topic Re: Best cards to rebuild credit in Credit Cards

Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 02:43:01 GMT

I just got one 300 dollar card to rebuild credit(cost 250 in fees to get it), I would like to get another 1 or 2 to help buy credit, what are some of the easiest ones to get for a score in the high 400s?

Re: Best cards to rebuild credit

CreditDrama85 — Sat, 13 Oct 2007 02:46:53 GMT

what kind of baddies do you have? how long is your credit history? why do you think your score is so low?

try a Bank of America secured CC maybe

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 02:50:48 GMT

Before you get anymore sucker cards, try Crap1 (I know but it beats what you've got), the preapproval link for Household bank.

It is a start and a great stepping stone to better things.

Re: Best cards to rebuild credit

CreditDrama85 — Sat, 13 Oct 2007 02:52:48 GMT

HA, come on brammy......i dont think capital one would approve a score in the 400s even for their "needs improvement" card.

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 03:04:46 GMT

CreditDrama85 wrote:

HA, come on brammy......i dont think capital one would approve a score in the 400s even for their "needs improvement" card.

YIkes, don't have my glasses on missed the 400s entirely. You are probably right since the limits they approve me at make me wonder if my own scores aren't 400s.

OP the best thing to do is to figure out why your scores are what they are and fix it. Not sure a secure card would be an option at this point but you could check with a local credit union.

Message Edited by Brammy on 10-12-2007 11:04 PM

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 04:20:05 GMT

Repair first.

@Anonymous wrote:
I just got one 300 dollar card to rebuild credit(cost 250 in fees to get it), I would like to get another 1 or 2 to help buy credit, what are some of the easiest ones to get for a score in the high 400s?

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 04:25:25 GMT

what you have is good enough to build a revolving tl with, just remenber to only let it report about 10% utilization to help bring your scores up. after you pass the 600-620 mark, then take a look at a better cc. good look and hang in there!

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 16:13:39 GMT

need to list 400 c history on the gen issues board and all lates and baddies etc so that others may give you sugg. how to improve it cuz it is going to be very hard to even get any decent subprimes w/ 400- don't be embarassed, just post and others will help you w/ suggestions.

entire credit report on gen issues board.

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 16:14:55 GMT

freqout wrote:
I just got one 300 dollar card to rebuild credit(cost 250 in fees to get it), I would like to get another 1 or 2 to help buy credit, what are some of the easiest ones to get for a score in the high 400s?

imho- need to get baddies and lates etc taken off before you app again- people on this board have seen HUGE jumps in scores- some up to 100 points in one full year after doing hard work such as PFD's , GW, disputes etc.

Re: Best cards to rebuild credit

haulingthescoreup — Sat, 13 Oct 2007 16:31:13 GMT

And in the meantime, don't even think of it as a credit card. Don't use it for shopping, or rescues when you're short on cash, or anything much else. It's just going to be a tool that you can use to start building credit. The limit is so low that it will be a challenge to keep it posting under 10%. One tank of gas way before the low fuel light goes on, in this day and age.

If you have regular cash flow AND you're self-disciplined, at least with this card, you can use it more often as long as you pay it down to $27 or less 5 days or so before it gets reported to the CRA's, and once it reports, pay it off before you pay finance charges. You probably won't get much love from the card issuer, but it's one way of showing responsible credit use for FICO scoring.

And like netpanther said, go ahead and post whatever's on your credit reports (take off your name and personal stuff, account numbers, links, etc) over on the General Credit board. There won't be anything there that someone else hasn't already gone through, and if you're willing to take their advice, and be patient, you'll find yourself in a much better situation soon.

Re: Best cards to rebuild credit

phumanr — Sat, 13 Oct 2007 19:11:41 GMT

Hello,

Coming from BK a few yeas ago...I had scores in the 490 range. I used First Premier, Orchard Bank (secured), Tribute, and Creditone. These are horrible cards in terms of fees..but it is well worth the sacrifice in my opinion.

I agree with others, the limits are so low, don't think about them as credit cards...put a tank of gas, gum, something minor, less than 9% utilization each month. Believe me, your scores will go up; however, you have to be obsessive with taking care of the collections, challenging, writing GW letters, etc.

Phumanr

Re: Best cards to rebuild credit

Anonymous — Sat, 13 Oct 2007 20:31:41 GMT

phumanr wrote:
Hello,

Coming from BK a few yeas ago...I had scores in the 490 range. I used First Premier, Orchard Bank (secured), Tribute, and Creditone. These are horrible cards in terms of fees..but it is well worth the sacrifice in my opinion.

I agree with others, the limits are so low, don't think about them as credit cards...put a tank of gas, gum, something minor, less than 9% utilization each month. Believe me, your scores will go up; however, you have to be obsessive with taking care of the collections, challenging, writing GW letters, etc.

Phumanr

yes, yes applause w/ agreement- again w/ low limits gonna need extreme control on keeping under 9 perc util

Re: Best cards to rebuild credit

Anonymous — Sun, 14 Oct 2007 18:47:11 GMT

My first CC after BK was a credit one bank card. I saw several with fees like you have on your card. With Credit One Bank I had to pay $75 dollars to open and have an annual fee that is about 6 dollars a month. I started off with a credit line of $250 but only had $185 availible until I paid the $75. Still, it beat the heck out of some cards that leave you with only $50 available with all the fees.