topic Re: What do I do? in Credit Cards

What do I do?

Anonymous — Tue, 28 Apr 2015 18:00:51 GMT

Okay I have no credit cards whatsoever, I've had credit history for 2 years. In August it will be 3 years. I am in college and my Mac has broken. Apple has two options for financing a new Mac the Barclay Rewards MC and this other option call the Citizens One Payment Plan. Which one should i apply for my Scores are below and I'm just requesting the best guidance. Another question I have is aout secured credit cards, would it be smart for me to get one?

Equ: 592

Trans: 601

Exper: 595

Re: What do I do?

Callandra — Tue, 28 Apr 2015 18:03:43 GMT

Well, those scores are kind of low (why are your scores so low? Might want to address that first -- what has been in your credit history if not cards? Loans? Baddies?) so secured might be your best bet. You could try for Barclays Apple Rewards but without credit history (they like 6-12 months) and the low scores, you probably won't get it. I suggest a secured card or a student card.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 18:04:33 GMT

yes to the secured credit card

don't know if you would qualify for the Barcalys with those scores. What history do you have?

Re: What do I do?

Creditaddict — Tue, 28 Apr 2015 18:05:27 GMT

The citizen option I htink pretty much requires a co-siner but that would be the way to go if you have one.

as the other poster asked... what is on your credit report that has your scores down?

Re: What do I do?

degs138 — Tue, 28 Apr 2015 18:16:35 GMT

Pull your credit reports so you can see what is affecting your scores. When I was in college I had 3 student loans. My Sr. year I applied for a Discover card and got a 1500 dollar card with no history of payments. Just the 3 loans on my account.

Many schools let you finance your school supplies though a loan. A new computer would deffinitly qualify for that.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 18:32:23 GMT

I have a lot of hard inquiries from when I first got into college due to stupidity on my part I believe. And I only have 2 years length of creit history

I have two student loans both $1000 all my payments are on time, I had one collection that is now closed.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 18:44:45 GMT

very light file. Was the COL account recent?...it seems it would be since your scores are dragged down

at any rate, you need to get a secured card and start from there to begin building.

As mentioned, the Barclay's card will probably not be an option here for the computer. The Citizens one path is your best bet, but you may need a Cosigner

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 18:50:22 GMT

Yeah, I definitely agree with what the other posters are saying. Unfortunately, your scores are just a bit too low to go straight for an unsecured card like discover or a journey from capital one. I'm sure if you get the secured and use it wisely you'll be up to par for an unsecured version quite soon. No worries.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 18:53:48 GMT

Thank god i hva efound this sight because yall are really helping me out. So I will apply for a capital one secure card.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 18:54:45 GMT

Just closed that account in March 2015

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 19:22:14 GMT

You may be able to get an amazon or a Walmart card. Try that.

Re: What do I do?

kroberts67 — Tue, 28 Apr 2015 19:27:03 GMT

If you just closed an account last month, you might wait until the last statement reports (assuming it is now a zero balance).

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 19:32:45 GMT

Yes it is now at a zero balance and another question someone said to try a store card? Should I try best buy? or target? or do capital one secured?

@kroberts67 wrote:
If you just closed an account last month, you might wait until the last statement reports (assuming it is now a zero balance).

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 19:43:52 GMT

cap1 secured.....this may help you with another CAP1 card later on

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 20:08:10 GMT

Well, i got approved for a capital one secured credit card!!! I am absolutely so happy about this. Thank you everyone for the help. Definitely excited to build my credit.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 20:09:18 GMT

Good news!

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 20:43:29 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Secured-cards-my-experience/m-p/3696888

I reviewed the 5 secured cards I used to build with. I started with low 500 scores and sit in the mid 7s a year later (there were no positive accounts and 7 collections to begin with)

Feel free to ask questions in the thread or PM me if you have specific questions about the cards.

Re: What do I do?

kroberts67 — Tue, 28 Apr 2015 21:10:25 GMT

@Anonymous wrote:
Well, i got approved for a capital one secured credit card!!! I am absolutely so happy about this. Thank you everyone for the help. Definitely excited to build my credit.

That's great news, congrats! Build on that and don't go apping, you don't want too many new accts or inquiries (Cap One usually pulls all 3 so you prob have 3 new inq's). I saw you ask about store cards, if/when you so, only app for a store you shop at.

Re: What do I do?

Anonymous — Tue, 28 Apr 2015 21:29:33 GMT

Congratulations on your Cap1 Secured card. As others have said, you will not qualify for the Apple Rewards card. I do not know about the loan.

In my opinion, and feel free to disregard it if you must, unless you make a nice income and can afford the Macbook in cash, you should look around for something cheaper. You can get a $300-$500 laptop off of Amazon that will work well enough for you through college. Focus on building up your scores, starting with the Capital One Secured, moving on to unsecured cards once that card graduates. Save up your money and don't put yourself further into the hole by buying a $1,000+ laptop just to have the name brand if you can't afford it at the moment.

Re: What do I do?

Anonymous — Wed, 29 Apr 2015 10:40:07 GMT

I hope that before you got approved for the secured card that you tried the capital one prequalify link. Of a card came up, you should have applied for it. You still can apply for one more card within 30 days.