Do I have to have a CC?

[Tooliebell]

Since our demise in the CC arena after DH lost his job in 2009, we haven't looked back at credit cards.  Thought it was smarter to stay away!  However, I am on the climb to a 680 score, currently at 607.  And am wondering if I can get to 680 without a revolving account?

I have a mortgage, an auto loan, and a student loan.  Baddies include paid CO's in 2009, late payments in 2009.  Mortgage and auto loan paid on time since Jan 2010.  And I think I have a 90 day late on my student loan account from March 11 (YIKES!!!, loan was in consolidation process, paperwork was lost, Nelnet says it is my fault, which is probably is for staying more on top of the game and expecting them to get the paperwork I mailed).

If I do need a CC, please advise me which secured CC I should choose.  Does an unsecured card look better or does it not matter?

[Anonymous]

I am not an expert but I would say no. About 6 years ago I was drowning in 10k of credit card debt. I did not know what to do so I turned to a debt management company. Fast-forward 5 years, I no longer had any credit card debt but all my accounts were closed. My score was in the 500’s I was about to get a secured credit card but got an offer from Capital One. Once that card start reporting my score started to increase.

Also I was using one of those credit monitoring service, and before I obtained the credit card, one of my negatives listed was that I had no revolving credit.

I have no experience with secured credit cards. Have you tried applying for the Capital One Platinum MasterCard. It is card for people trying to rebuild their credit. It starts with a CL as low as $300. They started me with a $500 CL and after 5 months of use they increased it to $750.

I have learn so much in the last 6 years, I don’t even rely on credit cards anymore but got one because I needed to rebuild my credit.

[guiness56]

Yes, you need some type of revolving credit.  Everything you have is considered installment.

A secured card works just as well as an unsecured one and reports the same.

I am not aware of any rebuilder card that does not charge an AF.  But, out of the 3 I had, Credit One, First Premiere and Orchard, I preferred Orchard by far.  Others may feel differently.