A little about my credit. Iv got 3 open acct,-2 student loans, both 1year old, and 1 secured cc account, 4 months old. 3-4 collections, 7 inquiries, and all on time payments, except recently I missed 3 payments on my student loans. My credit score today is around 525.
A few months ago, I wanted to start to build my credit. I app for a cap1 unsecured card and was denied.
So on 7/15, I applied for, and was approved for my wells fargo secured credit card. I put down the minimum security deposit of $ 300 and my CL was $ 300 for my wells fargo secured card. Once I app, I recieved my card about 3 weeks later. Iv paid the the minimum payment on time every month.
Yesterday, 11/14, I app for a Cap1 secured cc, and was instantly approved for a $ 200 CL with $ 99 security deposit. I made payment with my wells fargo checking acct, but it has still not been withdrawn. It said it would take 7-10 days for payment processing. I figured it hasn’t been yet withdrawn because I was instantly approved and I made payment on a Saturday, so ill check my acct tom and keep this post up to date.
My credit score today is 525 transunion through Credit Karma.
I have a few questions.
I know my Wells Fargo acct can become unsecured, but has this happend to anybody? And how will it take? Its already been 4 months on time payments. Also, has anyone experienced a CLI, and if so how much, and how long did it take?
What are the chances on my new cap1 secured card getting an unsecured CLI?
How long till I actually recieve my Card in the mail, realtime?
Lastly, I was scared to, but what were the chances of me being approved for a unsecured car from cap1, being my poor credit score? Im wondering if I should have just tried for an unsecured instead of secured cap1?
Thanks everyone and ill keep this post updated of the time it takes for my new cap1 secured to withdraw sec dep, and actually recieve my card.