cancel
Showing results for 
Search instead for 
Did you mean: 

i need credit card help

New Member

i need credit card help

hey im new to this forum so im not sure where to place this.

im looking for opinions and help on how to establish credit. im looking for a credit card to help my score but always get denied. iv recently cleaned up my credit got allot of stuff off and recently applied and got denied. so what are some credit cards i would get approved for or should i start with a secured card. iv never had a credit card or a credit line ever my credit consist of typical collections for accounts not being paid such as phone companies property repossessions. ive cleared pretty much all of it except for a collection for 1500 and 2 repossessions and 4 years ago. and i feel my trans union score is probably the highest.

my vantage score for Equifax is 538 trans union is blank

my FICO score for Experian is 520 and thats all i know for now

i also applied for the pre approval for credit one and the letter said my score was 426 but not sure what agency that is pulled from

any more questions just ask away.

7 REPLIES
Valued Member

Re: i need credit card help

Starting with a secured card is a great place to start! I would suggest Cap1 or Disco. Discover over Cap1 because of the cash back, but I have both. I've heard that Disco unsecures around the 7th month and ymmv with Cap1, however, Cap1 gives CLI around the 5-6 month. I've had both my cards since 2/17 and recently was approved for my first unsecured card with USAA. I would stay away from Credit One if possible, I've heard just terrible things about them.

 

Just keep your utilization low and ALWAYS, ALWAYS pay in full and you'll be set. 


TU:730; EX:732; EQ:722
Established Contributor

Re: i need credit card help


mike916 wrote:

hey im new to this forum so im not sure where to place this.

im looking for opinions and help on how to establish credit. im looking for a credit card to help my score but always get denied. iv recently cleaned up my credit got allot of stuff off and recently applied and got denied. so what are some credit cards i would get approved for or should i start with a secured card. iv never had a credit card or a credit line ever my credit consist of typical collections for accounts not being paid such as phone companies property repossessions. ive cleared pretty much all of it except for a collection for 1500 and 2 repossessions and 4 years ago. and i feel my trans union score is probably the highest.

my vantage score for Equifax is 538 trans union is blank

my FICO score for Experian is 520 and thats all i know for now

i also applied for the pre approval for credit one and the letter said my score was 426 but not sure what agency that is pulled from

any more questions just ask away.


Welcome to MyFICO forum

 

First, we really need some specifics in order to assist you:

 

1.  What are all 3 of your FICO scores? You can go to creditchecktotal.com and paid $1 for a 7-day trial. You must cancel by day 7 as not to be autobilled $29.95.

2.  What are the years of the 2 repossessions and were they vehicle? Were judgments filed? Are they reporting on your CR?

3.  When were the collections? Again, were judgments filed and are they on your CR? Are any of these presently in collections?

4.  Have you paid them? 

5.  You say you have gotten a lot of stuff off of your CRs, so what is remaining?

 

Answers to these will give the forum a better idea of how to direct you.



EX 759, TU 764, EQ 743
|| NFCU CashRewards $16.5K || Discover IT $7.5K || NFCU Platinum $7.5K || Macy's $7.5K || CitiCostco $5.5K || Chase $5K || CitiDC $4.8K ||
New Member

Re: i need credit card help

experian 520 equfax 488 trans union says nothin

the reposessions are cars 7,000 and 15,000 although its only high because i dont think they took off how much they auctioned the cars for and they increase the balance every month and are reported as closed

only items on my report are the 2 repos and 2 collections 1 for 1500 verizon 2014 and 1 from fire dept 275 from 2012 my child support does show but is in good standing

 

Frequent Contributor

Re: i need credit card help

Plenty of secured cards out there. You'll probably have the best chance with Capital One or maybe Discover. If you have bank account with someone (anyone), there is a good chance they also offer a secured card. Or you could try to skip the secured card and go for a low level unsecured card like the Capital One Platinum. 

Senior Contributor

Re: i need credit card help

A secured card for now is really the only option for the OP considering his profile/scores.  It's not the end of the world and certainly a good starting point.  Grab a secured card and in 6-12 months assuming you treat it well and do not add any negative items to your file (and let your existing items age) your scores will increase, possibly to the point where you can obtain a low limit unsecured card.

New Member

Re: i need credit card help

Thank you guys secured card it will be any idea how much of a impact it would have on my credit?
Senior Contributor

Re: i need credit card help


mike916 wrote:
Thank you guys secured card it will be any idea how much of a impact it would have on my credit?

With on time payments and keeping utilization low, your scores in 3-4 months should start going up and within 6 months probably be 20-30 points higher than you started with.  With continued good credit behavior, I'd say by 12 months you'll be into the 600's.  Only let a small balance, say $5 report on the credit card every month.