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Helping Mom Rebuild...Need opinions

Moderator Emeritus

Re: Helping Mom Rebuild...Need opinions


Revelate wrote:

2FixMyCredit wrote:

Also, she isn't willing to take anymore HP's right now, I do think if she decides she can afford a secured I'll pay for half as a gift and go with Opensky.  I know they charge interest as soon as you purchase something, which is a down fall but their other fee's arent too outrageous.  But we'll see.  I'll try to keep this post updated and continue taking advice for her!


HP's are irrelevant when trying to establish credit.  If there's a good path that you find that requires an HP, have her take it and don't regret it in this case.

 

Your mother is simply artificially limiting her options by that stance; that's probably the forum's fault honestly, but I'd encourage you to educate her over that hurdle.

 

That said, if you're able to fund a $200 dollar option with Opensky, stretch it to $250 and take SFDCU secured instead and upgrade your CU for no membership nor secured card HP and a rewards card with $0 AF; also, honestly, at $300she could just take the HP and get the BOFA 1-2-3 secured card and she probably never needs to get another credit card again except for style points or FICO games. 


ICAM. I'm one of the biggest proponents on this forum of "gardening," but I also believe that it needs to be looked at in an overall context. While HPs shouldn't be taken willy-nilly, that doesn't mean that they shouldn't be taken at all. If it makes sense to take a HP, then by all means do so. The whole point is to have a building/rebuilding strategy that makes sense for the particular individual.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Message 21 of 32
Mega Contributor

Re: Helping Mom Rebuild...Need opinions


tinuviel wrote:

Revelate wrote:

2FixMyCredit wrote:

Also, she isn't willing to take anymore HP's right now, I do think if she decides she can afford a secured I'll pay for half as a gift and go with Opensky.  I know they charge interest as soon as you purchase something, which is a down fall but their other fee's arent too outrageous.  But we'll see.  I'll try to keep this post updated and continue taking advice for her!


HP's are irrelevant when trying to establish credit.  If there's a good path that you find that requires an HP, have her take it and don't regret it in this case.

 

Your mother is simply artificially limiting her options by that stance; that's probably the forum's fault honestly, but I'd encourage you to educate her over that hurdle.

 

That said, if you're able to fund a $200 dollar option with Opensky, stretch it to $250 and take SFDCU secured instead and upgrade your CU for no membership nor secured card HP and a rewards card with $0 AF; also, honestly, at $300she could just take the HP and get the BOFA 1-2-3 secured card and she probably never needs to get another credit card again except for style points or FICO games. 


ICAM. I'm one of the biggest proponents on this forum of "gardening," but I also believe that it needs to be looked at in an overall context. While HPs shouldn't be taken willy-nilly, that doesn't mean that they shouldn't be taken at all. If it makes sense to take a HP, then by all means do so. The whole point is to have a building/rebuilding strategy that makes sense for the particular individual.


I agree. 1-2 is not going to kill you, get her the card that fits what her spending pattern is then hop in the Garden!




EQ FICO 548 3/3/16
Message 22 of 32
Highlighted
Valued Contributor

Re: Helping Mom Rebuild...Need opinions

If I were you I would try and apply for a Walmart credit card. They are one of if not the easiest unsecured credit cards to be approved for. This will give you great insight as to where your Mom really stands. If she's approved that would be great. If not, you know you have your work cut out for you.

 

It would definitely be worth a HP at this point to find out just where she stands.


Starting Score: EQ 653 6/21/12
Current Score: EQ 763 4/9/18 - EX 758 4/9/18 - TU 782 4/9/18
Message 23 of 32
Frequent Contributor

Re: Helping Mom Rebuild...Need opinions

anyone think she could get a low limit credit one? i don't recall fees other then 75 annual i got 1150 with a tu98 of 600-625 when i started rebuilding. no grace on purchases and pmt holds are the negs
Amx BCE-15k,Amx Zync-NSPL
Barclay's Mastercard-10.5k
Credit Union Visa-1k
Discover-19k, Khols-2k
Message 24 of 32
Mega Contributor

Re: Helping Mom Rebuild...Need opinions


phillyguy12 wrote:
anyone think she could get a low limit credit one? i don't recall fees other then 75 annual i got 1150 with a tu98 of 600-625 when i started rebuilding. no grace on purchases and pmt holds are the negs

Those are some BIG negs!! I would exhaust any other opportunities and make this one the last ditch.




