Credit Cards Key » CreditCardsKey » Secured Credit Cards » I was approved for Finger hut credit, does that mean i'll be approved for a visa/mastercard credit card?

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  #1 (permalink)
: I applied for a secure credit card sometime last year so that I can start rebuilding my credit. So far I have paid on time every month and more than the amount due. Recently applied for a finger hut credit and got approved for 600, does this mean I will be approved for another credit card visa/master card? My credit score is 520. I got a pre approval letter from capital one, but not sure if I should try and apply.

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  #2 (permalink)
: No. It means that opposite. It means that you applied twice in the last year (once for the secured card and once for Fingerhut), which means that you are less likely to be approved for anything, until you stop applying so much.
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  #3 (permalink)
: I was going to buy a computer through them, but so far I haven't bought anything from them, yes I agree on them being over priced, i think they're stuff sucks. My secured credit card is only 300 dollars and I pay like 200 out of the 300 or sometimes I pay all of what I change. I'm just wanting to know if i'll be able to get a credit card that is not secured. Like one through capital one etc.
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  #4 (permalink)
: If you just applied for FingerHut, don't apply for a credit card for at least 6 months.

FingerHut was a really bad choice, especially if you want to use it to build credit. The merchandise is reallly overpriced crap and the interest rate is outrageous. Pretty much anyone can get a FingerHut account. They only recently even started to report to the credit bureaus -- I'm still not sure they actually do.

As to the secured card you currently have, you should pay off that account balance every month ... not just pay the minimum payment or a little more than the minimum. The interest rate on secured cards is usually pretty high -- some a lot worse than others. Carrying balances and paying interest does nothing to improve your credit. It just costs you money. In fact, carrying balances for long periods will work against you.

You should be using that secured card for small regular purchases and paying the statement balance in full every month. That builds credit and avoids interest. You really need at least 2 years of good payment history to see a decent score. It takes years to build good credit. Opening new accounts does not improve your score faster.
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  #5 (permalink)
Rob
: lordy - nope.

it is an over priced store card , nothing else.

if score 520, u need a library card to learn how
credit ensure your slavery to others.

find and study total money makeover, dave ramsey
a least. will allow u to learn from others expensive
hard painfilled dumb life lessons, not your own.

faster cheaper easir that way.
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