should i get credit card

Anonymous · ‎10-22-2016

ok been rebuilding credit for 6 months,just rehabbed 7 student loans 6 of the collections went off,1 i just finished rehab hopefully collection come off it.disputed all 7 navient student loans for lates but havent got them off yet,maybe i can,got 28 year old debt which is good,started with 11 medical collections down to 4 and 2 of them should be off soon,other 2 are from 2011,,,2013 ,got put on autorized user on hubbys 2 credit cards but they are only a year old,my fico 8 scores are 634,606,628..score simulator says my score will increase if i get my own credit card,do you think i need to get one?

Creditaddict · ‎10-22-2016

@Anonymous wrote:
ok been rebuilding credit for 6 months,just rehabbed 7 student loans 6 of the collections went off,1 i just finished rehab hopefully collection come off it.disputed all 7 navient student loans for lates but havent got them off yet,maybe i can,got 28 year old debt which is good,started with 11 medical collections down to 4 and 2 of them should be off soon,other 2 are from 2011,,,2013 ,got put on autorized user on hubbys 2 credit cards but they are only a year old,my fico 8 scores are 634,606,628..score simulator says my score will increase if i get my own credit card,do you think i need to get one?

YES!

Check Chase pre-qual (you would be surprised)

Barclay and Cap1 are probably great options too... check pre-qual for cap1 and only take if it says "Congrats!"

Anonymous · ‎10-22-2016

In general I would always say yes. Revolving lines are one of the best ways to build. Obviously removing baddies makes a huge difference and should always come first, but that usually takes time. And during that time you could add positive history to your profile with a credit card. AU accounts only get you so far since some lenders dont report for AU's and some lenders ignore AU accounts on a persons credit file.

Just keep in mind that you may have to start with a secured card. Personally I like discover and Bofa for secured cards, but most banks offer them. Otherwise you could try the capital one prequal. They have options for all levels of credit.

Anonymous · ‎10-22-2016

I will go against what other have said to a degree. If you are eligible I would apply for an unsecured card with Navy Fed first, if that does not work apply for their secured card it has no annual fee and rewards! If your not eligible for NFCU, join Affinity Credit union, they offer secured cards as low as $250, and the APR is quite good around 10%. Anyone is eligible to joint this credit union. Best of luck!

Anonymous · ‎10-25-2016

Of course adding new positive TLs on your reports is paramount to rebuilding new current good data, just be careful not to SPEND...to create spend just maneuver something you already pay onto 1 card to show a little usage for the 'camera' but be careful of falling back into the abyss😉

Also as said above IF you can prequal for a unsecured, great but secured might be the only clear route at this juncture... remember you don't want a gazillion turndowns trying for unsecured cards.

I also love Navy, but their secured card deposit is kinda steep at $500
A person could acquire 2 TLs for that amount (the scoring model prefers multiple revolving TLs, so you may as well get the bang for the buck)

Say a $250 secure account, there many CUs as mentioned above that have deposits that low or lower add in a Discover @ a minimum $200 and you're cooking with grease.

Example a $250 Visa, reporting with a $200 Discover for a few months would very likely garner an an approval @ Navy or Capital 1... thus giving the scoring model it's sweet spot of 3-5 revolving accounts (only having come up with $450 in deposit money)
With no annual fees

Keep to debt low and payments on time and allow the aging to happen and by next X-mas you'll have a solid profile and all your deposits back.

Anonymous · ‎10-25-2016

Yes definitely! See what you're prequalified for (I would try Cap One first since they're good for rebuilders)- I would also check out Navy Fed.

Anonymous · ‎10-25-2016

started with 520 score in june got 9 collections removed,rehabbed 7 student loans recently,got 2 more deragotory collections gona do pay for delte and thats all my collections off.got 7 accounts for late student loans but rehabbed all,i know some people say they get them dropped some say they dont,hopefully mine will.right now i have 630 average score,still have one student loan collection from rehabb that should be gone soon,and maybe the lates will get removed,im authorized user on 2 of hubbys credit cards capital one n chase,may call and ask capital one if i can get my own..i have the 2 authorized cards,one car loan ,morgage loan,do i need to get like a store credit card,and how many credit cards do i need to get total to rebuild more.i always pay balance to zero and do keep credit limit to under 10%

Creditaddict · ‎10-25-2016

@Anonymous wrote:
started with 520 score in june got 9 collections removed,rehabbed 7 student loans recently,got 2 more deragotory collections gona do pay for delte and thats all my collections off.got 7 accounts for late student loans but rehabbed all,i know some people say they get them dropped some say they dont,hopefully mine will.right now i have 630 average score,still have one student loan collection from rehabb that should be gone soon,and maybe the lates will get removed,im authorized user on 2 of hubbys credit cards capital one n chase,may call and ask capital one if i can get my own..i have the 2 authorized cards,one car loan ,morgage loan,do i need to get like a store credit card,and how many credit cards do i need to get total to rebuild more.i always pay balance to zero and do keep credit limit to under 10%

Just go to capitalone.com

click credit cards

scroll down to "Check for pre-qualified offers"

I suggest saying average credit interested in cash back.

anything following a line of CONGRATS.... means you are good to apply.

you can usually apply for 2 back to back on same pulls if you are offered quicksilver and say venture. I wouldn't take 2 if you are offered quicksilver one and platinum... just take the quicksilver and come back in 3 months and check for new offers and the higher tier quicksilver and venture as they can combine later.

dragontears · ‎10-25-2016

You can't get 2 cap1 cards at the same time anymore. From what I have heard they are enforcing a 1 card in 6 months rule.

SouthJamaica · ‎10-25-2016

@Anonymous wrote:
ok been rebuilding credit for 6 months,just rehabbed 7 student loans 6 of the collections went off,1 i just finished rehab hopefully collection come off it.disputed all 7 navient student loans for lates but havent got them off yet,maybe i can,got 28 year old debt which is good,started with 11 medical collections down to 4 and 2 of them should be off soon,other 2 are from 2011,,,2013 ,got put on autorized user on hubbys 2 credit cards but they are only a year old,my fico 8 scores are 634,606,628..score simulator says my score will increase if i get my own credit card,do you think i need to get one?

Yes I think you should get one.