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Established Member
Posts: 10
Registered: ‎03-21-2009
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Suggestion on Credit Card

     Hi everyone, I been coming to this the My Fico forum for a couple of months now and i got to admit you guys are great!!  I had EQ 580 and TU 575 about 3 months ago.  After reading this forum I manage to get my score up to EQ 617, TU 635 and EX 730??? ( Experian from freecreditreport.com) so I want to thank everyone for their great source of info. 

 

     My current situation right now is currently i have those low subprime credit cards with low limit (yes i know those fees are killing me but thats what i get for messing up my credit).  None exceeding 500 dollar ( Capital one suppose to review my account this month for CLI).  My question is should I apply for a secured credit and try to put down a secured 1000 , maybe 2000 dollar so i can help improve my score with a bigger credit card limit?  I been reading from Bankrate.com that this is the way to go at the moment for people with bad credit.  I also open a saving account with PenFed credit union so i can try to establish some history with them in case i need a loan or something.  Unfornately I dont think they offer secured credit card.

 

     Any suggestion and thought is greatly appreciated.  Thank you.

 

Established Contributor
Posts: 645
Registered: ‎10-24-2007
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Re: Suggestion on Credit Card

Welcome to the forums and Congratulations on your much improved scores!  I agree that opening a secured card would be a good way to improve your credit reports. A higher limit card showing on your reports definitely helps you obtain higher limits when you apply for other cards in the future.

 

Another thing to consider might be a secured loan from a credit union. Do a search here on the forums for more information on them. They require credit union membership but none of your own money. Not sure if Penfed offers this type of loan, but Alliant CU and Christian CU do. Check it out! 

 

Good luck!!!

Established Contributor
Posts: 832
Registered: ‎01-16-2008
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Re: Suggestion on Credit Card

PenFed is also a very conservative lender.  You might try Alliant or NFCU (if you're eligible); they are both friendlier than PenFed.

Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Established Contributor
Posts: 851
Registered: ‎07-01-2008
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Re: Suggestion on Credit Card

Nice improvement in just 3 months...
Regular Contributor
Posts: 180
Registered: ‎05-01-2009
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Re: Suggestion on Credit Card

I agree with the other responders.  Check cardratings.com and other reputable sites if you go the secured route.  Another option is to go to your local credit union, develop a relationship (savings, etc.).  Speak one-on-one with the loan officer and work to get an unsecured cc if possible.  If you make a good deposit and sign up for automatic payments, you may get some leeway.  Good luck and congrats on the score increases.  Please search the other threads for more tips!


Starting Score: TU 766 EQ 788
Current Score: TU 788 EQ 811
Goal Score: TU 800 EQ 800


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Established Member
Posts: 10
Registered: ‎03-21-2009
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Re: Suggestion on Credit Card

Ok after applying for a BoA secured card (still waiting decision on tat) I went to buy my Credit score to check out all these inquires was hurting me ( last time i check was 2 weeks ago)  My last score was EQ 612, TU 632 and EX 730 (EX was from Free credit report.com)  and BOOM EQ 681, TU 650 EX 730.  Woot im so happy im now in the fair credit zone instead of bad credit.  At least i think so.  620 plus is fair credit right?  I manage to Dispute 2 of my baddies and it got taken off... One left from People Gas in chicago ..... why a utilities company report to credit agency is beyond me.  Thanks every1 for there help so far.!!! Cmon 700 club.. few more months.. i hope
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