Trying to rebuild credit need advice on an offer i recieved.

[Anonymous]

As the title states i am trying to rebuild my credit. My ex destroyed my credit and i have spent a couple years suffering from it. my wife and i have recent been approved for a car loan with a somewhat high interest rate due to credit and want to increase our credit score before refinancing in about a year. I recently applied for a credit card and was approved for a Total Visa card with a $300 limit, pay $89 activation up front, $75 yearly maintenance applied to the account right away. interest is high but the plan to rebuild our credit is to use the card for purchases wehave the money to pay for and send a check immediatly after use so that we never carry a balance over from month to month resulting in 0% interest pai i did try other cards first but was denied even for a walmart credit card. please give constructive advice. thank you.

[Santi78342]

What other cards did you apply for? Do you know your true FICO scores? Is that your only credit card? 

More helpful advice can be given if we know your full credit profile starting with scores, inquiries, current cards & limits, installment loans (student, auto, mortgage), and a list of any deragatory accounts (Bankruptcy, late payments, collections, charge offs) listed on your credit reports.

Have you actually pulled your reports recently? 

[Anonymous]

21k in student loans currently in diferment, no current cards other than the one i may activate or not, 1 2 years no late payments, 7 delinquent accounts from my ex's doing, no mortgage. 

have applied for card at BofA, capital one. chase, walmart, sears, best buy, none were approved. part of the plan is to use the new card to pay off smaller delinquent accounts then pay off this one before cycle ends and double dip the possitive benefit. Figured this is better than bankruptcy.

EQ 519, trans 509, Exp 545

[SunriseEarth]

SDFCU has a frequently recommended secured card that you should consider.   At least with a secured card, you'll get your money back.   I'd look into that before saying "yes" to this one.  People often choose them since they don't do a credit pull (however, IIRC, they pull Chexsystems to open a savings account with them).  

As for your other credit issues, I highly recommend posting on the Rebuilding section for advice on how to address credit issues.   Good luck!

[Anonymous]

we had looked into secured cards but the ones we can get are also $300 limit and had high interest but the startup would be more considering the total 300 would have to be pauid up front. plus i was told that a non secured card reflects better on credit for rebuilding credit unless i was lied to.

[SunriseEarth]

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@Anonymous wrote:

we had looked into secured cards but the ones we can get are also $300 limit and had high interest but the startup would be more considering the total 300 would have to be pauid up front. plus i was told that a non secured card reflects better on credit for rebuilding credit unless i was lied to.

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The SDFCU one has a very low APR.   Anyway, it's an option worth considering.

I'm actually not sure if FICO scores a secured card any differently than an unsecured one.   It would be noticed in manual review, but then again, the baddies and the "shark" cards would also be noticed, too.   What's generally more important is how you use your credit.  I think at this point in your credit journey, a secured CC might be a good move.  

[Jpmack29]

Check out Credit One- they get knocked around alot on these forums, but it was my first card and oldest. Because of this card, it opened doors to better cards. Worth a shot if your are interested. 

[Anonymous]

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@Anonymous wrote:

As the title states i am trying to rebuild my credit. My ex destroyed my credit and i have spent a couple years suffering from it. my wife and i have recent been approved for a car loan with a somewhat high interest rate due to credit and want to increase our credit score before refinancing in about a year. I recently applied for a credit card and was approved for a Total Visa card with a $300 limit, pay $89 activation up front, $75 yearly maintenance applied to the account right away. interest is high but the plan to rebuild our credit is to use the card for purchases wehave the money to pay for and send a check immediatly after use so that we never carry a balance over from month to month resulting in 0% interest pai i did try other cards first but was denied even for a walmart credit card. please give constructive advice. thank you.

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Welcome to the forum. IMO, you should just cancel the Total Visa, between the "activation fee" and the "af", the card can be a hassle. You should go for a secured card, try Capital One or BoA. With either of those, the card can become unsecured and end up having a good CL.

[Anonymous]

Denied at credit one....... do you really think its better to pay 300 up front on a secured that i plan to never roll over a balance per month vs a non secured with the same and close it in a year after my credit is better and can get approved for a better card?

[Anonymous]

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@Anonymous wrote:

denied there also.

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To which place?