cancel
Showing results for 
Search instead for 
Did you mean: 

Best card for rebuilding credit...any suggestions?

Established Member

Best card for rebuilding credit...any suggestions?

I currently do not have any credit cards and only a student loan, my fico score is in the 664 and I have recently paid off/got rid of all my collections accounts. I have been waiting to see if my score increases by paying down my student loan but it is not changing. 

Message 1 of 13
12 REPLIES
Regular Contributor

Re: Best card for rebuilding credit...any suggestions?

Capital One



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
Take the FICO Fitness Challenge
Message 2 of 13
Established Member

Re: Best card for rebuilding credit...any suggestions?

I guess I should add that my collections were from one capital one,  and two from chase. They are all about 5 years old and all paid/settled now. Do you think capital one will consider me again?

 

Message 3 of 13
Valued Contributor

Re: Best card for rebuilding credit...any suggestions?

661 is a decent score.  I would get 1 secured card, 1 GE backed retail card, sit back for 6 months, then get a good every day card.  If Chase is done, then Citi or Discover.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 4 of 13
Valued Contributor

Re: Best card for rebuilding credit...any suggestions?

I should add, Capital One pulls from all 3 bureaus, I just don't like the idea of wasting a hard pull on all 3 if I don't need to.  Check out the secured cards at USBank, BOA, or your local CU.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 5 of 13
New Contributor

Re: Best card for rebuilding credit...any suggestions?

I'd go with a Capital One to start with.


Starting Score: 608 EQ (FICO) 8/11/11
Current Score: 713 EQ (FICO) 2/14/13
Goal Score: 750


Take the FICO Fitness Challenge
Message 6 of 13
Regular Contributor

Re: Best card for rebuilding credit...any suggestions?

CAP1 doesnt care that u have had problems with them in past...

 

Secured card would be good from a local CU also avoid fees and also receive generous CL from them in future



Starting Score: Exp:513 | TU:541 | EQ:517 - 11/13/2012
Current Score: Exp:623 | TU FICO:639 | EQ FICO:743 - 01/24/2012
Wallet: Applied Bank $200, OpenSkyCC $300, 1st Tech CU Secured $2k, Discover IT $1.5k, CITI AA $2.8k, USAA AMEX $7.5k
Take the FICO Fitness Challenge
Message 7 of 13
Valued Contributor

Re: Best card for rebuilding credit...any suggestions?

I can't say how strongly I disagree with joining Cap1 at this point.  You have a decent score.  Not great, but not awful either.  I've seen people get approved for Amex Delta or Green in the 660's.  It's rare, but it happens.  If you get Cap1 right now, you'll be sitting here next year wondering why you even had it in the first place.  CU all the way.  Pair it with a GE card like Walmart or Lowe's.  Walmart with the free TU FICO is especially pleasing to us rebuilders

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 8 of 13
Established Member

Re: Best card for rebuilding credit...any suggestions?

Based on my past experience with Cap1, I find that they are not really someone I want to work with. I am leaning towards a credit union and maybe a store card. I was thinking Walmart but I rarely shop there so Target would be better. Based on my credit score I wonder if I will have trouble getting the Target card instead. 

Message 9 of 13
Valued Contributor

Re: Best card for rebuilding credit...any suggestions?

I'd be careful with BoA and WellsFargo secured cards as I believe they report as secured which can be frowned upon during a manual review.

Scores: about 700 across the board
Total CL: $275k
Message 10 of 13