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Pretty sure it will be a hp if he applies.. But Credit one would be the next step up in cards that he has.. And I will add that out of my rebuilder cards Credit one has grown with me the most $300 starting limit, up to $1000 in two years or so.. But only you guys know if adding another card is right for you or not
No! Throw it in the trash! I'm trying to get rid of my Credit One due to AF, fees for CLI, and inability to accept more than 4 payments in a 30 day period. And yes, it was HP on EX when I opened (has since fallen off). The only TLs I'm aware that open without HP are from the shopping cart trick.
If he needs more credit, I'd suggest he try store cards, such as some of the GE cards or some Comenity cards.
LOL this is why I love the internet.. Opinions vary greatly..
Another credit card would help in the long run (after it ages a bit.) The more positive payments the better, and the FICO credit mix scoring isn't going to be fond of a single card.
The card has $75 AF the first year, and sometimes charges for CLI, and for payments to post to available credit immediately. If that doesn't sound like your cup of tea (honestly it's pretty reasonable, for a rebuilder card, the people here who think it sucks are comparing it to prime cards,) you could opt for a different store card instead. If you have medical/dental/veterinary bills, Care Credit is usually pretty lenient in their credit requirements, and gives big limits. Just be sure to pay it in the promotional no-interest period!
@SunriseEarth wrote:No! Throw it in the trash! I'm trying to get rid of my Credit One due to AF, fees for CLI, and inability to accept more than 4 payments in a 30 day period. And yes, it was HP on EX when I opened (has since fallen off). The only TLs I'm aware that open without HP are from the shopping cart trick.
If he needs more credit, I'd suggest he try store cards, such as some of the GE cards or some Comenity cards.
+1
I think the current secured card and Fingerhut have him well on his way to building history already. Store cards should be attainable once you reach a FICO of 620-650 (GE as previous poster states, Comenity-based cards, department stores (Macy's, JCPenney, Kohl's)).
Credit one can be a useful tool but don't apply for it
If hubby needs a new TL go for a secured card for 6 month after that he should have better scores and be able for other cards
I suggest a secured card that won't require a HP
It will lower scores when it reports as an TL to CR's but much better than taking a double score drop from an INQ and new TL
@Peter1142 wrote:
The card has $75 AF the first year, and sometimes charges for CLI, and for payments to post to available credit immediately. If that doesn't sound like your cup of tea (honestly it's pretty reasonable, for a rebuilder card, the people here who think it sucks are comparing it to prime cards,) you could opt for a different store card instead. If you have medical/dental/veterinary bills, Care Credit is usually pretty lenient in their credit requirements, and gives big limits. Just be sure to pay it in the promotional no-interest period!
Every card has its purpose. The rebuilder cards have a structure designed to punish you (or reward themselves) for bad credit behavior, such as having high UTIL and carrying large balances for long times. Of my rebuilders, I think Credit One is the worst. Merrick has a higher APR, but no AF and will have a guaranteed auto CLI. The Cap One Platinum has an AF and lower APR, but they are known for being stingy with CLI.
I would highly recommend he try the shopping card trick. VS is pretty easy to get (I've seen people open those in the 590s) and he could add you as the AU to make sure it gets used. JCP sent me a pre-approved offer when I had a similar score to him.
My opinion: do Credit One if no other options work, but explore other options, preferably those that don't result in HPs.
(Edited: darn typos!)
I would say nooooo
Not even at gun point being threatened with the application.
More secured cards, then low tier no AF cards. Never a need for bottom feeding scum.
I love it people are suggesting it is better to pay $300 -$500 for a secured card rather then pay a $75 af fee? Different Strokes I guess..