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Unsecured credit card approval for low 500 score??

Established Contributor

Unsecured credit card approval for low 500 score??

Hello, I have no BK but I have high UTL due to LOC's and I had no idea LOC's hurt your credit till I found myfico. I have a few collections that I am disputing and have WON a couple so far and can't wait to pull my new scores by end of FEB. I really want to rebuild my credit with some CC's.
 
I have heard Orchard and First Premier are the ways to go. Anyone have any other ideas? My debt to income is very good. I make a little over $100,000 per year but credit scores suck and with the disputes I am thinking low 500's.
 
Any ideas for me??
10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 1 of 8
7 REPLIES
Senior Contributor

Re: Unsecured credit card approval for low 500 score??

You could give Credit One a shot. Their annual fee is broken into monthly installments, but as far as fees go, they are better than the rest.
Here we go again...
Message 2 of 8
Frequent Contributor

Re: Unsecured credit card approval for low 500 score??

If you make a good salary and can afford to pay down your LOC, then do that. The lower the better. I'd recommend trying to clear up your negative items for a month or two before applying. Some people here have had dramatic improvements in 1-2 months, and if you can get in the upper 500's then you may be able to get an unsecured card without ridiculous fees.
Message 3 of 8
Established Member

Re: Unsecured credit card approval for low 500 score??

I would also recommend paying down your debts as much as possible and working on a few more of your negative items on your credit report. That way when you do apply you will be able to acquire slightly better cards that you won't mind holding on to for awhile as they age and improve your scores even more.
Message 4 of 8
Established Contributor

Re: Unsecured credit card approval for low 500 score??

Thanks, Basically I am trying to build my scores to 600 within 6 months. I know it is possible and I think CC's would help me get there since paying off my LOC's is not really an option since I have 4 little kids and $100,000 looks good to creditors but 4 kids and extremely high interestb on everything wipe it out pretty fast. The LOC's were for home equity's to build onto my house to make room for the extended family so was needed at the time but I had no idea they hurt your score because of being maxed out on UTL. Learning every day here that's for sure. I don't mind having to pay fees for CC's to build my credit, I pay way more in fees by not building my credit.
 
 
10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 5 of 8
New Contributor

Re: Unsecured credit card approval for low 500 score??

Orchard is OK but I would stay away from First Premier even if rebuilding.
4-2-2008 TU 641
4-8-2008 EX 626
5-3-2008 EQ 629
Message 6 of 8
Frequent Contributor

Re: Unsecured credit card approval for low 500 score??

Have you run a simulator for your score to see what may happen in 6 months of focusing on paying down your LOC? I think some simulators can also factor in a new credit card account as well.
-------------------------

Hello, my name is, "PenguinGeek," and it's been 9 months since my last cc app and my score is now 34 points higher than when I app'd.
Message 7 of 8
Established Contributor

Re: Unsecured credit card approval for low 500 score??

Yes for some weird reason it shows my credit would go down if I pay down my LOC's. I don't think I can trust the simulators after seeing that. I tried the sim on myfico BTW.
10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice
Message 8 of 8