Secured vs regular

[Ddrill]

Hello. I'm trying to build my credit. Basically I have good credit as I am a secondary on someone else's card and I didn't realize what is meant to "secured" card. I have payed the 50 dollar fee to join and they sent me the card I was wondering if 1. If it is worth it to send this back and get a better card 2. If my credit will go down for sending it back.
Thank you so much.

[Redbull3]

Hello. I'm trying to build my credit. Basically I have good credit as I am a secondary on someone else's card and I didn't realize what is meant to "secured" card. I have payed the 50 dollar fee to join and they sent me the card I was wondering if 1. If it is worth it to send this back and get a better card 2. If my credit will go down for sending it back.
Thank you so much.

What did you secure the card with? $50? I never heard of such a low secured line.

[Ddrill]

Capitol one and they gave me a 200 dollar credit line to start with

[ckmk47]

1) Perhaps you could have been approved for an unsecured card without a 'join' fee  but once you're at this point, leave things as is.2) You've had the credit 'pull', closing the account will not change that.


So check on for threads on building credit and follow the advice.
(Use the card each month. Pay on time. Don't max the credit line.)
In 6 months (or less) you can apply for another card.  There are threads to give you advice on which one(s).  http://forums.dansdeals.com/index.php?topic=266.0

Good luck.

[Ddrill]

What is a credit pull? and if it won't go down what would be the reason to keep the secured because I have been told that this card I should keep forever is this true. I would rather not stop the card eventually because I've heard that will make my credit bad.

[Boruch999]

I know someone who had a similar experience. If I am not mistaken, he got them to refund the fee and and issue a entry level card with the AF waived first year instead.  Not sure if it involved an additional pull.

[ckmk47]

Ddrill, You're new here.  Welcome aboard!
You need to read more about starting to get credit, increasing  your credit score, which credit cards to apply for, and how and when to apply.


Start here, then read other threads in the credit card board.  If you want to find information on a specific topic, use the search button at the top right (best if used when you're on the home page).  If you need help finding a thread ask here.

[greathummer7]

if you have any reasonable income, a lot of entry level cards (chase freedom, citi simplicity/double cash, etc) will approve you, perhaps with a low credit to start, and after 6 months you can request increase. sometimes they can increase without hard pull.

unless you recently went through bankruptcy, i dont think you need to start with a "secured" card, especially one that has a sign up fee.

[ckmk47]

He already go the secured card.
We're on the next step.
Maybe after 6 months you can convert the card you have to some other Capital One card.  Look for no annual fee as the criterion. Then keep that card forever.