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

 

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