I got the Providian Gold ($49 secured deal) with 500 limit 4 months ago. Based on advice from this board (Thanks!), applied for, and just got Cap 1 unsecured $500 limit. Kind of suprised me. Figured I'd get the 200 limit. Got instantly approved for 200, card came with 500 limit. Now, what should be my next step? I'm strictly looking at rebuilding my credit with an eye on obtaining the best possible rate, new auto loan next fall. I know I won't qualify for a good rate, but want to do what I can to obtain the best chance for approval at less than loan shark rates. Currently have 3 Charge off's, unpaid, all 5 plus years old. No other derog, no other positives except for the couple months on the Providian card. By the time I apply for my auto loan, only one charge off will remain, a $3,200.00 repo, at that time 6 plus yrs old. So, what should be my next move? Another card? From who? What type (gas/store/etc)? Or should I just stick with the two cards, keeping low ballances, and making timely payments? Fortunately I'm now in a position where I don't have the need or want to charge up the cards, and have them for the sole purpose of building credit. Thanks again for the excellent advice on the board! David
RE: Have Prov. and Cap1. Next Wait several months and then try a Citibank card.Meanwhile, you should receive some offers. If they make sense (ie tehy're not ridiculous) you can consider accepting one of them. You can also try that trick with a secured personal loan from your bank.
RE: Have Prov. and Cap1. Next I think that one reported retail card would help your credit score with most lenders. A gasoline card would be optional, since many of them are reported to one CRA or not at all.
