topic Re: 604 Credit Score - What Are The Options? in Credit Card Applications

604 Credit Score - What Are The Options?

Anonymous — Mon, 14 Jan 2019 22:44:31 GMT

Hi. I'm a newbie.

I have a 604 credit score. I've only had one credit card with a 800 limit years ago. Had a lot of baggage on the credit report, wound up homeless, everything from student loans to utilities went into collections in the ten years I was on the street/transient. Now I have a gig - have made 40K the last two years on my gig economy job. Most of the baggage dropped off the credit report, raising my score from the upper 400s to now.

Not planning on repaying stuff that dropped off since many were sent to collections and they want a lot of money, so the question is, how do I re-establish some decent credit. I just got me a car, first one in 15 years. It's paid for. I have Progressive Insurance and pay them monthly, no lates. Got a phone but it's pre-paid via Tmobile/Metro but they did approve me for credit after a hard pull and that was after they were one of my baggage discharges (I owed them 500, tried to pay it when I could but they had already deleted it out their system and wouldn't let me).

I'm open for suggestions. Thanks community.

Important Notes:

Don't have a bank account.

Fingerhut denied me credit.

DiscoverIT and a few of the major secured cards denied me.

Qualified for an auto loan but didn't take it because I could pay cash for my car.

Progressive is my insurance; got liability on it.

Have no utility bills (my place is all included).

Re: 604 Credit Score - What Are The Options?

Pikaboo-icu — Mon, 14 Jan 2019 22:54:46 GMT

Welcome to My Fico!!

Serious congrats on your progress! GOOD for YOU!

That's a great come back.

I would say since you have Internet access, start with pulling your credit reports & scores to see exactly where you stand.

Free CR Here: https://www.annualcreditreport.com/index.action

Actual Fico Scores here (cost is $1. just cancel within 7 days) https://www.creditchecktotal.com/homepage8

A bank account would be really helpful, members here may have some ideas for a decent bank/CU for that.

Next, getting a secured card will help toward building your credit & score.

There is one that doesn't do a credit check- Open Sky but after you determine exactly where your credit is at, you might prefer to app for a secured Discover or Capital One card..

Do you have any military affiliation? Or a family member that does? This can open up NFCU credit union for a secured card & great products, in the future.

I sincerely wish you HUGE success!!!

CHEERS

Re: 604 Credit Score - What Are The Options?

Anonymous — Mon, 14 Jan 2019 23:32:49 GMT

I do have military but their credit is really really bad post a bankruptcy and a divorce and at their age 71, they aren't going anywhere near credit.

My credit is 602 with Experian

604 Transunion

603 Equifax

Re: 604 Credit Score - What Are The Options?

dragontears — Mon, 14 Jan 2019 23:41:09 GMT

Without a bank account you are going to have a hard time getting approved for anything (not impossible but really hard).
The question about military is to determine if you can join Navy Federal Credit Union (NFCU), not to use that person's credit to build yours so it doesn't matter their age/credit or even if they are still alive.
NFCU might be the best option for you since to join you have to open at least a savings account thereby removing the "no bank account" issue

Re: 604 Credit Score - What Are The Options?

CreditInspired — Mon, 14 Jan 2019 23:47:12 GMT

Hi OP and welcome to MyFICO

@pickaboo offered really great advice and I also congratulate you for getting back on your feet.

First, how are you cashing your paychecks. You may want to start there to open a checking acct or even a savings acct.

Second, for the moment, stop applying for credit. Denials begat denials and that’s where you are right now.

Third, is there anyone that would put you on a CC as an AU. Explain to them that you don’t want the physical card or even access to the card’s number. You just need to get your foot in the door.

I’m rooting for you. GL.

Re: 604 Credit Score - What Are The Options?

FireMedic1 — Mon, 14 Jan 2019 23:48:02 GMT

I'll try to do my best. Most CC apps ask if you have a bank account and/or savings account. If you have banking issues. You can google non chex system banks and open an account. There's so much to answer here. You could try Cap1 prequal and maybe get a secured card there or Open Sky no credit check and doesnt report as secured. But the banking I feel and JMO you need to get a checking account somewhere to pay the bills so creditors can see how they will get paid first. Yes there's Green Dot pre-paid debit cards and such. I'm kinda lost here. Maybe some other folks will chime in. I dont want to go to where do you keep your income. Too personal. So I'll bow out and wish you the best and congradulate you on a great turn around on life. Wish you the best!

Re: 604 Credit Score - What Are The Options?

calyx — Tue, 15 Jan 2019 00:42:45 GMT

To piggyback off of @FireMedic1,

Opensky not only doesn't require a credit check, but they also work with people who do not have a checking account. I have a checking account, so I can't speak to how that happens, but it's an option to help you rebuild. I've been pretty happy with their CS.

