My Credit Cards: September 2018

In the months of July and August 2018 I opened 3 new credit cards. When I applied for these cards my fico score was 590 and I had no collections on my report.

Being that I’m not a college student and my first credit card was closed in 2015, I didn’t have a wide range of options. So I went with the cards that would give me the highest approval odds.

These tend to be secured cards, where have to make some type of variable security depoist.  Secured are designed to have high approval odds for people with low credit scores. Also they tend to have cards  high apr, in the 20% range, and high fees. There are a few expetions that aren’t secured but they tend to still have high apr and high fees.

Capital One Secured Mastercard – $200 Limit

  • $0.00 Annual Fee
  • 24.99% variable APR
  • $49 Refundable Secured Deposit
  • 25 Day Grace Period
  • $27 Late Payment Fee

OpenSky Secured Visa – $200 Limit

  • $35.00 Annual Fee
  • 19.14% variable APR
  • 25 Day Grace Period
  • $200 Refundable Security Deposit
  • $27 Late Payment Fee

Credit One Platium Visa – $400 Limit

  • 0$-$99 Variable Annual Fee – My inital fee was $75.00
  • 19.74%-25.74% variable APR
  • 24 Day Grace Period
  • Pre-approved via mail – No Deposit
  • $38 Late Payment Fee

My plan is to keep my credit utilzation down by 10% on all these cards. And in six months ask th creditors for a credit increase. Which will help to build my credit score, hopefully by early 2019 I will be in the 700 range.

Current Credit Score: 652 (September 18, 2018)

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Isaiah is the main content producer of Analytical Millennial. He is currently studying web development & marketing while working long hours in a manufacturing job. In his free time enjoys extreme sports and playing video games.


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