10-30-2012 02:05 PM
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 $2000 without even trying to get a Cap1 card? I just don't see it. So what if she decides to close the Cap1 in 2 years. What harm was done?
The Cap1 card is a starter card and guess what? She's starting to rebuild.
Again, my recommendations to the OP are to apply for a Cap1 followed by a Walmart or other GE backed card.
10-30-2012 03:02 PM - edited 10-30-2012 03:03 PM
But why not instead choose a credit card for rebuilding AND grows with you? Cap1 simply doesn't grow with you as your credit improves...period!
That's great, I agree 100%! So, what credit card are you recommending that is good for rebuilding AND grows with you that I can qualify for with a score of 646?
10-30-2012 03:43 PM
With cap 1 you will get stuck at 750$ 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
10-31-2012 09:31 AM
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!*
10-31-2012 09:50 AM
11-28-2012 01:42 PM
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?
11-28-2012 04:05 PM
wow thats awesome!! What credit union did you go to #just curious
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.