employed to working for a company. I also applied for the Capital One Secured card, but my second card instead was with Public Savings Bank. There are also things like Jewlery companies that offer unsecred credit, and also you can make secured loans to yourself, through your bank, that is reported to your credit score. But have you checked your score lately? Perhaps you could apply for an unsecured card?
Comment 3 by cce
Re: Applying For A 2nd Secured Card on 2010-08-30
You are on the right track. Congrats! The way to go with rebuilding (if you can), is to get these cards with the RIGHT bank. Capital One, BOA, your credit union, etc. Not the 300 AF 29.99% cards!
on 2010-08-30 You are on the right track. Congrats! The way to go with rebuilding (if you can), is to get these cards with the RIGHT bank. Capital One, BOA, your credit union, etc. Not the 300 AF 29.99% cards!
Comment 4 by wanderer
Re: Applying For A 2nd Secured Card on 2010-09-02
Suggestion... You could try a secured card with Bank of America and Citi Bank. They have been very good about graduating people to unsecured cards and increasing the credit line. Food for thought! Their annual fees are fair and NO ripoff in the interest...
on 2010-09-02 Suggestion... You could try a secured card with Bank of America and Citi Bank. They have been very good about graduating people to unsecured cards and increasing the credit line. Food for thought! Their annual fees are fair and NO ripoff in the interest...
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Disclaimer: This content is not provided by Capital One. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Capital One. Review content is powered by Finance Globe.
