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Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

which credit cards???

im rebuilding my credit so naturally secure credit cards are the only way to start for now. First Premier Bank issued me one for 200 and Capital one approved me for a secure card for 200 also. however once my score is pretty good i want to get with a company that is good. all i keep reading about is how someone has been a customer with a certain company and only has a limit of about 1000 which is pretty lame. I have an excellent job with great income with no bills and im finally starting to rebuild my credit so just looking for the best way as far as credit cards go

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Established Contributor
Posts: 638
Registered: ‎07-28-2011
0

Re: which credit cards???

Hello Rootpooty,

 

To answer this question you are going to have to give the community more details about yourself...

 

What are you Fico Credit scores? (telling us you are rebuilding doesn't help)

What are the positive factors regarding your credit score?

What are the negative factors regarding your credit report?

How recent are the baddies on your credit report (assuming you have any)?

Any CO? CA? 30-120 day lates? 

There are many builder cards out there as you already have 2... this community will need more information regarding your credit profile before we lead/mislead you in any direction... 



Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: which credit cards???

i was told by a credit councelor today that my score is 512 and the baddies on my report is around 1700. 80 percent of that is medical bills. i was told my score is low cause for one ive never had any credit or loan whatsoever. as far as how old the debt is they are around 4-5 years old there was one reported a year ago from a hospital visit that occured 4 years ago for some reason. I dont have 2 credit cards yet i was just issued the one from premier bank last week and capital one approved me and i was about to call them tomorrow to fund 200 to start out with. just looking for the right advice

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Established Contributor
Posts: 614
Registered: ‎10-23-2011
0

Re: which credit cards???


rootpooty wrote:

i was told by a credit councelor today that my score is 512 and the baddies on my report is around 1700. 80 percent of that is medical bills. i was told my score is low cause for one ive never had any credit or loan whatsoever. as far as how old the debt is they are around 4-5 years old there was one reported a year ago from a hospital visit that occured 4 years ago for some reason. I dont have 2 credit cards yet i was just issued the one from premier bank last week and capital one approved me and i was about to call them tomorrow to fund 200 to start out with. just looking for the right advice


Sorry to hear about your situation and it's good you are trying to build credit. By any chance are you a member of a Credit Union? They are great for rebuilding credit and can usually offer a secure credit card


Starting Score: EQ 686 10/18/11, TU 689 10/25/11, EX 685 10/11 (Amex Pull)....these are all FICO scores
Current Score: EQ 702 10/24/11, TU 689, EX 685
Goal Score: 750+

Score Update: EQ: 743 (02/03/12) TU: 741 (Walmart 01/11/12), now 761 as of 01/27/12 (Walmart), EX: 741 (Amex 01/04/12)
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Valued Contributor
Posts: 1,772
Registered: ‎10-28-2011
0

Re: which credit cards???

im not a member of a credit union. like i said earlier i just recieved a secured card from premier bank for 200 and if i want i can fund 200 to capital one tomorrow and get another. maybe ill just stick with those 2 for around 6 months and see where my score goes from there and then see if i can get a better unsecured card

NFCU plat 5k | NAVCHECK 5k | NFCU cashrewards 15k | BOFA 123 6k |
Chase Freedom 1.5k | Amazon 3K | Walmart 3K | Buckle 300 | AMEX BCE 2.5K | CHASE CSP 12K | CITI sears 6k | Kay 2k

On the prowl for Chase Sapphire Preferred! APPROVED 12K!
scores 7/14 647 622 630 (85%util)
scores 8/14 767 760 758 Boom! finally in the 700 club
Established Contributor
Posts: 913
Registered: ‎06-09-2011
0

Re: which credit cards???


rootpooty wrote:

im not a member of a credit union. like i said earlier i just recieved a secured card from premier bank for 200 and if i want i can fund 200 to capital one tomorrow and get another. maybe ill just stick with those 2 for around 6 months and see where my score goes from there and then see if i can get a better unsecured card


That might honestly be your best bet. I was trying to figure out how to quickly boost my score too, but realized that there really isn't any way. It's called credit HISTORY for a reason, creditors want to be able to see a history of responsible credit use on your part. I've been told by credit analysts that accounts less than 12 months old don't (or barely) count since they're so new - at least Chase and Citi both fed me the same story.

And if you have less than 2-3 years of credit history with tradelines, you have limited credit history, so you're also on taking a hit from that.

So I guess what I'm trying to say is that get the secured cards, use them responsibly, and try to apply for another card in 6-12 months once you've built some credit history. Even then, I wouldn't expect to get a high credit limit, probably something like $500 to start. Unfortunately, it's just going to take time. And with time, the baddies on your report will fall off too.

You could always try a GW letter to get the medical bills dismissed - that would help your overall history, but you'd still be lacking in account age.

EQ 679 FICO (02/24/2012)
TU 721 FICO (03/10/2012)
EX 703 FICO (05/05/2012)

Cards: NFCU cashRewards $14k, NFCU Platinum $14k, USAA Amex $7k, Amazon Visa $3k, Chase Freedom $2.5k, Amex Zync NPSL, Discover More $1k, Amazon Store $1.3k, Walmart Store $700
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