Credit Cards

[kiasmith1974]

So the boards have given the advice that I should add a secured cc to my rebuilding efforts....first a little background on me...

active rebuild just began 5 months ago with my cap 1 card (300) i just added a cap 1 cash rewards card this month (500)as well as the Fingerhut fresh start program (250)

I am in a repayment program for 2 student loans that are reporting closed non paid with 180 lates. also have a bk from 2008, a judgement, and a charged off first premier card that is being reported by oc and ca (disputing and dv as we speak)

the current card is reporting at %30 uti and the other two cards are not reporting yet

I have an extra $500 coming to me in a couple weeks and the plan was to open a secured loan at my credit union....i posted this in another thread and the feedback was that i should go with a secured card instead. I checked with the cu and although this is an option, they only report to equifax! no good to me as i need it to report to all three.

my second thought was to go through my bank wells fargo, but i have also been hearing negative things about them not doing cli's.

the only other options would be to try B of A or CAP 1.

I've had a bad relationship with b of a in the past and they reported me to chex systems, but i still have a savings account open with them....since both of my other cc's are cap 1 is this a good, bad or null idea???

i don't want to waste any inq's and need to know what to do with the $$ once it is in my hand so i make sure it is put to good use....

any advice??? My Fico is around 600 TU is 565 and EX is 575

[distantarray]

Digital credit union. www.DCU.org  you need to do a $10 donation to go in, but they're a great credit union that'll rebuild with you. also best part is you get a 100% FREE Fico04 score (same one they sell on here) every month with your monthly statements. potentially saving you $240 a year (if scorewatch or pulled once a month)

[kiasmith1974]

wow the score is a plus! thank you i will look into this

[Wolf3]

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kiasmith1974 wrote:

So the boards have given the advice that I should add a secured cc to my rebuilding efforts....first a little background on me...

active rebuild just began 5 months ago with my cap 1 card (300) i just added a cap 1 cash rewards card this month (500)as well as the Fingerhut fresh start program (250)

I am in a repayment program for 2 student loans that are reporting closed non paid with 180 lates. also have a bk from 2008, a judgement, and a charged off first premier card that is being reported by oc and ca (disputing and dv as we speak)

the current card is reporting at %30 uti and the other two cards are not reporting yet

I have an extra $500 coming to me in a couple weeks and the plan was to open a secured loan at my credit union....i posted this in another thread and the feedback was that i should go with a secured card instead. I checked with the cu and although this is an option, they only report to equifax! no good to me as i need it to report to all three.

my second thought was to go through my bank wells fargo, but i have also been hearing negative things about them not doing cli's.

the only other options would be to try B of A or CAP 1.

I've had a bad relationship with b of a in the past and they reported me to chex systems, but i still have a savings account open with them....since both of my other cc's are cap 1 is this a good, bad or null idea???

i don't want to waste any inq's and need to know what to do with the $$ once it is in my hand so i make sure it is put to good use....

any advice??? My Fico is around 600 TU is 565 and EX is 575

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You already have 3 CC's.   There is no point in opening a securd CC for credit building.   If you are planning a big deposit to help with future CL, that helps some of the time.    A secured loan can help if you have no installment loans on your CR.  if so I would consider that with someone who reports to all 3.  I think that money could be better spent on other things(open a IRA maybe)