FIrst Credit Card?

[jamie123]

Really people????

Please read the OP's first post before you hand out credit advice.

In case you want to start reading from here I'll give you the specifics:

Hasn't had a credit card in 10 years.

Has a mortgage with last late 10 months ago and several other lates.

Credit score is 646.

Wage garnishment 3 years ago.

How does that not scream Cap1 card?

You would actually have her put $2000 on a secured card? Don't you really think it would be worthwhile for her to at least apply for a Cap1 and see if she could get it?

Cap1 serves a great need in this community for people that need to establish credit or rebuild their credit. It is actually the BEST CC out there for this purpose! Why would you have someone get a secured card for $2000 without even trying to get a Cap1 card? I just don't see it. So what if she decides to close the Cap1 in 2 years. What harm was done?

The Cap1 card is a starter card and guess what? She's starting to rebuild.

Again, my recommendations to the OP are to apply for a Cap1 followed by a Walmart or other GE backed card.

[kevinjjc]

But why not instead choose a credit card for rebuilding AND grows with you? Cap1 simply doesn't grow with you as your credit improves...period!

[jamie123]

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@kevinjjc wrote:
But why not instead choose a credit card for rebuilding AND grows with you? Cap1 simply doesn't grow with you as your credit improves...period!

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That's great, I agree 100%! So, what credit card are you recommending that is good for rebuilding AND grows with you that I can qualify for with a score of 646?

[JustinNguyen]

With cap 1 you will get stuck at 750$ credit ligrow with secured credit card. You will  get higher credit limit. Later on you can get another credit card with better credit limit. Is this make sense now lol

[FIcohelp007]

I just put in my application for my local credit union right now.   Told them my situation and they said they would do anything they could to help me and I should know between 24-48 hours.  *crossing my fingers!*

[Epcot]

Hope for the best, keep us posted!

[jsucool76]

@Jamie123

An unsecured cap1 card is a dead end. If the OP goes for cap1s secured card and puts 2k down, they will build history with a CL of 2000$. The cap1 secyred card doesn't report as a secured card, so when OP goes to apply for another card in the future, it looks like experience with a 2k card.

If thry go the unsecured route they will get a $300 card that will not grow anytime in the near future, and then when they app for another card, they might get a $500-$750 limit.

[FIcohelp007]

Heard back from my Credit Union about 2 1/2 weeks ago saying I was approved.  Got my Card today and I got a 2k Limit!

Very glad i went through my credit union and the 2k limit was more then I thought i would get with my 646 score

Does just having this one credit card and using it for the next year, hoping I can get an increase along the way until I continue to build my credit and hopefully have a good enough credit score to get one of the better cards sound like a plan?

[ntx]

That's great news - congrats! 

CUs are awesome!

[BearsAndTurtlesRtheBest]

wow thats awesome!! What credit union did you go to #just curious