05-06-2009 09:25 AM
I'm in the process of rebuiling my credit (see scores below). I currently have 5 open CC per the following:
Eufora (this is a pre-paid CC that has a credit builder program - CRAs treat it as an installment accout) - I actually LOVE this card b/c my husband and I go out alot and the bars always want a card to hold to start a tab - this card is PERFECT for this! If someone steals the cards/copies the number, there's NEVER any money on it (I put $10/mo on it and they charge me $10/mo for the credit builder program)! The joke's on them! NO RISK!!
Continental Finance ($300 limit)
First Premier (was $300 limit, but just received a $100 CL increase today)
Chevron ($700 limit right off the bat!)
Shell (applied for/received the same day as Chevron, but only a $200 limit)
Two months ago I was declined for a Beall's account, but would like to have a department store card (and Bealls is THE ONLY ONE THAT I REALLY WANT). Any ideas which department stores are most likely to extend credit based on my current scores?
Also, I'd like to have another major CC (not sub-prime) - any ideas (other than secured) which companies are most likely to extend credit based on my current scores? I usually pay only pennies of interest between the Cont. Fin. and the First Premier card b/c I don't carry much of a balance, but the monthly "service fees/account maintenance fees" are ridiculous. They even charge to make payments online (I mail mine)!
I've watched my reports for the last several months and I know within a day or so of when each one of my cards reports my balances to the bureaus - and I just make sure that my balances are below 20% utilization (or less) by then! It's a great system if you have the time to really watch/pay attention.
05/04/09 - FICO scores: EQ - 660, TU - 647
04/21/09 - FICO scores: EQ - 711, TU - 642
02/28/09 - updated Tri-Merge: EQ - 699, EX - 651, TU - 571
09/01/08 - starting scores (Tri-Merge Morgtage Enhanced): EQ - 607, EX - 556, TU - 534
05-06-2009 09:33 AM
Probably best, IMO, would be a secured card with a prime bank or a good credit union. These do require a savings account for collateral, but you own the savings and collect interest. And you really should be saving anyway, so this lets your savings help in two ways: the savings aspect, plus building credit.
These cards usually have no fees, unless you go with a subprime secured card.
05-06-2009 01:22 PM