A few days ago, while reviewing my financial outlook, I decided that it might be a good thing to open up a new credit card account. The idea being that I won’t maintain a balance month-to-month and, thus, the “utilization ratio” of my total credit lines will be lower. This, as you probably already know, will help increase your credit score.

I started by applying for a card from Chase, whom I’ve maintained a checking account with for many, many years. In addition, my current automobile loan is financed through Chase as well. They probably don’t even consider that when evaluating whether to approve or deny you, but I figured it couldn’t hurt.

I applied online (of course) and received a message saying that I would be notified in writing within 30 days. Presumably, I will be denied.

It doesn’t help that I settled a previous credit card account with them just over five years ago. The total amount due (after the interest and fees ran it up) was around $800 and I believe they settled for roughly half. That, of course, is still on my credit report and will be for about two more years.

Today, I called an automated line to check the status and received a message that the application was under review and that I would be notified in writing so nothing is different from a few days ago. I’m totally expecting to be denied.

For what it’s worth, Chase did a hard pull via TransUnion only (which is the highest of my three credit scores, but not by much).

Today, I decided that I would try to open a secured Capital One Visa credit card account. I applied online and was notified that I would be given the minimum $200 credit limit for a deposit of $49. I immediately did a transfer of $350 from my checking account, which should mean that the card will “start” will a credit limit of right around $500.

There is a $29 annual fee on this card but, if it helps boost my credit score, it should be well worth it.

Over the next six months or so, I plan to get the card up to the maximum $3000 credit limit — after I take care of a few other things first.

Earlier today I pulled credit reports and scores from all three credit bureaus to get a “baseline”. I’ll write more about that later.

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