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Rank the starter cards please

Valued Contributor

Rank the starter cards please

I know there's a thread somewhere about bk friendly cards, but my question is slightly different. I'd like your ranking of the unsecured starter cards from best to worst. I haven't had a cc in a decade and I filed bk in November and am looking to start rebuilding in about 3-4 weeks. I've already got most of the cleaning of my report done and its time to think about how to build now.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 1 of 16
15 REPLIES
Valued Contributor

Re: Rank the starter cards please

Wait for your discharge first!  Smiley Wink

 

I'd say anything with a credit union would be best.  There are some that are BK Friendly and will help you rebuild your credit.  If you are eligible for NFCU and haven't burned them, join there and don't look back.  They're notorious for being very generous to those both with and without a BK on their file.  After that, I have heard that DCU is pretty good too.  

 

Bank-wise, simply look for something unsecured and no annual fee or a very small one.  I remember I started with Orchard Bank and CapOne (both had account fees on most cards).  Barclays is another BK friendly creditor in most cases...and they will issue accounts without annual fees.  

 

What should you stay away from...in my experience, the worst ones were the accounts with the monthly fees and/or account setup fees.  Make sure you read the fine print (Terms and Conditions of whatever card you're applying for to make sure there's not a $75 annual fee disguised as a $6.25/month fee or that your available credit will be reduced by $200 due to account setup fees.  Notorious for this are First Premier Bank and New Millenium Bank.  CreditOne Bank is another one with a high annual fee ($75-$150).  Do your research and if you find a card you like, ask some more questions and we'll try to help as best we can.  

 

Edit:  As a FYI, Orchard's (HSBC) credit rebuilder portfolio has been sold to CapOne.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 2 of 16
Valued Contributor

Re: Rank the starter cards please

I will have access to nfcu shortly. My dad is a Vietnam and Korean war vet and I convinced him to join and bring the whole family in for the great benefits. My plan with them is to start with a savings account for about 9-12 months and then ask for the moon once I have a couple of positive tl's reporting for six months. I was thinking cap 1 and Barclays, but want to know if they really are the best of the worst, so to speak. If I app in 3-4 weeks, my bk will be discharged before they start reporting most likely. I'm due for discharge 2/4/13. I want to do it ASAP because my oldest account will age off in March, and I need a positive reporting other than my new car loan.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 3 of 16
New Contributor

Re: Rank the starter cards please

Barclays likes 6 months of TLs reporting, preferably 2 TLs that are CC's.
Message 4 of 16
Regular Contributor

Re: Rank the starter cards please

Rank by easiest to get approved for?

 

My vote would be the GE CareCredit card, (but it's a bit different than other cards- you can only use it for medical & veterinary expenses.) 

 

I applied with NO credit card history, ZERO income (full-time grad student), and an old charge-off utility bill. No idea what my score was but probably in the 500s then. 

I was instantly aproved for 3k. 

I have read they will give this card to anyone with a pulse. 

 

Also I see a lot in the forums here that GE is a great line to start with for building credit because they back a ton of retail cards, so responsible use with one will open the door

to the rest for you. The Care Credit card also has a cool feature of 0% interest from 6 months of the date of each use- permanently, not just for the first year. So I used mine for Lasik eye surgery and made interest free payments, building credit the whole time. Then used it again for my dog's surgery, same thing.  Their customer service is excellent. 


Starting Score: 580
Current Score: 780
Goal Score: 800


Take the myFICO Fitness Challenge
Message 5 of 16
Regular Contributor

Re: Rank the starter cards please

Now that I think about it, I'm surprised I haven't read more about the Care Credit card on these forums. It seems like an unsung hero for credit builders/rebuilders. 


Starting Score: 580
Current Score: 780
Goal Score: 800


Take the myFICO Fitness Challenge
Message 6 of 16
Valued Contributor

Re: Rank the starter cards please


loviedovie wrote:

Now that I think about it, I'm surprised I haven't read more about the Care Credit card on these forums. It seems like an unsung hero for credit builders/rebuilders. 


Agreed that it is easy to get and has good CL policies, it just has limited use.  Walmart is so popular because you can probably find an excuse to buy something from Walmart in a given month, plus you get the free TU score.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 7 of 16
Senior Contributor

Re: Rank the starter cards please

Wouldn't wait on navy. You can always CLI and app for lower % when your cr is in better shape. They might want a secured card though.

 

gemb is usually pretty easy with ltd history - I started with old navy and Walmart a few months later. 

 

Barclays may be forgiving of BKs, but they're going to want to see some positive history before approving you.

 

calling local CUs to see if someone will work with you is good, too. Some here have gotten large starting CLs from their local CUs post bk or rebuilding or starting out. But some are conservative, so you need to call around and see what they say.

 

cap one's sub prime cc is another option, they may not be good at CLIs, but at least they don't gouge their customers like first premier, credit one and other subprime rebuilders out there that take advantage of people in poor credit situations.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 8 of 16
Established Contributor

Re: Rank the starter cards please

I know of one credit union that offers a "rebuilder credit card". The name of the firm is "Community America Credit Union". They are based in the midwest United States. Good luck and remember to always pay on time and when possible in full each and every statement.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico)XP 735 (FAKO)
Updated scores 05/01/17 EQ 824, TU 812 EXP 810 (all Fico scores) Remember the Three P's: Pay early in Full, Pay on Time, Patience
Message 9 of 16
Valued Contributor

Re: Rank the starter cards please

I'm shocked I haven't read one word about care credit, and I've read all of the bk and rebuilding subforums, that card sounds perfect for me. Thank you all for all the great suggestions. Does being an au still work?

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 10 of 16