Reply
Valued Contributor
Posts: 1,232
Registered: ‎03-22-2012
0

Re: FIrst Credit Card?

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.



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Valued Contributor
Posts: 1,408
Registered: ‎01-14-2009
0

Re: FIrst Credit Card?

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!
Valued Contributor
Posts: 1,232
Registered: ‎03-22-2012
0

Re: FIrst Credit Card?

[ Edited ]

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!

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?



Starting Score: EQ 658 6/18/12
Current Score: EQ 705 6/21/15 - EX 783 6/21/15 - TU 707 6/21/15
Goal Score: EQ 720+
Take the FICO Fitness Challenge

Contributor
Posts: 99
Registered: ‎10-20-2012
0

Re: FIrst Credit Card?

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

Member
Posts: 14
Registered: ‎10-29-2012
0

Re: FIrst Credit Card?

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!*

Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
0

Re: FIrst Credit Card?

Hope for the best, keep us posted!

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Super Contributor
Posts: 5,880
Registered: ‎12-11-2011
0

Re: FIrst Credit Card?

@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.
;
Member
Posts: 14
Registered: ‎10-29-2012
0

Re: FIrst Credit Card?

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 Smiley Happy

 

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?

New Contributor
Posts: 66
Registered: ‎08-02-2012
0

Re: FIrst Credit Card?

[ Edited ]

That's great news - congrats!  Smiley Happy

 

CUs are awesome!

Highlighted
Senior Contributor
Posts: 3,919
Registered: ‎10-02-2012
0

Re: FIrst Credit Card?

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


(EQ FICO ---) (EX FICO ---) (TU FICO ---) Gardening Since 07/15/15 For All 3 Credit Bureaus
(EQ Inquiries --) (EX inquiries --) (TU Inquiries --) All of my 3 Credit Cards are Secured with a $300 Credit Limit.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

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.