Where to Start - Credit Cards

[smsoller22]

So I'm trying to re-establish credit.

I've gone through many of the posts here and saw ways to obtain certain credit cards that would be a SP and was lucky to get one through J Crew. I think my next step would be to apply for a "big" card and I'm thinking with my current scores that I'll likely need to go the secured route. It seems there are numerous options though and I was wondering if anyone had any suggestions on what the best card is based on experience?

[CREDITSURFER]

I recommend BOA secured, ask for the 99/500 if they can't offer you that then apply for the fully secured. They graduate at 1 year where some never graduate.

[JonStur]

You also might try a Cap One secured...be patient and try to add about 50 pts. to your score and you'll be in a better position..

[NonSufficientFunds]

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@smsoller22 wrote:

So I'm trying to re-establish credit.

I've gone through many of the posts here and saw ways to obtain certain credit cards that would be a SP and was lucky to get one through J Crew. I think my next step would be to apply for a "big" card and I'm thinking with my current scores that I'll likely need to go the secured route. It seems there are numerous options though and I was wondering if anyone had any suggestions on what the best card is based on experience?

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With your scores, you are not likely to be approved for a major card - so you would only be wasting the inquiries (further reducing your scores). 

I was in your situation just two years ago, and now have several major cards, so I know that it is quite easy to go from Zero to Prime in a surprisingly short amount of time.

I recommend getting a secured card from Capital One (ignore all the bad-rap they get on this forum).  Capital One will send you daily emails to inform you of your current balance, and several reminders of when your next payment is due.  They will not let you forget, so you are not likely to miss a payment.

The monthly minimum payment due is quite low, so there is no excuse for not making a payment on time - and their website is extremely user-friendly, so you can make payments as often as you want (even every day or every payday, if you want to stay safe).

DO NOT accept offers from First Premier, Matrix, Fingehut, or any of the other sleezy leaches that prey upon the ignorant.  There is ample information on this forum (and others), regarding these "sub-prime" bottom feeders, and they will not do anything good for your credit profile - so just avoid them.

Finally, continually work on getting your credit report as clean as possible.  After about six months of favorable, on-time activity with Capital One, (or another secured card) you will qualify for some major cards.  The initial credit limits will probably be low, but will usually increase as time passes. 

Just don't ruin your chances by aggressively applying for more credit than you need.  Excessive inquiries will do more damage to an already thin credit file.

Good Luck !!!

[SnackTrader]

To be honest, if there is a choice between a secured card that graduates and a secured card that doesn't - I would ALWAYS choose the one that graduates, ceteris paribus.

So if the discussion here is a BofA card that is rumored to graduate at one year AND only requires a $99 deposit for a $500 credit line (you may need to call or visit a branch to inquire about that offer) or a Capital One that has neither of those features, it seems to me like trying the BofA would make better financial sense. However, perhaps others can chime in on approval potential, downsides, etc.

[nicholasyud]

• Obtain secured credit card with CREDIT UNION or your local bank
• Work on baddies if any.
• AU on some of your relative longest history credit card.
• Build slowly and patient.
• No prime card yet with your credit score.

[CREDITSURFER]

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@SnackTrader wrote:
To be honest, if there is a choice between a secured card that graduates and a secured card that doesn't - I would ALWAYS choose the one that graduates, ceteris paribus.

So if the discussion here is a BofA card that is rumored to graduate at one year AND only requires a $99 deposit for a $500 credit line (you may need to call or visit a branch to inquire about that offer) or a Capital One that has neither of those features, it seems to me like trying the BofA would make better financial sense. However, perhaps others can chime in on approval potential, downsides, etc.

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From my experience I applied for the cash back card and was denied but counter offered the 99/500 cash back partially secured. My wife just decided to go ahead and get the fully secured 300/300. I think the BOA secured cards are the best out there especially if u get the 99/500 since its only 99 and 1,2,3 rewards!

[smsoller22]

Just a quick update. I applied for the Capital One Platinum unsecured credit card and was approved. Balance is only $300 but that's not to shabby since I figured I would need to go the secured route.

Thanks everyone for the tips. Glad to be part of the forum.

[myjourney]

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@smsoller22 wrote:

Just a quick update. I applied for the Capital One Platinum unsecured credit card and was approved. Balance is only $300 but that's not to shabby since I figured I would need to go the secured route.

Thanks everyone for the tips. Glad to be part of the forum.

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Congrats

[asphaltcowboy]

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@smsoller22 wrote:

Just a quick update. I applied for the Capital One Platinum unsecured credit card and was approved. Balance is only $300 but that's not to shabby since I figured I would need to go the secured route.

Thanks everyone for the tips. Glad to be part of the forum.

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Congrats on your approval, welcome to the forum