POOR CREDIT SUGGESTION

[sjt]

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@tinuviel wrote:

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@pjsebastian87 wrote:
Thank You for the warm welcome everyone, now it don't feel like as if I was the only one with this proble, I really appreciate it,.

Let me elaborate more on my credit.

I had few credit cards in the past, CapOne, BankOne, BoA, Wellsfargo, First Premier.. All of them had been charged off.. I have a couple of Collection, 2 hard Inquiries, ..

All of them are about 6-7 years old.

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Welcome to the forums! Many of us have been in your situation, including myself. The good news is that time, coupled with current responsible behavior, heals all credit wounds. With time and effort you can successully rebuild your credit and eventually obtain desireable cards.

You mentioned that you have a couple of collections, about 6-7 years old. Are they paid or unpaid? IME, Cap1 can be forgiving. Have you tried their pre-qual site to see if they have any offers for you? They were very helpful for me in my rebuilding and the fees were quite reasonable.

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+ 1

Welcome to the boards. Like Tinuviel and others have mentioned, many of us have been in the same situation. This board is a community and its very impowering.

I would look into a Credit Union for a number of reasons. They grow with you, have great rates, minimal fees, etc. I would start off by getting a secured card.

[coldnmn]

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@pjsebastian87 wrote:

CU means Credit Union, sorry im new to this.. 

But if thats what it means, No I am not 

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Check out the helpful threads at the top of the page. There is a list of common abreviations.

[pjsebastian87]

All of you are great..! My motivation just went up tenfold on rebuilding my credit.. Thank You..!!

[pjsebastian87]

I sure will look for a CU.. is there anything that you all suggest..?!

[09Lexie]

If you have zero reporting open TLs, I would start with your CU.  SDFCU has a secured card that foes not pull your CR's and the rates/terms are nice- it does not graduate.  If you want to try your luck with 1-2 store cards, search 'Shopping Cart Trick'. 

If successful, do not go overboard with them because although they are an excellent way to reestablish your ultimate goal will probably not be store cards but batiobal bank cards. 

 Edit:  http://ficoforums.myfico.com/t5/Credit-Cards/Shopping-Cart-Trick/td-p/2144899

[SunriseEarth]

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@pjsebastian87 wrote:
Thank You for the warm welcome everyone, now it don't feel like as if I was the only one with this proble, I really appreciate it,.

Let me elaborate more on my credit.

I had few credit cards in the past, CapOne, BankOne, BoA, Wellsfargo, First Premier.. All of them had been charged off.. I have a couple of Collection, 2 hard Inquiries, ..

All of them are about 6-7 years old.

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HI there and welcome to the boards.

The COs (chargeoffs) are all serious delinquencies.  However, they do fall off of your CRs (credit reports) after 7 years of the DOFD (date of first delinquency), so your CRs will definitely get better in the next year or two.

+1 to Lexie's suggestion of secured cards and score cards through the "Shopping Cart Trick"

[lithium78]

I would recommend trying for a Walmart store credit card.  It can only be used at Walmart, but it's a great way to build positive payment history, plus you will get a free TU FICO score every month if you sign up for paperless billing.  Walmart's store card is issued by GE Capital Retail Bank and they are very helpful for people rebuilding.  If you want to try for an unsecured card, you should check out a few of their offerings and see if they meet your needs.

[sjt]

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@pjsebastian87 wrote:
I sure will look for a CU.. is there anything that you all suggest..?!

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I would look into credit unions in your area, as it would allow you to establish both a banking and credit relationship.

If you have military connections I would look into Navy and USAA. Navy seems to be really good with credit approval and credit lines. As Lexie mentioned State Department Federal Credit Union (SDFCU) has a great Secured Visa Program. Like most credit unions, secured card will not graduate to unsecured status, but its been my experience that CU will look favoribly on how you maintained the secured card when applying for their unsecured card.

[pjsebastian87]

Is there any other secured that can graduate to an unsecured..? I'll stil sign up to one of the SDFCU Secured Card. 

I'll check out one of the local CU and see what they can offer. I'll keep you all updated.

btw my mother in law, AU is willing to make me an AU for her BoA CC, She just got an pre-approval letter for a BankAmericard CashReward CC .. Any feedback about this card,.. ?

And is it advisable to take the AU card as one of my rebuilding solution.?

Thank you 

[DaveSignal]

SDFCU is a good credit credit union and offers loans and credit products at extremely low interest rates. They are a good place to have a membership with, but you should get into the habit of paying card balances in full each month. 

The AU will almost definitely help you at this point.  As long as your mother isn't letting a maxed-out balance report each month, this card will help your mix of credit by adding an open revolving account, and it will help your card utilization percentage.  I have never actually been an AU, but I hear it is not hard to get such account later removed from your credit reports in the case that the account history goes south.  My wife has fantastic credit, due to the fact that I have added her as AU on all of my best accounts.