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What should I do?

Frequent Contributor

What should I do?

I am rebuilding my credit I had several charge offs all are paid except a cap1 that will be paid off in Feb. I need to get CC to increase my score currently I only have a merrick bank secured card with a 300 limit that i have had since nov12. What card should i apply for next all three of my score are around 560 they have went up 30 points since i got the merrick card. Please help thanks.

Message 1 of 11
10 REPLIES
Valued Contributor

Re: What should I do?

It seems like you don't have many options right now. I would suggest opening a second secured card -- one that will graduate to unsecured like BofA's. Put as much as possible in, and start trying to get your creditors to agree to PFDs; and start sending GW letters to those creditors that you have paid off, but remain on your credit. I do not know your situation, but this will generally work. When you reach the 600's apply for a wal mart card, or other GE card.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
USAA World MC: ||23k|| US Bank Cash+ Siggy: ||7.5k|| Citi TYP World MC: ||12k|| Barclays Arrival World MC: ||13k||Citi Double Cash World MC ||25k||Sallie Mae World MC ||18.8k||Fico Scores (3 Fico Monitoring): EQ 751,TU 749, EX 743. Last app: 9-12-14 Sallie
Message 2 of 11
Valued Member

Re: What should I do?

Go to  a credit union (NFCU and Fed Choice are awesome) and ditch Merrick.

Amex Green, Signal FCU Platinum Visa, Navy FCU Cash Rewards Visa Sig., Citi Forward Visa, Barclaycard Apple Financing Visa
Message 3 of 11
Valued Contributor

Re: What should I do?


Swapmeet wrote:

It seems like you don't have many options right now. I would suggest opening a second secured card -- one that will graduate to unsecured like BofA's. Put as much as possible in, and start trying to get your creditors to agree to PFDs; and start sending GW letters to those creditors that you have paid off, but remain on your credit. I do not know your situation, but this will generally work. When you reach the 600's apply for a wal mart card, or other GE card.


+1 Great Advice !

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 4 of 11
Frequent Contributor

Re: What should I do?

Why would I ditch merrick they have been good so far and raised my score I dont carry a balance so the high % rate dosent matter to me.

Message 5 of 11
Frequent Contributor

Re: What should I do?

Thank you thats what I will do I paid everything off before I started researching on here so I did not know of PFDs. But I will send GW letters to the ones I already paid off.

Message 6 of 11
Moderator Emeritus

Re: What should I do?

Sounds good, now get those GWs sent!

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 7 of 11
Epic Contributor

Re: What should I do?

If you have to go secured credit card route, you never (Unless NO OPTIONS) go to a Subprime lender to give you a secured card.  They are a subprime lender, meaning you can almost always get a unsecured credit card from them (First Premier)...

Once you pay Capital One (even Settled) my experience is they will then issue a new account.

Don't close Merrick until you secure another 1 or 2 cards... but if it's First Premier Unsecured or Merrick Secured, I would do First Premier!

Message 8 of 11
Frequent Contributor

Re: What should I do?

I do not fully understand how GW work will they help with chargeoffs that i ended up paying to collection accounts and cap1 is a legal item on my report.

Message 9 of 11
Moderator Emeritus

Re: What should I do?

That is exactly what GWs are intended for.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 10 of 11