@gillumhalo1 wrote:Well I have update. Its been roughly 5 months since I started your guide and the problem im having is that no one will approve me for a credit rebuilder loan still. I also cant find any other credit card company to approve me other than Credit one Bank. So im stuck with only the one credit card. My score hasnt quite improved but atleast its not getting worse! Still hopeful for the future.
I know this isnt the appropriate place for a review BUT when you get great service I want people to know about it. So anyway People talk really bad about Credit one bank and I have nothing but positive things to say about them. They are friendly on the phone and had waved my fees when I read up on them and heard to cancel because they were theives. They just said give us a shot we will wave the intial fees and I got a CRI after the first payment.
You didn't mention where you had tried (for credit rebuilder loan) Just to verify, but the only likely candidated are the Credit Unions in your area (either secured card, or secured loan. They may not call it credit rebuilder loan verbatim, but if it's a secured loan from your own shares, as little as $500 would work over 12 months, something like that)
Next, Credit One fees do suck as well as their terms, but if you've burned Capital One (and it hasn't been at least 6 months to a year after) then it's still your start that can lead to other things.
Barclays is the next best alternative towards a real, no fees Credit Card, AFTER the 6 month mark, not before. At a minimum , they want to see 6 full trade lines, best to have low Utilization (What reports as your balance/limit monthly) and LOW inquiries. That can be the catch in a scramble to finding a card, applying all over the place to places that are NOT going to accept you right now.
You don't have to have 8 cards, you don't have to have 5. One will at least start the road, and maybe having 1-2 more Credit lines will present well.
I also dislike Fingerhut (for their shipping, higher prices) BUT, they were the FIRST ones to give me a credit account line to show on my rebuilding process, it was like $200 AND I had to put $50-75 down at first. But , it worked,
Capital One (who I had burned twice), had me on their *hit list for like 6 months of trying, but finally accepted me one day for a small, fee card around the 10th month timeframe (after D/C) That was about 2 years ago, and now I have a Quicksilver $5000 card with them.
My other starter card that was denied the first 2 times (applied every 3 months or so) was the GE Walmart card $150! Cl at first, but it worked. Bought socks for $7, let it go to statement date, then paid immediately when the statement showed.
6 months after my Secure CC line showed, Walmart and Fingerhut (not even $50 month in purchases between the 3) I was approved for a Barclays NFL card for $500 (now over $3000 1 1/2 years later)
-----------------
So, my bottomline to you would be, even with just 1 tradeline (CreditOne) showing for 5 months or so, AFTER the 6th statement POSTS on credit reports, Barclays may be worth trying. Even though it's early in your rebuilding process, SPREAD OUT your inquiries now.
I think I saw my first real Credit score boost after the Ch-7 was aged 76 months, then again closer to a year,etc. Less than a year, and Credit Issuers can be real skittish.
But, you only need 1-3 Tradeline to get more than your money's worth in rebuilding
Starting Score: 589