How does one transition from subprime cards to prime cc?

[shalane85]

I've been reading alot about prime and subprime cc. Until last month I wasnt even clear on what cc constituted prime or subprime. What I want to know is how do I transition from having sub prime to better cc. Right now I have

Credit One $250cl

HSBC $300cl

Orchard $300cl

Capitol One$500cl

Capitol One $750cl

Macys $100cl

All of these are subprime cc, I pay af on all of them except Macys, and bascially I want to set up a game plan to get out of these cards as soon as  I can to get better cards. As of Feb.1,09 my fico (EQ) was 499 and now its 577 so I figure if I continue to pay bills ontime, pay down cc, my scores will go up. But at what point should I try apping for BOA, Chase, etc...At what point should I feel confidant enough to not waste an inquiry? When can I lose these cc with these af?

[wemmington]

I personally wouldn't apply until fico was 700+ . Check out http://www.whogavemecredit.com and you can get and idea what fico scores are needed for different cards.

Message Edited by wemmington on 03-17-2009 08:23 PM

[smallfry]

What he said. Wait.

[shalane85]

700 credit scores seems out of reach for me. It could be years before I see scores like that.

[PayingTheBills]

Or get a secured BoA CC and add money ot it every month to increase your limit (as close to $10k as you can get).  After 9 months, if you pay on time, it will (99% of the time) unsecure (you'll get your refund) and then you can do a PC to something with that limit that YOU created, AND you can usually get a CLI at that time too.

[Guardian]

---

@shalane85 wrote:
700 credit scores seems out of reach for me. It could be years before I see scores like that.

---

Don't think like that. Its easier to get than you think. Just set goals to for yourself, stick to it with strict discipline and you will be on your way in no time. Wait until your scores are higher, especially the tighter requirements of these days and in the meantime, pay on time, pay down/off your balances, don't use too much credit/keep your util down to less than 10%, if you have any baddies, see if you can good will them off your report and so on...good luck.

[shalane85]

Thanks guys. I appreciate the support. I will stick to my plan and just pay off my balances. In the meantime should I go for the BOA secured? I have been thinking about this for a while.

[shalane85]

Or should I just give it a rest. If so I think I will close the credit one acct and ask for a refund for my $69 enrollment fee. Think that will work?

[moondog7324]

I was stuck where you are a year ago. I don't knowi if it will work for you, but heres what i did:

Opened a credit union savings account for the purpose of credit repair. I put 50 a pay into the account- until I got to $1000. I got a secured visa from the CU- keep making the payments. At six months

i fired 1/2 of the cards I was paying fees for.(i gave them the option of waiving- none did) at 9 months I fired the rest. In the meantime

i got a Kays card- to help with util on an old chargeoff.

I threw away any offers for credit- out of the blue I got a CHASE Platinum offer- no fees I took that one.

Patience is the key- my scores started arounf 535- and they fluctuated as I fired cards and my new ones aged. In a few months my secured card goes unsecured. I've never paid a penny interest = i pay in full each month.

I was so relieved getting rid of the junk cards- I've set a new goal for 2009- 700 fico- I'm at 671 now- , finance a house and no new inquiries or accounts (unless its a mortgage)