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Established Contributor
Posts: 1,011
Registered: ‎04-08-2012
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Is there an unsecured card for a low to mid 500 credit score?

I'm trying to rebuild my credit and don't have any open credit cards to help. I'm wondering what is the best credit card that's non-secured as I know credit cards can help rebuild credit faster while I'm in the process of DV's and PFD's.

-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
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Re: Is there an unsecured card for a low to mid 500 credit score?

its going to be tough to get an unsecured card with those scores and you will be just wasting inquiries which will hurt your score even more. trust me i know. look to getting with a local credit union and see if they offer a secured credit card and see if they will unsecure it over time. another way to look is with bank of america secured. they also unsecure cards after 12 months. capital one might approve you with those scores with a low limit and they do also offer a secured card too but you will be stuck with that card forever unless you close it. my suggestion would be to open 2 possibly 3 secured cards and wait a year then you will have a greater stand point

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Epic Contributor
Posts: 29,086
Registered: ‎10-23-2007
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Re: Is there an unsecured card for a low to mid 500 credit score?

You show a Credit One Pre-Qual Score, Did you apply for it? if not, they are a great option for rebuilding... just watch your payments and send the money using your bank bill pay not their website or phone.

I would go to orchardbank and do the pre-qual and see if you get unsecure offer

same at capital one.

Valued Contributor
Posts: 2,136
Registered: ‎03-30-2012
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Re: Is there an unsecured card for a low to mid 500 credit score?


jordanmedical wrote:

I'm trying to rebuild my credit and don't have any open credit cards to help. I'm wondering what is the best credit card that's non-secured as I know credit cards can help rebuild credit faster while I'm in the process of DV's and PFD's.


I noticed your signature says MyFico Experian...I hope you mean Equifax!!! Experian hasn't sold any FICO scores here in quite a while....

Scores 5/15/2016 (clean reports!): TU Walmart FICO: 696 | EQ FICO: 679 | EX AMEX FICO: 680

In my new wallet: American Express Green EMV: PSL $2000 | BankAmericard Cash Rewards Visa EMV: $2500 | Citi AAdvantage Platinum Select World MasterCard: $6400 | Barclaycard Arrival World MasterCard: $1000 | Discover IT: $2500 | Amazon Rewards Visa Signature: $1500 | Chase Freedom: $1500 | Capital One QuicksilverOne MasterCard: $2100 | Target: $2800 | J.Crew $21,550 | Marvel (Captain America) MasterCard: $6000
Contributor
Posts: 185
Registered: ‎03-05-2012
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Re: Is there an unsecured card for a low to mid 500 credit score?

Firestone approved me with low credit scores and so did the department store Von maur.
EQ 480 02/27/12- EQ 617 05/02/12
TU 500 02/27/12 TU 585 05/01/12
All scores are myfico
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Is there an unsecured card for a low to mid 500 credit score?

[ Edited ]

I would do as another poster has mentioned; find a local credit union that you can join and talk to them about opening a secured loan and/or a secured credit card. Secured loans are a great way to build good payment history and it doesn't cost much money as they immediately give you back your deposit as a loan. You just have to be able to make the monthly payment. Its also a great way to make you save because at the end of your loan repayment you end up with a fully matured certificate of deposit that you can then continue to build on or cash out and use for something. I did this in 2007 and ended up increasing my score by 50 points in one year. I qualified for an Fha loan the following spring.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Frequent Contributor
Posts: 345
Registered: ‎03-24-2012
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Re: Is there an unsecured card for a low to mid 500 credit score?


jordanmedical wrote:

I'm trying to rebuild my credit and don't have any open credit cards to help. I'm wondering what is the best credit card that's non-secured as I know credit cards can help rebuild credit faster while I'm in the process of DV's and PFD's.


Orchard Bank has a pre-approval link that you can try to see what they will approve you for. I was approved for Orchard and Capital One. Good luck to you...

Established Contributor
Posts: 1,011
Registered: ‎04-08-2012
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Re: Is there an unsecured card for a low to mid 500 credit score?

Yes, I do have to change it to equifax in my signature and add my current TU score as well. I didn't prequalify for credit one and they showed me my score. Does anyone know if that counts as an inquiry? I'm hoping to reapply for the walmart store credit card after I finish paying them the last 100 I owe on an acct they closed. Which report does capital one look at?
-Rebuilding with CapOne Cash: $1.5k, NFCU cashRewards $8.5K, NavCheck $5K, Wal-Mart: $1.1K, Sam's: $1.2K, Amazon: $1.9K, Apple Barclay: $3K, Haverty's: $1.5K, GE capital: $5K, Sears: $250(AU), PP MC:$1.5K, CareCredit:$3K (closed 1st home 05/08/13)
Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
Current Score: EX,EQ,TU (lender pull): 652, 659, 689, Walmart TU FICO: 691 (05/13)
Goal Score: 700

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Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: Is there an unsecured card for a low to mid 500 credit score?

you will get 3 hard pulls from cap one. they pull all 3

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Valued Contributor
Posts: 2,528
Registered: ‎11-11-2010
0

Re: Is there an unsecured card for a low to mid 500 credit score?

With the way you are right now. It is a lot better to get secured credit card instead. I suppose you can app for First Premier, but then you will be paying ridiculous fee just to keep the card open. Capital One is certainly a try, though I fear you only qualify for their secured credit card.

 

GECRB (Walmart) will pretty much shut you down with that credit score.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
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