Prequalification Mail Offers

[Anonymous]

Hi ! I'm in the process of rebuilding after Deliq and BK from 2013 ..

I've recently opened a First Premier card @38% . Lanebryant and Fingerhut accounts.

Yes FP is super high interest however as soon as I pay down the balance it will be used basically as a debit card. Plan to keep util at 20% and make payments twice a month to avoid interest. Same with Fingerhut.

I just need to know what credit score is required for "prequalification " credit card offers.

My goal is to within a year open a credit account with a reputable low interest rate .

[Turbobuick]

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@Anonymous wrote:
Hi ! I'm in the process of rebuilding after Deliq and BK from 2013 ..

@I've recently opened a First Premier card @38% . Lanebryant and Fingerhut accounts.

Yes FP is super high interest however as soon as I pay down the balance it will be used basically as a debit card. Plan to keep util at 20% and make payments twice a month to avoid interest. Same with Fingerhut.

I just need to know what credit score is required for "prequalification " credit card offers.

My goal is to within a year open a credit account with a reputable low interest rate .

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No offense, but it sounds like you're looking at credit cards as a means to go into debt. The reality of paying 38% interest currently should be a wake-up call. Your primary goal should be to pay in full each month and not to carry a balance. A cards interest rate only comes into play if you go into debt.

[Anonymous]

There is no magic number, there are too many variables.  Someone might have a low to mid 600's score with a profile that catches the eye of a certain lender and that same lender may want nothing to do with the next applicant even though their score is teetering on 700. Start by checking the prequal sites for the major lenders. Cap One, Amex, Citi and Chase all have them. I'd try to close that FP as soon as possible (pay it off first so that you don't have your util take a hit) , I see that they charge a set up fee and an annual fee on top of the high interest.  Then after a year they also charge a monthly fee.  You're in debt without ever using the card. I can see the appeal of getting a card now but I think I'd rather be patient and start out with a secured card if necessary. Please don't think I'm criticizing you, I'm only trying to offer helpful advice. 

[ChargedUp]

38%??? I didn't know that was even legal?

I'd go with a secured card before I let the likes of 1st Premier, Surge, Credit One, do me like that!  Remember, all you need to do is put some small purchase on a card every month and then pay it off on time to create good payment history. Yes, ideally you want your utilization less than 10% while showing a small balance someplace, but worry about leaving the small balance later when you're ready to look into apping for better cards. For now just put some small re-occuring charge to a card like your car insurance or a utility bill and pay it it off when your statement cuts.

If possible, pay off 1st Premier and close it. Throw $300 at Capital one for a secured card and use it to get your scores up. Build a good internal history with Cap One and they will be good to you in the future as long as your scores are heading the right way.

[MyLoFICO]

You should consider posting a rundown of your current scores (Not Credit Karma scores) and listing what is good and bad on your reports. The cards you have suck, really bad. It sounds like you want to change that but using your scores only as a gauge is not a good practice. First thing you need to do is stop applying, now. You need a game plan and in order to get that you need more advice. Get your 3 FICO scores. Post them up along with any good or bad items and see what kind of advice you get. 

[Credit_hawk]

Yeah, FP & Credit One cards are as bad as it gets. However, you already took the hard pulls for them so now just use them to your advantage by charging $5 to each per month and pay them off. The amount you charge is irrelevant it only matters that you use them responsibly.

There are no set scores to get preapprovals. Some people never get them even with great scores and others get a slew with fair credit. In general, I'd aim for upper 600s before you start getting decent offers or approvals If I were you, I'd spend a year just putting small charges on your cards and immediately paying them off the same month to avoid interest. So that you can build a solid credit history. Then you can get blue chip cards with good limits and interest right off the bat.

This forum is a fantastic resource. It will help you get to wherever you want to be. Credit is a slow marathon not a short dash. Good luck.

[Shooting-For-800]

apply for Capital One and forget the store cards and predator credit cards.

I started with one card from Cap One after BK and now have $50k in credit card limits and a 2.49% car loan with them.

If you are loyal and smart, they will reward you.

I make payments WEEKLY not monthly.

[AverageJoesCredit]

Great advice given so far , kudos to all. Agree with all , well maybe the part of loyalty in only that loyalty can only get you so far in this game ( dont get me wrong its great to show you're happy with a certain lender as i know some have really been instrumental to certain indivuals )

Op, yeah 38% is worse than predatory. Dont let them feel your obligated to use their card as a price for having and recieving credit. Its amazing the progress anyone can make in a years time, whether you have good ir bad credit. Please check out the rebuilding section as there are many great stories of triumphs and well pointed advise on great directions to go. Getting a secured card is an excellent way to build history and help set the foundation of getting in with prime lenders. Good luck Op, youve made the first step by realizing you want better so thats always good

[Anonymous]

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@Shooting-For-800 wrote:

apply for Capital One and forget the store cards and predator credit cards.

I started with one card from Cap One after BK and now have $50k in credit card limits and a 2.49% car loan with them.

If you are loyal and smart, they will reward you.

I make payments WEEKLY not monthly.

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+1

A lot of people love to complain about Capital One here. I've complained about Cap One!

But the fact is, Cap One is a solid-gold legit company which makes working with rebuilders a key part of its business model. That's one big reason, in fact, that so many people hate Credit One, because those crooks - and I use the word advisedly - literally rip off Cap One's logo and typeface to sucker people into getting cards with them.

Understand that Cap One's rebuilder products are precisely that - rebuilder products - and you're not really meant to be staying with those cards indefinitely. You won't ever get great big CL's from them; in fact, Cap One's secured card will only ever give you one CL. Once you've rebuilt your credit profile and scores to the point where you can get better cards, pay off these cards, get your security deposit back (for the secured card) and move on to those better cards (and Cap One has some very good products for you there).

[Anonymous]

Moving on to prequalification (or possible prequalification) offers from legitimate issuers, my reliable friend USPS Informed Delivery advises me that USAA is sending me a credit card offer of some sort today. I don't know if it's an actual preapproved offer yet until I get home and open my mailbox, but the envelope says in big letters, "0% intro APR on balance transfers for 12 months" and "2,500 points after first purchase".  On looking it up, I'm fairly certain this is USAA's Rewards Visa Signature card; the APR range is 10.65% to 26.65% with $0 annual fee. I'm surmising, so as not to get expectations up, that this is simply a marketing offer in which case the full APR range is what will show up in their letter, but if they offer me a single-figure APR or a 3%-4% range APR, I'll have some thinking to do...