Good luck!

Re: 604 Credit Score - What Are The Options?

Anonymous — Tue, 15 Jan 2019 02:05:54 GMT

The score you give I notice are trans and Equifax. Are these tru Fico or aare these vantage 3 from place like credit karma. The reason is because credit karma scores aren’t reliable.

also a few secure cards like NFCU. I started with a $500 secure card and they approved me for 10k card 2 months later and $15k line of credit. YMMV but they are a great start if you can get in.

Re: 604 Credit Score - What Are The Options?

pinkandgrey — Tue, 15 Jan 2019 02:22:37 GMT

Definitely get yourself a bank account first off. But as for cards, try Open Sky or Total Visa. These are almost guaranteed approvals and they will help you establish your credit.

Good luck! Everything will turn out alright sooner or later!

Re: 604 Credit Score - What Are The Options?

800FICOGoal — Thu, 17 Jan 2019 09:25:44 GMT

OP,

I would definitely try to resolve your "no bank account" situation before applying. There are plenty of options out there. Radius, Simple, Chime, etc.

@pinkandgrey wrote:
Definitely get yourself a bank account first off. But as for cards, try Open Sky or Total Visa. These are almost guaranteed approvals and they will help you establish your credit.

The OP should definitely stay away from Total Visa. Along with Indigo, Credit One, First Premier, or any cards by Continental Finance (Surge, Verve, Matrix, Cerulean), Total is a fee harvester.

Even thought their AF is a little high ($39), Green Dot does not require a bank account to open to apply for a card.

Re: 604 Credit Score - What Are The Options?

Anonymous — Thu, 17 Jan 2019 22:31:52 GMT

I want to offer my applause for not only pulling yourself up but also, for inspiring others who may have had similar struggles. I am also, rooting for you! I hope you give yourself due credit (no pun intended) for getting where you already are.

Re: 604 Credit Score - What Are The Options?

800FICOGoal — Fri, 18 Jan 2019 02:26:24 GMT

I forgot to mention in it my previous post, but congratulations on overcoming your struggles.

Re: 604 Credit Score - What Are The Options?

joltdude — Fri, 18 Jan 2019 14:25:02 GMT

Navy Federal is a bit more accomodating than many major banks... I think their secured card would be a great option... they are very likely to give you a chance.. but they aren't forgiving if you burn them...... someone i know constantly overdrafted with them and they just took it out of his monthly deposit... also he defaulted on their secured card, but a year or so later was able to open up a "small" (by navy standards) unsecured card with them.... which he promptly burned them for... and even then, navy negotiated a payment plan with him.... but they did autotransfer out most of his savings before that... thats one of the known gotchas with Navy...

Also im a fan of Discover for a secured card...

-J

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:09:47 GMT

I cash my checks at a check cashing place. My job burned BofA even though they draft the checks there and they won't cash them since they say my employer doesn't have a minimum amount to their standards to cover any bum checks. We had a situation more than once where people's checks were bouncing (staff of 200), and only the people who immediately cashed them didn't get burned.

I haven't really applied for any credit outside of my phone.

I have no one that can put me on a CC as a AU because they are in the same boat with blown credit especially in my family.

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:14:03 GMT

Yeah I'm flagged in the chex system. I've just had a bad row with banks. I don't trust them and their hidden fees/taking money and changing my account over without consent to hit me with fees is ridiculous.

Tried open sky previously - they didn't let me get the secured card. I know a lot of people swear by it but they do reject.

I did Green Dot once. Their fees are ridiculous. I liked them better when they had the PayPal cards but they ended that so I quit messing with them. If I need something online I get a prepaid Vanilla card non reloadable. Many folks will take that with zero problems unlike Green Dot.

I don't make enough income to "keep". After rent, utilitites, food, and gas, car insurance I have 20 bucks left at the end.

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:15:35 GMT

I tried OpenSky once asunder and they denied me. Again, I know people swear by them but they do have some criteria I didn't meet.

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:16:20 GMT

I got these from Credit Karma but I also copped reports from all 3 bureaus. Only 1-2 pt difference.

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:17:19 GMT

I'm really leery about the American banking system. We haven't been friends.

Again, I've previously tried OpenSky, but they didn't approve me.

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:18:12 GMT

Green Dots hidden fees are what get you. They can turn a simple 10 buck purchase into a 75 dollar nightmare with interest quick!

Re: 604 Credit Score - What Are The Options?

Anonymous — Sat, 19 Jan 2019 03:20:27 GMT

Thanks to everybody helping and thanks to all giving me heartfelt wishes on coming up out of a bad situation - here's to hoping the shutdown won't spiral me back.