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Established Contributor
aquatic1
Posts: 620
Registered: ‎08-16-2008

Rebuilder cards

Ok, I am trying to wrap my head around the different types of cards to assist with rebuilding.  I see that HSBC has different types of cards and also Household.  My questions is which is the BESt route to go.  In my world, I don't have many options but please share your opinion in the starter cards.  Please know that my CU doesn't offer secured cards so that is not an option at this time until I find another CU that I am comfortable with and qualify to join.

Starting Score: TU:537
Current Score: TU:683 (3/11/10)
Goal Score: TU:740


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Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Rebuilder cards

I like HSBC builder cards.  I have an HSBC/Orchard and it has worked well for me.  I understand it will only grow so far (depending on what type of card you receive), but they're well-behaved and very easy to pay online.  Our local CU will work for us in another six months or so, so the Orchard worked well getting us started.  HSBC also has a pre-approval web site. 

 

Nice work on pulling those scores up!

Just puttin' syrup on something, don't make it pancakes.
Established Contributor
aquatic1
Posts: 620
Registered: ‎08-16-2008

Re: Rebuilder cards

Thank you for your response.  I will check the website out.  i have about three things on my reports that I pending so hopefully in a few weeks I will be able to be in the right place to apply.

 

Rebuilding credit has many ups and down and sometimes I feel as if I am on a plateau!  But I will not stop until I am in a place to qualify for a mortgage.  Its about time to own  so I am giving myself one more year. 


Starting Score: TU:537
Current Score: TU:683 (3/11/10)
Goal Score: TU:740


Take the FICO Fitness Challenge
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Rebuilder cards

As far as apping for a mortgage, make sure you have one bank (or major i.e. Discover, CapOne, AmEx) card.  CU cards don't count in this category.  They do not care what your CL is, so even a small CL at a bank will work in your favor.

 

Just a note on the mortgage - we were planning on waiting til next Spring, and assumed we would need to go FHA because we're rebuilding credit.  We decided to app now (that's a different story), and found we were approved with traditional financing at 4 7/8%  Party!  You may not have to wait as long as you think.  Get a bank card under your belt and be prepared - you never know when things will happen!

Just puttin' syrup on something, don't make it pancakes.
Established Contributor
aquatic1
Posts: 620
Registered: ‎08-16-2008

Re: Rebuilder cards

Good for you!  I can only wish to qualify for a mortgage sooner rather than later.   I think that my next goal besides getting these last couple of collections off my reports is to get a bank card that doesn't include AF's.  Bank of America doesn't like me anymore so I am dealing with that.  CapOne and I are not friendly and my GW letters are falling on deaf ears!

beamMEup wrote:

As far as apping for a mortgage, make sure you have one bank (or major i.e. Discover, CapOne, AmEx) card.  CU cards don't count in this category.  They do not care what your CL is, so even a small CL at a bank will work in your favor.

 

Just a note on the mortgage - we were planning on waiting til next Spring, and assumed we would need to go FHA because we're rebuilding credit.  We decided to app now (that's a different story), and found we were approved with traditional financing at 4 7/8%  Party!  You may not have to wait as long as you think.  Get a bank card under your belt and be prepared - you never know when things will happen!


 


Starting Score: TU:537
Current Score: TU:683 (3/11/10)
Goal Score: TU:740


Take the FICO Fitness Challenge
Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008

Re: Rebuilder cards

Yeah.  CapOne and BofA don't want to come to my party, either.

HSBC is happy to be there. 

I'm actually an AU on BofA - but they're fickle and we're just toying with them.

Just puttin' syrup on something, don't make it pancakes.
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007

Re: Rebuilder cards

I would check out sams.  Low CL to start and high interest rate.  Dont revolve a balance and you will get auto CLs over time.  Mine started at 300 and in 5 years, its up to 4100.
09/12/2013 FICO: EQ: 772 EX:813 TU:752

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