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Best post-rebuilding card

Member

Best post-rebuilding card

My husband made some mistakes when he was in college, and around 2005/2006, enrolled in a debt management program to get rid of his credit card debt. It is all taken care of and paid now, and about 2 years ago, we started working on rebuilding his credit. He is currently an autorized user on my Target store card ($500 CL, PIF) and my Amazon.com Chase visa ($1000 CL, PIF). He got approved for a Wells Fargo jewelry store card about a year ago when we were buying our wedding bands, and we've since paid that off in full (CL was around $5000, we used less than $1000 of it). 2 years ago, he got an Orchard Bank card, and uses that to pay for gas and other daily life type things - we PIF that probably every 6 weeks, but it does see a lot of usage. Just today, his Orchard Bank card got hit with a $79 annual fee, so I think it's time to look for something else. I'm going to have him call and see if he can get the fee waived, but I think he should qualify for something better at this point - when we pulled his scores a few months ago, all were between 705-715. Any reccomendations on the next card he should apply for?

Message 1 of 10
9 REPLIES
Established Contributor

Re: Best post-rebuilding card

I would recommend the BoA 123 Cash Rewards visa.  It gives 3% cashback on gas, 2% cashback on groceries, and 1% cashback on everything else with no AF.  I've been using that as my main workhorse card ever since I graduated from rebuilders and your husband should be able to get one with his scores.


Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800

Take the FICO Fitness Challenge
Message 2 of 10
Epic Contributor

Re: Best post-rebuilding card


greenmint wrote:

My husband made some mistakes when he was in college, and around 2005/2006, enrolled in a debt management program to get rid of his credit card debt. It is all taken care of and paid now, and about 2 years ago, we started working on rebuilding his credit. He is currently an autorized user on my Target store card ($500 CL, PIF) and my Amazon.com Chase visa ($1000 CL, PIF). He got approved for a Wells Fargo jewelry store card about a year ago when we were buying our wedding bands, and we've since paid that off in full (CL was around $5000, we used less than $1000 of it). 2 years ago, he got an Orchard Bank card, and uses that to pay for gas and other daily life type things - we PIF that probably every 6 weeks, but it does see a lot of usage. Just today, his Orchard Bank card got hit with a $79 annual fee, so I think it's time to look for something else. I'm going to have him call and see if he can get the fee waived, but I think he should qualify for something better at this point - when we pulled his scores a few months ago, all were between 705-715. Any reccomendations on the next card he should apply for?


Citi Forward

Amex Zync

Discover - Do the pre-approval online... it will show you some "Suggestions or some wording if it doesn't have a pre-approval" for you so make sure it's like "Congradulations, we have this offer for you" That means it's actually pre-approved and I have not seen issues with then getting declined when offer has been found.

 

Message 3 of 10
Valued Contributor

Re: Best post-rebuilding card

Amex Zync

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 4 of 10
Member

Re: Best post-rebuilding card

Thanks for the suggestions, all - I'll talk to him tonight and see what he wants to do. He has some strange opinions on some credit cards, based on the way they reacted when he did the debt management plan (for example - he wants nothing to do with Capital One, which is another reason we should get rid of the Orchard Bank card!).

Message 5 of 10
Valued Contributor

Re: Best post-rebuilding card


greenmint wrote:

Thanks for the suggestions, all - I'll talk to him tonight and see what he wants to do. He has some strange opinions on some credit cards, based on the way they reacted when he did the debt management plan (for example - he wants nothing to do with Capital One, which is another reason we should get rid of the Orchard Bank card!).


www.whogavemecredit.com

 

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 6 of 10
Epic Contributor

Re: Best post-rebuilding card


greenmint wrote:

Thanks for the suggestions, all - I'll talk to him tonight and see what he wants to do. He has some strange opinions on some credit cards, based on the way they reacted when he did the debt management plan (for example - he wants nothing to do with Capital One, which is another reason we should get rid of the Orchard Bank card!).


I'm curious to a little more detail on what happened in Debt Management with some of the creditors that makes him not want to do business with them?

Message 7 of 10
Contributor

Re: Best post-rebuilding card

I say goto a local credit union.......get more bang for your buck.  Higher credit limits, lower fees.  Even if you can qualify for AMEX or Black or Visa Signature, why pay the fees.  A local CU Visa or MC with a $5K limit will work just as good.

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)
Message 8 of 10
Epic Contributor

Re: Best post-rebuilding card


tboy1977 wrote:

I say goto a local credit union.......get more bang for your buck.  Higher credit limits, lower fees.  Even if you can qualify for AMEX or Black or Visa Signature, why pay the fees.  A local CU Visa or MC with a $5K limit will work just as good.


Many Many Many American Express Cards, Visa Signature Cards do not have an annual fee.  I do agree though depending lwhat CU you are eligible to enroll in, you might be able to pick up a really good solid higher limit card.  When it comes to rewards though, I have not ever been that excited about a CU card.

Message 9 of 10
Member

Re: Best post-rebuilding card

Creditaddict - He thought the debt management thing was going to be more helpful than it was - it was one of those companies where you send them a bunch of money, and then eventually they negotiate with your creditors, after you have been late. Capital One refused to negotiate, and immediately sued him for the balance, and he didn't like that. What can I say - this was all years ago, before I knew him, and he was young and naive about how credit worked.

Message 10 of 10