Advice for rebuilder - which CC next?

[muumike]

So say mid November I get my scores up to a decent level (in relation to 592 previous November and the current EQ 640 and TU 660). Would aping for Zync really be reasonable? I was thinking my amount of credit on file is a bit thin for AmEX, but maybe not. Also, if I apped for Zync and got Denied, would it be smart to just garden a bit longer to get some more stable credit history or instead try for a different card?

[webhopper]

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@muumike wrote:
So say mid November I get my scores up to a decent level (in relation to 592 previous November and the current EQ 640 and TU 660). Would aping for Zync really be reasonable? I was thinking my amount of credit on file is a bit thin for AmEX, but maybe not. Also, if I apped for Zync and got Denied, would it be smart to just garden a bit longer to get some more stable credit history or instead try for a different card?

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Typically if you don't qualify for the Zync with No Pre Set Spending Limit,  Amex is really good about counter-offering with a Zync that has a hard limit of $500 if you sign up for Autopay.  There haven't been many flat out denials on this board... obviously NPSL is nice, but Amex has been good about getting people in the door lately even with the hard limit and autopay option.

Once you are in the door with them, you can take advantage of backdating later on if you decide to change products or add new Amex products to your portfolio...

If I had known about this feature back in the late 90s and 2000's I would have totally applied for an American Express card.

[Anonymous]

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@webhopper wrote:

You may have some luck with Orchard Bank, you can check their site to see if you are pre-approved for any of their cards

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I would recommend you Not to get an Orchard. That was my first card and now 4-5 years later I have 60K plus in lines of credit with other banks and everytime I call Orchard about when this card will unsecure, they say my credit is not good enough and I should wait another year. blah blah blah. 

Pretty much I'm stuck with paying 50 or 60 dollar a year fee until I'm ready to part ways. I would suggest NOT to pick cards with Annual Fees and maybe look at the BofA 99/500. That's a Solid card for where you are today.

[Crashem]

Your orchard will never unsecure. They changed that policy a while back. Be interesting to see how cap one handles it

[muumike]

Gonna go after the Zync at the end of the year. After chatting with webhopper, I did some research on the forums and found that there's a few people on here with similar histories that got Zync approvals. Only thing I'm worried about is needing a card with a CL too since I only have the secured cap one so maybe I'll app for Zync and another at the end of the year.

[Open123]

What I'd do is get a BofA secured, or any secured of your choice from a major Bank.

I'd use it, and when it unsecures in 12 months, I'd request a CLI.  Then, I'd use it and pay for another year.  After around 2 years, you can apply for tons of unsecured cards with higher CLs.

[LS2982]

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@webhopper wrote:

i also recommend checking with a local bank or credit union to see if they offer secured loans... secured loans are a great way to build  or rebuild positive installment loan history

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I think the CU option is the best, with some gardening for a bit first.

[Anonymous]

Discover might be an option by then as well. The only problem with zync is that it wont report a cl, wheras other cards that are just as "easy" to attain will. Just a thought.

[muumike]

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@Open123 wrote:

What I'd do is get a BofA secured, or any secured of your choice from a major Bank.

I'd use it, and when it unsecures in 12 months, I'd request a CLI.  Then, I'd use it and pay for another year.  After around 2 years, you can apply for tons of unsecured cards with higher CLs.

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Highly unlikely since my CO that I'm disputing is from a BoA card 2.5 years ago.

[Revelate]

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@Crashem wrote:
Your orchard will never unsecure. They changed that policy a while back. Be interesting to see how cap one handles it

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As Cap 1 cards never unsecure either AFAIK, probably no change .