Building Credit

[Anonymous]

Hello,

I have a credit score of 624, I would really like to get a higher number. I have been looking at different secured credit cards to help build my credit but I don't know which one I should apply for. There are so many, HELP?!?!?

[JM-AM]

---

@Anonymous wrote:

Hello,

I have a credit score of 624, I would really like to get a higher number. I have been looking at different secured credit cards to help build my credit but I don't know which one I should apply for. There are so many, HELP?!?!?

---

Making a decision on which card to apply for is more something you have to decide. Just keep in mind that having your scores increase is not as simple as applying and being approved for a new card.

[castlefox]

Goodman2004 you should first know what comprises your FICO credit score:    Read this over and understand it http://www.myfico.com/crediteducation/whatsinyourscore.aspx

If your looking to improve your score check this link out:   http://www.myfico.com/CreditEducation/ImproveYourScore.aspx

Where did you find out have a credit score of 624 ???

[LilloEsquilo]

The best advice I can give you is go with the one that requires the lowest deposit, and has the lowest AF (annual fee).

I don't know what they are, but something like Orchard. Stay away from the thieves that have you shelling out 700 dollars for a 200 dollar card in the first year. No good.

Use that card to fill your tank only, and immediately pay it off in full as you use it online if possible. NEVER carry a balance, at least not more than 9%, NEVER exceed the limit, ALWAYS pay the bill on time in full, that sort of thing, for a year or two. If you do that, you'll find at the end of that time your score is a lot higher than 624, and you should have prime lenders looking to give you a card.

If you can't or won't do that, then my best advice is, DON'T get a card, you'll regret it.

I hope this is helpful. You will have to be patient. I'm not a patient person so I can tell you that but for me to practice it, well that's a lot harder! Hey at least I admit it!

[Anonymous]

You've got a decent score and I assume you should be able to get a no AF unsecured card.

[Wolf3]

---

@Anonymous wrote:

Hello,

I have a credit score of 624, I would really like to get a higher number. I have been looking at different secured credit cards to help build my credit but I don't know which one I should apply for. There are so many, HELP?!?!?

---

It depends on whether you are building new with limited history, or rebuilding with negatives on your report.

If building new, pick a bank or CU where you want to continue to do business after the secured card has run its course. Most all secured cards are friendly to new credit.

If you have some negatives, Capital One is about the only good choice among major banks, not too hard to get, fees are reasonable and they have cards for all levels of credit.   Many CU are good for rebuilding.   

Avoid the very high fee cards like First Premiere.

[flyingmd]

Back when I had to go secured, I picked BA visa. I had checking with them so was able to make frequent payments via transfer online, which really helps if your limit isn't where you really need. If the account is managed well, they will umsecure it at 12 months, unlike a lot of other cc companies, and 2 months after they unsecured it, I was able to PC to a rewards version of the card. To ,e, the AF was worth it as ally of the other secured cc will not ever unsecure it and make u apply for a new card after 6 or 12 months (wells Fargo is 18 months and thhry will not unsecured it. You have to apply for a new account. Good luck.