06-06-2013 10:05 AM
06-06-2013 12:37 PM
06-06-2013 02:35 PM
I wouldn't apply for unsecured credit until he's at a 620.
06-06-2013 02:53 PM - edited 06-06-2013 02:54 PM
My advice seems to go against what others are voicing, but I suggest he apply for the Bank of America 123 card (after the collections have fallen off!).
If he doesn't qualify at that time, BOA may likely counter with a 99/500 partially secured card (you pay $99 collateral, BOA gives you $500 CL). Use this wisely and BOA will gradutate it to an unsecured card after about 12 months of great history--he'll have an unsecured card and help his score bounce back, too.
I apped the 123 card in April 2013 with a FICO of 586 (and some baddies showing); denied, but received the 99/500 invitation. Got Walmart approved on June 4th, 500 CL.
Read my siggy, you'll see my credit journey so far.