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Does it make sense to apply for CC in this scenario?

Valued Member

Does it make sense to apply for CC in this scenario?

I had credit issues a few years ago with current TU 679 EQUIFAX 632. I have negatives on reports but all are past SOL or have been settled.  When this occurred I closed all my credit cards so I have no available credit listed on my reports. 

Now I am wondering if I should apply for a credit card and whether that would hurt or help my FICO.  I do not need the credit funds, would just be doing it to help score.  If it makes sense, where to I find the best deals?

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Senior Contributor

Re: Does it make sense to apply for CC in this scenario?

 


julcreek wrote:

I had credit issues a few years ago with current TU 679 EQUIFAX 632. I have negatives on reports but all are past SOL or have been settled.  When this occurred I closed all my credit cards so I have no available credit listed on my reports. 

Now I am wondering if I should apply for a credit card and whether that would hurt or help my FICO.  I do not need the credit funds, would just be doing it to help score.  If it makes sense, where to I find the best deals?


 

It makes a lot sense.    Doing nothing lets your credit history fade from bad history to no history, which is not much better.  Once you get one, you need to use it regularly and establish a payment history.   Putting some monthly bills on it is good way to consolidate some bills and establish good credit history.

 

Secured card may be the best deal to start with CU or major bank.   The high fee unsecured cards for bad credit are the worst deals. 

 

 

 

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Epic Contributor

Re: Does it make sense to apply for CC in this scenario?

For sure new credit is the best way to go.

Check the pre-approval for capital one and for householdbank.

Secured route is a very good option too because it gets you in the door with better banks than household right off the bat.

Store cards would be another good option, Macy's and the GE back stores, Chevron, JCPenney, AE, Banana, Gap etc. would be options most likely

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