What CC is good for rebuilding? Any suggestions?

[DeeBee18]

Hello All!

I am trying to apply for a CC to rebuild my credit. I was wondering, what would be a good CC to apply?

Right now, I have 4 baddies, 2 of which are scheduled to be removed on September and December 2010; the remaining 2 are scheduled to be removed on January and April 2011.

Is it good to apply through Cap One or a secured CC from a bank. Any suggestions?

Thanks!

[Anonymous]

Orchard

[Anonymous]

I would go with credit unions, they offer better rates and will work with you!

[Wolf3]

Are the baddies being removed because of age?

Do you have any current  CC.

[MarineVietVet]

I would wait until 4/2011 and all the negatives are gone before I would apply anywhere. Have a clean record when you apply.

Just my 2 cents.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[DeeBee18]

Yes, it will be removed due to age.

My active accounts are:

2 store CC (Macys, JCPenney) - no lates

1 AU (Chase) account thru my DH - no lates

1 car loan until next year. Aug 2010.

1 paid off car loan

[Wolf3]

Any credit card that you can get and use regularly is good for rebuilding.     You don't have any major cards ( Visa, MC, Discover, AMEX), so I suggest you add 1 (maybe 2) now and then wait until all negatives are gone from report, before adding more.   Your negatives are very old, so they should not hurt too much, so you probably have more options than you think.

Capital one and HSBC are generally easy to qualify for, and they have prequalification without committment.   If you get offered secured card, you should consider it and try to put down more than minimum.

You should also consider applying for a card where you have checking or savings, or a credit union.

Another option is to get another store card that you would use on a regular basis.

Waiting until your credit goes clean next year is not a bad idea either, but your profile is thin and IMO you should be building some new trade lines now.

[DeeBee18]

Oh great! Thanks! I will definitely keep that in mind.

Will apply for 2 cards.. HSBC and/or Cap One.. Hopefully, they approve me.. Do i go to the "secured CC" route or apply directly for a classic card?

Also, is Orchard CC good as well?

[happy0510]

Orchard has helped me rebuild very nicely.  A+++ in my book!

[Wolf3]

For HSBC, you go through the prequalification online and it will tell you the best card that you qualify for.  Orchard is owned by HSBC, so they are almost the same, so take your pick.  I chose HSBC since they have prime and subprime cards, Orchard is subprime only.

I think prequalification is the same for Capital One, although I have not tried it. 

If you add 2 major cards, your credit profile should look pretty good when the negative go away.  Good luck.