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Need help..where to start?

New Contributor

Need help..where to start?

Hi all,

 

I am looking for some direction from you all.  I have gone through a divorce, failed business (due to bad economy in Michigan), jobless but now with a job, and as a result my credit history/scores have taken a MAJOR hit.  Where I once had scores in the 700's, I now find myself in the low 500s and trying to recover.  Because I was unable to pay at the time, most cards were closed by the credit grantor (for ex Best Buy MC, wells fargo, hsbc, and the list goes on), all that remains open is Kohl's.  I have developed a plan to pay down my past debts now that I can (yippee); however, I would like to know how about going to get a credit card again? Should I wait until the balances are paid off or significanlty lower and then try, or should I try say Orchard Bank for like a $300 limit (never had an account there lol)? My intention was to have a small bill hit there automatically everymonth say for less than $50 and pay in full monthly to again rebuild some positives back on my CR (remember all I've got left is Koh'ls).  My intention is NOT to carry balances on any new cards, but ONLY to charge the bare minimum that would be needed to rebuild my scores back to where they were.


Starting Score: 486 TU 3/2/10
Current Score: TU 603 EQ 582
Goal Score: 640

Message 1 of 3
2 REPLIES
Epic Contributor

Re: Need help..where to start?

well orchard is HSBC which sounds like you had 2 accounts with them, hsbc and best buy... you can always check pre-approval but probably not until you pay them off, once you pay them off I bet they will give you a card again.

other then that maybe a good secured card with National City or USbank 

Message 2 of 3
Highlighted
New Contributor

Re: Need help..where to start?

well looka here! Household mc has NOT closed my account as I had thought.  It's still open with a high bal though, but I can work on it.  Sooo...i still have kohl's and household which has a $1000 limit on it (maxed though).  Should I just work with these two and call it a day?  Once I have the mc bal down, that should help me to rebuild right?

Starting Score: 486 TU 3/2/10
Current Score: TU 603 EQ 582
Goal Score: 640

Message 3 of 3