FIrst Credit Card?

[FIcohelp007]

Hello All,

I am trying to figure out what credit card I should get.  I haven't had a normal credit card for about 10 years, Cancelled my department store credit card 3 years ago.  FIgured having no credit card would help me not get into trouble.  I am trying to rebuild my credit, I just checked my score here on Myfico and its at 646.

Should I wait until my score is over 650 since I am so close? Think 650 is a different bracket?

Can I even apply to a unsecured Credit card with my score?

Should I just get a secured Credit card? I have about $2k I can put down for one.

Is it best to get a secured credit card that will evolve into a normal credit card? Read online that Citi and Bank of america have these types of cards.

Any help would be great. Thanks in advance!

[Shogun]

App for a Cap1 and a GE backed Walmart card.  I think your chances are good with those.  Do you have any baddies on your reports?  Get them cleaned up if you can, you could possiby hit 700 in a fews months with these two cards and a decent CR and get some good cards.  The GE card can graduate to a discover in the future if you don't qualify for it now and GE is great with CLIs.

[FIcohelp007]

Hi There, Thanks for your post.

I do have some baddies, I have a public record-Garnishment from 3 years ago and multiple late payments on my mortage, however i have been on time for the past 10 Months and will stay current going forward.

[jamie123]

---

@Shogun wrote:

App for a Cap1 and a GE backed Walmart card.  I think your chances are good with those.  Do you have any baddies on your reports?  Get them cleaned up if you can, you could possibly hit 700 in a fews months with these two cards and a decent CR and get some good cards.  The GE card can graduate to a discover in the future if you don't qualify for it now and GE is great with CLIs.

---

+1 Shogun is giving great advice here! ^^^^^^^^

Make sure you apply for the Capital One Platinum Standard card! Do not apply for a rewards card, they are harder to get. You have a really good chance of being approved for this card.

Apply for the Walmart card. They are really good with automatic credit line increases.

Your scores will start to climb after you get these 2 cards.

Stop back and let us know how it turns out.

Good luck!

[chnceit]

---

@FIcohelp007 wrote:

Hello All,

I am trying to figure out what credit card I should get.  I haven't had a normal credit card for about 10 years, Cancelled my department store credit card 3 years ago.  FIgured having no credit card would help me not get into trouble.  I am trying to rebuild my credit, I just checked my score here on Myfico and its at 646.

Should I wait until my score is over 650 since I am so close? Think 650 is a different bracket?

Can I even apply to a unsecured Credit card with my score?

Should I just get a secured Credit card? I have about $2k I can put down for one.

Is it best to get a secured credit card that will evolve into a normal credit card? Read online that Citi and Bank of america have these types of cards.

Any help would be great. Thanks in advance!

---

GE is a great route. Cap One is an easier bank, try their prequal site. Or your local CU maybe they can work with you if you already have a relationship with them. 

[FIcohelp007]

I went on the Cap one site (I'm already a cap one bank member as well) and see a Cap one platinum card (24.9%apr) and a Cap one classic platinum card (has 0% apr til aug 2013 then 19.8%).

In regards to the Walmart card, is it just a card I can use at Walmart?

Also, Do I need to apply for two cards? I always thought the least amount of credit cards the better? I'm probably wrong though as im a complete newb when it comes to this stuff lol.

[Shogun]

Walmart has 2 cards.  A store card and a Discover card.  When you apply they decide which you get.  If you don't qualify for the Discover, you get the store card.  It has the potential to graduate to a Discover later.  Plus GE backed gards grow with you.  Decent CLIs.

[jamie123]

---

@FIcohelp007 wrote:

I went on the Cap one site (I'm already a cap one bank member as well) and see a Cap one platinum card (24.9%apr) and a Cap one classic platinum card (has 0% apr til aug 2013 then 19.8%).Either one of those cards. One has a high interest rate and the other has a high annual fee. Pick your poison.

In regards to the Walmart card, is it just a card I can use at Walmart? Yes, and at Walmart and Murphy gas stations. You can save money on gas.

Also, Do I need to apply for two cards? I always thought the least amount of credit cards the better? I'm probably wrong though as im a complete newb when it comes to this stuff lol. You actually need to have a minimum of 3 credit cards to maximize your scores but 2 cards will be fine for the next six months. These are great cards to start with. Once your scores rise you can get better cards.

---

Good luck!

[maiden_girl]

I would apply for a GE backed card. Check out GE consumer website and see what companies they back and if you see a store you frequently shop at..such as Walmart..or JCP....you can apply to it. Any GE card you get will grow and has the potential to upgrade to whatever network GE backs. Try to clean up your credit as much as you can. Good luck!

[Dustink]

Besides crap1 who do you bank with? Sometimes you can get the best card from going into a local bank branch whom you have your paychecks going through.