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Updated, Scores up! What is a solid general credit card to start rebuilding credit with

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LilyWallace
Valued Member

Re: What is a solid general credit card to start rebuilding credit with

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 Smiley LOL

Message 21 of 37
MovingForward_2012
Valued Contributor

Re: What is a solid general credit card to start rebuilding credit with

It is a great feeling! I know. Off to the garden soon so your plants can blossom. Smiley Happy
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 22 of 37
HiLine
Blogger

Re: What is a solid general credit card to start rebuilding credit with


@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 Smiley Happy


Welcome back to the credit building world! I've gotta say, you've come to the best place on Earth. Cat Very Happy

 

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.

Message 23 of 37
Open123
Super Contributor

Re: What is a solid general credit card to start rebuilding credit with


@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.  Smiley Happy

Message 24 of 37
LilyWallace
Valued Member

Re: What is a solid general credit card to start rebuilding credit with

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! Cat Very Happy) 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. 

Message 25 of 37
thom02099
Valued Contributor

Re: What is a solid general credit card to start rebuilding credit with


@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! Cat Very Happy) 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!

Message 26 of 37
LilyWallace
Valued Member

Re: What is a solid general credit card to start rebuilding credit with

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 Smiley Indifferent

Message 27 of 37
thom02099
Valued Contributor

Re: What is a solid general credit card to start rebuilding credit with


@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 Smiley Indifferent



Breathing and presense of a pulse! ! ! Smiley Very Happy

Message 28 of 37
LS2982
Mega Contributor

Re: What is a solid general credit card to start rebuilding credit with


@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 Smiley Indifferent



Breathing and presense of a pulse! ! ! Smiley Very Happy


Sometimes that is not even needed!!! Yhey'll find a way to get that letter to the casket! Smiley Very Happy




EQ FICO 548 3/3/16
Message 29 of 37
LilyWallace
Valued Member

Re: What is a solid general credit card to start rebuilding credit with

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. Smiley Very Happy

I'm new to the forum world. How do I reply with the original message in the box? 

Message 30 of 37
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