topic Re: How to proceed please in Credit Cards

How to proceed please

Anonymous — Wed, 07 Jan 2009 20:39:24 GMT

I have been working on repairing my credit for the last year and a half now. I have been successful with getting a charge off removed and also some collections. My main problem right now is old debt that I know I have. My current Equifax score is 609, Experian 617, and Transunion 579. I am working on getting one other charge off removed from my credit report from Capital One. It has since been paid in full. I have no credit cards right now, but do have student loans that I have been paying on and will not miss a payment with. The question I pose is my score good enough right now to apply for some credit cards? I now have a good job and have been in the same place going on 4 years now as well as my residence. Also I know coming within the next year or so I am going to need a new car loan, and have to prepare for that. Any help or suggestions is much appreciated.

Re: How to proceed please

SCF — Thu, 08 Jan 2009 01:44:21 GMT

Hey taste,

I think with your scores the best route to go right now may be a secured card. Why don't you head over to the BoA site and try their pre-selector for CCs? It's a soft pull and will give you some idea of what you might qualify for. HSBC also has a similar site.

Finally, you can poke around whogavemecredit.com to see what types of cards people with your scores are getting.

Hope that helps!

Re: How to proceed please

mamalawery — Thu, 08 Jan 2009 03:51:39 GMT

boa secured in good, also try cap 1. good luck!

Re: How to proceed please

Anonymous — Thu, 08 Jan 2009 03:53:32 GMT

Try for bofa 99/500, have to apply for a regular card, might get it counter offered. Also try Cap 1, HSBC, both have pre qual sites. Try your local CU, or NFCU if you are eligible to join.

Re: How to proceed please

Anonymous — Thu, 08 Jan 2009 13:28:05 GMT

Thank you for all of that information. So do you think the credit union would be the first place I should try. I am elgible to join Navy Federal Credit Union.

Re: How to proceed please

score_building — Thu, 08 Jan 2009 14:24:53 GMT

@Anonymous wrote:
Thank you for all of that information. So do you think the credit union would be the first place I should try. I am elgible to join Navy Federal Credit Union.

YES! you'll be off to a really great start with NFCU...imho, boa is also a top pick given your current info.

Re: How to proceed please

Anonymous — Thu, 08 Jan 2009 15:37:02 GMT

Well I am now a member of Navy Federal Credit Union. How long should I wait before trying to use any of their services such as credit cards? I am going to use them for savings also. I also have a Bank Of America bank account that I use, but have not applied for any credit cards through them. I wanted to wait to bring my score up really before I applied.

Re: How to proceed please

score_building — Thu, 08 Jan 2009 16:06:45 GMT

generally scores greater than 650 begin to attract prime offers. the reason i say boa may be a good bet now is because i think some reported here that they received the secured or 99/500 counter offer in the lowish 600s. it's a great way to get in with boa if you don't qualify for their unsecured just yet. of course if you can wait and pull up your scores first a bit b4 apping navy or boa you are likely to yield better results.