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Frequent Contributor
Posts: 299
Registered: ‎05-28-2012
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At what score to dump subprime cards?

I've seen some FICO scores not much higher than mine with prime cards, but have also seen 700s not able to get prime cards..so at what score level is it realistic to close rebuilders/builders?

Just curious, a a mortgage is first for us..then refinancing vehicles and "remodeling" our wallets!

Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Established Contributor
Posts: 930
Registered: ‎07-30-2011
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Re: At what score to dump subprime cards?

I was able to qualify for entry-level prime cards once my FICOs reached the 650 level.  Then, I closed my sub-prime cards if they wouldn't waive the AF.  The most important thing was to make sure that utilization wouldn't be affected.  It's a good feeling to get rid of the bottom-of-the-barrel cards.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
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Established Contributor
Posts: 961
Registered: ‎12-21-2010
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Re: At what score to dump subprime cards?

I did it when I hit the 700s. It help me achieve higher credit line increases and better cards.
Experian® 808/Equifax® ?/TransUnion® 810
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Last CLI 6-13-2013
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Valued Contributor
Posts: 2,300
Registered: ‎07-23-2012
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Re: At what score to dump subprime cards?

What are prime cards? Just cards with no annual fee?
Like a list of prime cards vs sub prime?
Current: Discover Fico 709 3/15 Walmart Fico 743 4/15

Inquiries (24 Months): EQ 6 TU 1 EX 6 | Most Recent: 4/09/2015
Over 12 Months:9


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Contributor
Posts: 108
Registered: ‎06-24-2012
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Re: At what score to dump subprime cards?

Once I had some history with the sub prime cards and my score went to mid 600's

Frequent Contributor
Posts: 299
Registered: ‎05-28-2012
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Re: At what score to dump subprime cards?

Oleg, I think subprime are like first premier, merrick, some capital one cards, credit one, etc. interest rates suck on these...and so do credit limits..

Starting Score: 492 02/12
Current Score: TU: 668 (FICO), EQ: 668 (FICO). EX: 651(lender pull 9/27/12)
Goal Score: 660



Regular Contributor
Posts: 144
Registered: ‎07-21-2012
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Re: At what score to dump subprime cards?


JPersat wrote:
I've seen some FICO scores not much higher than mine with prime cards, but have also seen 700s not able to get prime cards..so at what score level is it realistic to close rebuilders/builders?


If your score is really around 610 as indicated in your sig I don't know if that's primeville.

 

Starting Score: EX: 736 FAKO | TU: 757 FICO | EQ 730 FICO
Current Score: EX: 736 FAKO | TU: 750 FICO | EQ 730 FICO
Goal Score:     EX: 750 FICO | TU: 750 FICO | EQ: 750 FICO
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Established Contributor
Posts: 961
Registered: ‎12-21-2010
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Re: At what score to dump subprime cards?

You should have a FICO of 680 to 720 for prime cards
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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: At what score to dump subprime cards?


Smug wrote:
You should have a FICO of 680 to 720 for prime cards

I agree...  Fico = 680+  to get prime cards such as Discover, Chase Freedom,

 

 

Amex revolver...  You need probably a 700 but that's hard to say because they go more by income and assets

 

 


Starting Score: 08/29/2011 TU 671 EQ 674
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Contributor
Posts: 221
Registered: ‎07-11-2012
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Re: At what score to dump subprime cards?

[ Edited ]

First Premier, Matrix, Credit One and Merrick are your bottom feeders.  The limits are ridiculously low and the APR and monthly fees are atrocious.  They are for someone who can't do any better, even with a secured card.

 

Just as being middle class has a gradient, so does subprime.  Annual fee alone doesn't determine whether the card is prime or not.  The Visa Signature Black by Barclay's has a $495 annual fee.  And WE CRY about Continental Finance and the $75 annual fee and $12 monthly maintenance fee.  $219 is still cheaper (although the APR is 30%)

 

Prime cards offer either generous credit limits, or a prestige (ex: Chase Sapphire or AMEX) for high FICO (bare minimum 680) scores. 

Ultra prime cards are for the 760 and above club.  Diner's Club, Black card, Amex Platinum.

At the bottom under prime is near prime: 660 - 700.  This is where you start seeing decent rates, no annual fee.

Subprime is below 650.  Capital One is in this range.  Capital One is great because they have cards also for near prime and even the lower levels of prime.

Bad credit is below 620.  Rebuilder cards are in this category

Below 580 are the bottom feeder cards.  First Premier, Credit One and Matrix.  You get these when you do not qualify for anything else, even secured.

 

My NFCU secured card for example has rewards and a 15% APR plus no annual fee.  That is a rate most people get in near prime (why I LOVE NFCU).  My Cap1 has an APR of 22.9%.  So does the Capital One Venture.  Some Cap1 cards have a 24 or 25% APR.

 

A rebuild card may have  $500 credit limit with 25% APR and a $25 annual fee.  No monthly fees (outside of interest) and other crap.  A bottom feeder will offer you $200 credit limit with $75 annual fee, $10 monthly maintenance and maybe even a $.25 per transaction fee.  First Premier offered me a card once with a 49.9% APR.  Yeah RIGHT!!!  Subprime: $1K, no annual fee, but 24-25% APR.  As the score goes up, the APR should drop into the teens.

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)

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