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MovingForward_2012-That's ok. I'm just surprised and happy I'm rebuilding. When I got app for CareCredit and then WM the other day I was like a crazy little kid AAAAHHHHH.....OMGAAAHHHH.....CREEEDIIIIIT AAAAAAAAAHHHHHHHH
@LilyWallace wrote:Hi everyone. I have had cards, but haven't had or tried for credit in several years due to my economic situation. I do have some bad marks on my credit that I am working to get resolved. I now have two cards, one is a Walmart card the other is Care Credit. I was surprised I got an approval from either. I considered applying for Target also, but I don't want to overload my CRs with inquiries in too short of a period.
I have a few questions.
#1 Is GECRB easier to get credit with as opposed to most banks (ie, do they give credit to just about anyone) ?
#2 I have a small student loan with Discover, but am recently out of student status so I have not started to repay it. Would this work in my favor when applying for a Discover card, even though I haven't paid anything on it yet?
#3 What is a good general card to rebuild credit?
Thanks for reading.
Lily
Welcome back to the credit building world! I've gotta say, you've come to the best place on Earth.
Since you have two store cards, I would suggest that you obtain a bank card. Any bank card that you can get your hands on would suffice, even if you have to pay a little of annual fee. Do you happen to have more than 10k in assets with a bank that issues credit? Do you have an account with a credit union? I would go that route first - talk to your personal banker and see what he/she suggests. Getting a credit card from a bank you already have a relationship with is not only easier but also will be more beneficial in the long run.
@HiLine wrote:Since you have two store cards, I would suggest that you obtain a bank card. Any bank card that you can get your hands on would suffice, even if you have to pay a little of annual fee. Do you happen to have more than 10k in assets with a bank that issues credit? Do you have an account with a credit union? I would go that route first - talk to your personal banker and see what he/she suggests. Getting a credit card from a bank you already have a relationship with is not only easier but also will be more beneficial in the long run.
+1
With store cards already in place, the next step is a Bank card. It doesn't matter form whom, it only matters that you have one asap to build a "national" bank TL if you can. A nice way is to also use a CU simultaneously, if you have one readily available.
B of A secured, Cap One secured, Wells or US Bank secured -- just get one! Unsecured would be great, but even that isn't necessary now.
All the good stuff will come 10 - 12 months from now.
The latest news is, I got a "Pre-approved" app for a Platinum Visa in the mail from First National Bank, Omaha. It has no AF (bonus! ) and 0% APR until November, then it is 15.99%, 17.99%, or 19.99% based on credit. Should I just take the offer and run? It doesn't say anything about credit limit. Does "Pre-approved" mean I'm truly pre-approved and it is a SP? I searched for info in Community and found the most common answer was that it takes up to two weeks for an approval.
@LilyWallace wrote:The latest news is, I got a "Pre-approved" app for a Platinum Visa in the mail from First National Bank, Omaha. It has no AF (bonus! ) and 0% APR until November, then it is 15.99%, 17.99%, or 19.99% based on credit. Should I just take the offer and run? It doesn't say anything about credit limit. Does "Pre-approved" mean I'm truly pre-approved and it is a SP? I searched for info in Community and found the most common answer was that it takes up to two weeks for an approval.
In checking www.whogavemecredit.com as well as the credit pulls database of the site of which we may not speak appears that approvals are for scores above 700, that they pull EX exclusively, and the declines were for a variety of reasons. Also some of the declines were also from pre-approval letters, so "pre-approval" ain't necessarily true. So, it may be premature for you to apply there, but then you'll never know for sure unless you do. If you can live with a HP from them, the worst they can say is "no". And they may surprise you!
I'm wondering what they base their decisions of "Pre-approved" on? I don't know my EX number but I highly doubt it is anywhere near 700
@LilyWallace wrote:I'm wondering what they base their decisions of "Pre-approved" on? I don't know my EX number but I highly doubt it is anywhere near 700
Breathing and presense of a pulse! ! !
@thom02099 wrote:
@LilyWallace wrote:I'm wondering what they base their decisions of "Pre-approved" on? I don't know my EX number but I highly doubt it is anywhere near 700
Breathing and presense of a pulse! ! !
Sometimes that is not even needed!!! Yhey'll find a way to get that letter to the casket!
Lol@both replies. I was thinking they would be a little more discretionary in extending offers, but I give them too much credit. No pun intended.
I'm new to the forum world. How do I reply with the original message in the box?