Where to go from here?

[Anonymous]

Hello there,

This is my first post on these foums, as I am completely lost on where to go from here.

My Experian FICO score is 575 as of today. I have had a rash of bad credit in the past (2004-2006 range.) and I just spent the last month working with the CA's to get everything PFD'd or PIF'd... I am still waiting for everything to update to the CRA's..

I am trying to get my score up to at least 620 to qualify for a VA Home Loan. My DTI ratio is outstanding. After taxes I pull down aprox 5k per month and the only payments I have are for an auto-loan for 350$...

My question is this.. With such a low FICO score, and the credit crunch around us. Where should I go to get approved for cards (Secured or Unsecured.)  I dont need the credit, but I do need the accounts to show a good credit history from this point foreward. 

Everyone keeps telling me to get Secured cards, but I have no idea what companies would deal with me. Anybody out there have experience that could point me in the right direction? I am looking to open ~2 cards and use them monthly to show responsible payment history. 

[llecs]

Welcome to the forums!

You mentioned that you got your EX FICO score today. Where did you get that score from? As of mid-February, Experian no longer allows consumers to purchase their own FICO score. Did you mean EQ (Equifax)?

Getting that first CC is a challenge. Secured CCs are a great place to start. Try your local bank or CU. On a wider-level, BofA also offers a great secured CC. Seems like there are others like WellsFargo, but they slip my mind. Maybe Alliant CU. US Bank. Orchard Bank.

I started with a couple secured CCs. One was Orchard Bank. I put $500 in their account and they gave me a $600 CL CC. With one single exception that I have read, they won't unsecure their CC, ever. So, if you want the $$$ back in the future, you would have to cancel the CC. Another is BofA 99/500. It was a counter-offer after apping for an unsecured CC. I accepted and sent out $99. In turn, they gave me a $500 CL CC. After 10 months, they mailed back the $99 and I got to keep the CC.

[Anonymous]

Equifax.. Sorry, thats the one.

And thank you! Thats what I was looking for. I think I will head down to a BofA today and see if they can open an account for me.

About gas-cards? Anybody know of a good company to apply for a secured gas card from? 

[tater72]

You mentioned a VA loan so I am assuming you are either a veteran or military. USAA Bank and/or Credit Union is also a good place to start.