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Contributor
TRYINGHARDTOUPSCORE
Posts: 99
Registered: ‎07-22-2008
0

Best cc to rebuild

We are working on my husbands credit it is really low.  This site could not even calculate?  It is just that he has had no activity since we filed bk over 12 years ago , which is off our credit and he has had a few collections since then but no positive which would be the easiest and best cc to get to rebuild his credit into some positive info.  The money flow is fine now so we won't fall into this trap again
Super Contributor
marty56
Posts: 5,696
Registered: ‎10-06-2007
0

Re: Best cc to rebuild

I used Sams.  Low CL to start and inteest rate but it 4 years it went from 300 to 2400 on its own.  LOL I wouldnt charge more than 200 on it now anyway.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
0

Re: Best cc to rebuild

Do you have current/active collections with balances due? If so, repair first, then start rebuilding. Believe me, you don't want to get saddled with a bunch of dead-end rebuilder cards (low limits, low or no rewards, shady practices, and high APRs) that you're sorely going to regret in a few months or years. If the collections are repaired as much as they're going to get (Paid in full, and you can't get the CA or OC to delete), then I'd suggest going to a credit union, opening a savings account, establishing a relationship, and then getting a card (even secured if you have to).

 

Here's a link to some big banks that offer secured products, but don't hold your breath for these if a FICO score can't be calculated: Secured credit cards from "prime" lenders. In light of the current credit crisis, it would appear (based upon recent member stories) that the criteria for these cards have tightened up significantly. I highly recommend going the credit union route.

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Valued Contributor
nothingman02
Posts: 1,072
Registered: ‎02-15-2009
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Re: Best cc to rebuild

[ Edited ]

Whatever you get, do not get anything from HSBC. But get something from somewhere. Once you have a TL running, apply for the HSBC rebuilder cards and you would be approved for an unsecured Orchard or HSBC.

If you apply for HSBC now, cause of lack of TLs, they will only offer you a secured card. On top of it, you cant app for another HSBC card for another 18 months unless you are invited. Mind you, you will be preapproved on their website and then you will be denied with the actual app and fetching yourself a hard inq and no card. 

If you absolutely can not get any cards, try BOA secured. BOA secured are worth it for myriad reasons. Then within a few months, you'd approve for a HSBC unsecured rebuilder card. After a few months try cap one. By then your BOA will unsecure. So on and so forth.

 

Of course youve got to repair your credit first. Esp right now, the CCCs don want to see any baddies pending. Certainly not recent.

If nothing, Id go with credit one and if still not approved, then first premier. If not, thats when I would open an Orchard secured with HSBC.
Message Edited by nothingman02 on 03-29-2009 10:18 AM
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: Best cc to rebuild

I'd check around with local credit unions. Explain his situation and ask if they can work with him. You might need to open a savings account and establish a small recurring direct deposit or something.

A secured CC from a credit union would be a great way to start. They'll treat him decently.

Oh, and it's not that his score is so low that they can't crunch it; it's that he has no recent credit activity. This is from the FAQ's here on this site:

In order for a FICO® score to be calculated, a report must contain these minimum requirements:

· At least one account that has been open for six months or more

· At least one undisputed account that has been reported to the credit bureau with in the past six months

· No indication of deceased on the credit report (Please note: if you share an account with another person this may affect you if the other account holder is reported deceased).
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Best cc to rebuild

[ Edited ]

IMHO, if you aren't just trying for quick easy credit, I would look into a solid secured card from BoA, Amalgamated Bank of Chicago or another good bank or Credit Union.  The starter cards are just that, they start but then don't grow.  Whereas if you can manage to get a secured BoA or other similar they will after time convert to an unsecured card and grow with you. 

 

Credit Unions are a good place too.  Rather than a cc, go in and deposit $500-$1000 and borrow against it as an personal installment loan.  Pay it on time for 6 then apply to the CU for a card.

 

Otherwise you have the Orchard, CapOne and other "limited" or bad credit cards that are high fee, high APR, low limits and won't grow. 

 

EDIT UPDATE:  As usual if I don't check to see if Hauling has all ready commented I find myself repeating his stellar advice and sounding like a parrot :smileyhappy:

Message Edited by txjohn on 03-29-2009 12:09 PM

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: Best cc to rebuild


txjohn wrote:

EDIT UPDATE:  As usual if I don't check to see if Hauling has all ready commented I find myself repeating his stellar advice and sounding like a parrot :smileyhappy:


I don't know if Hauling would appreciate the sex change or not. :smileysurprised:   j/k
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Best cc to rebuild

Constitutionally speaking :smileyhappy:  whereas it had to be stated for the record that all men were created equal.....it wasn't necessary to state the obvious for the fairer sex :smileytongue:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Contributor
TRYINGHARDTOUPSCORE
Posts: 99
Registered: ‎07-22-2008
0

Re: Best cc to rebuild

So, how can we get his fico score is there any way to see what we are starting with?
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Best cc to rebuild

[ Edited ]

He will have to obtain credit in order to generate a FICO.  FICO must have enough data to generate a score.  If he has essentially had no credit in 12 years and all good/bad has dropped and there is nothing (except a CA or 2) then he does not have a FICO.

 

This is why we have suggested talking to a CU about a secured card or secured installement loan in order to establish credit and thus some data to generate FICO.

 

If you have any cards, you could make him an AU which would also establish some data on his CR.  But as it stands, he does not have a score because it is a grade on his credit, which he has not credit, thus no grade.

Message Edited by txjohn on 03-29-2009 02:04 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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