EQ FICO 548 3/3/16
Message 25 of 32
Mega Contributor

Re: Helping Mom Rebuild...Need opinions


jamie123 wrote:

If I were you I would try and apply for a Walmart credit card. They are one of if not the easiest unsecured credit cards to be approved for. This will give you great insight as to where your Mom really stands. If she's approved that would be great. If not, you know you have your work cut out for you.

 

It would definitely be worth a HP at this point to find out just where she stands.


Not only that but free TU08 FICO monthly Smiley Happy

 

 




EQ FICO 548 3/3/16
Message 26 of 32
Frequent Contributor

Re: Helping Mom Rebuild...Need opinions

yea def big negs but in subprime land unless u wanna pay fees for everything its a Ness. evil
Amx BCE-15k,Amx Zync-NSPL
Barclay's Mastercard-10.5k
Credit Union Visa-1k
Discover-19k, Khols-2k
Message 27 of 32
Valued Contributor

Re: Helping Mom Rebuild...Need opinions

Try with capitalone no AF card, you may get lucky banks, like people on a fixed income, yes the income is usually low, but its guaranteed every month like clock work. 

 

yes credit cards are awesome when funds are limited, it sucks to pay a $25 late fee because your 2 days late on a utility bill, with a credit card you have 25 days of free float.
I remeber taking out a pay loan for 3 days else they were going to shut off my power.. i think it was $20 for a 3 day payday loan...

 

 

 

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Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 28 of 32
Valued Contributor

Re: Helping Mom Rebuild...Need opinions


tinuviel wrote:

Revelate wrote:

2FixMyCredit wrote:

Also, she isn't willing to take anymore HP's right now, I do think if she decides she can afford a secured I'll pay for half as a gift and go with Opensky.  I know they charge interest as soon as you purchase something, which is a down fall but their other fee's arent too outrageous.  But we'll see.  I'll try to keep this post updated and continue taking advice for her!


HP's are irrelevant when trying to establish credit.  If there's a good path that you find that requires an HP, have her take it and don't regret it in this case.

 

Your mother is simply artificially limiting her options by that stance; that's probably the forum's fault honestly, but I'd encourage you to educate her over that hurdle.

 

That said, if you're able to fund a $200 dollar option with Opensky, stretch it to $250 and take SFDCU secured instead and upgrade your CU for no membership nor secured card HP and a rewards card with $0 AF; also, honestly, at $300she could just take the HP and get the BOFA 1-2-3 secured card and she probably never needs to get another credit card again except for style points or FICO games. 


ICAM. I'm one of the biggest proponents on this forum of "gardening," but I also believe that it needs to be looked at in an overall context. While HPs shouldn't be taken willy-nilly, that doesn't mean that they shouldn't be taken at all. If it makes sense to take a HP, then by all means do so. The whole point is to have a building/rebuilding strategy that makes sense for the particular individual.


+1 I agree with Tinuviel. HPs are for a reason, to obtain tradelines in this case and that is what she needs, active tradelines..

Message 29 of 32
Established Contributor

Re: Helping Mom Rebuild...Need opinions

UPDATE: Her score has went up 15 points from two HPs falling off that were from 2011 - did not think those would affect it that much!

 

Capital one is completely out of the question for her she says, I have to respect her request.

I've also explained that she does need to apply for some stuff and we have decided to limit it to no more than ten HPS so she has 5 left to apply for something, hopefully she can get approved for a couple of things!

I am opting her in to hopefully get some commenity approvals with SP's and we'll go from there. Smiley Happy

Total CL: $40k+
Discover, BOA, GE, Cap 1, Chase, Barclay!
Gardening Start: 04/22/2013

Message 30 of 32