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.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO