topic Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost in Credit Cards

Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Anonymous — Fri, 28 Jun 2019 12:16:08 GMT

Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Anonymous — Fri, 28 Jun 2019 12:20:20 GMT

Those scores, generally speaking, are in the secured card territory.

Try to obtain some secured cards that have the opportunity for graduation to an unsecured card. Some suggestions: Discover, Citi, NFCU (if you qualify for membership).

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Anonymous — Fri, 28 Jun 2019 12:29:41 GMT

Thank you that is exactly what I need, if anyone else has any suggestions as to specific prepaid cards that graduate; which are the best?

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Hex — Fri, 28 Jun 2019 12:50:28 GMT

I would recommend seeing if you are prequalified for a Discover Card. Even if you can’t get the regular card they might offer you the secured version. If you anyone in your family was honorably discharged from the military then Navy Federal Credit Union might be your best bet. You have to join to get a card though and you need to be eligible (you or family having military service history).

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

CreditInspired — Fri, 28 Jun 2019 13:03:12 GMT

@Anonymous wrote:
Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

You've gotten some great advice on secured cards to apply for. You didn't ask, but if you want help with how to increase your scores for better cards down the pike, we're here to help if you want to let us know what your credit profile look like. This way we can guide you in the right direction.

GL2U

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Shooting-For-800 — Fri, 28 Jun 2019 14:20:00 GMT

I would check for prequals for

Capital One

Merrick Bank

Discover

If possible join NFCU

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

FireMedic1 — Fri, 28 Jun 2019 15:43:56 GMT

If nothing happens with those pre quals. There's always Open Sky with no HP to get your foot in the door.

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Anonymous — Fri, 28 Jun 2019 16:36:32 GMT

I wouldn't get too many, a couple reporting positively and your score will start to climb rather quickly if nothing is keeping it down, I'm ready to move up from secured cards myself and have had multiple people recommend I open Chase cards next (they have a 5/24 rule, or no more than 5 cards in 24 months, so if you get 2 secured cards, and you're ready to build your base out within that 24 month period, you can then open 3 different Chase cards aka the Chase trifecta)

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

KJinNC — Fri, 28 Jun 2019 18:21:10 GMT

TD Bank has a 3/2/1 rewards secured card, but you need to visit a TD Bank branch and make a savings deposit to be able to get the card. It can graduate after 7th statement.

Discover can graduate after 7th statement.

Citi says it graduates after 18 months; however, there are many anecdotes of both earlier and later graduations. We have few datapoints to understand reasons, if any.

Bank of America has a card that can graduate. Not sure how long it takes. There is also a "student" 3/2/1 rewards card that can graduate, and you may or may not be offered that version if you apply for the unsecured 3/2/1 rewards card and get denied.

You can apply for the Amazon Store Card. They will consider you for unsecured, and if they don't approve you for that, they will consider you for secured. The secured card can graduate. It is a store card, not a credit card, but it's a store card at Amazon that gives 5% off, so it's pretty appealing if you shop much at Amazon.

Capital One will never graduate, but it has no annual fee, and you will usually have a higher credit limit than you deposit by $50 or $100.

Open Sky will never graduate, and has an annual fee.

Unless you live near a TD Bank, my general suggestions would be Discover, Citi, and Amazon Store Card (assuming the person shops at Amazon). I would try Citi first. In my experience, it is the easiest to qualify for, although this may be due to specific profile reasons so your mileage may vary. If you cannot get Citi, I would get an Open Sky and wait a month or two, then get Citi. Then Discover, then try for Amazon. JMO.

Note with Citi: you can never add to your deposit/CL, so make the largest deposit that fits your lifestyle when you open the account. Ask me how I know.

I would also give serious consideration to a Self Lender loan, which requires no credit check, and counts as a secured loan similar to a car payment. It triggers the "good credit mix" positive reason in FICO scoring if you also have a credit card.

Many people will advise going slow, and there are advantages to that, but also disadvantages. There are quite a few people on this board with 800+ scores who still can't qualify for very much, because their profiles are too thin. On the other hand, opening 10 accounts in three months like I did will trigger all sorts of "credit-seeking behavior" alarm bells and lock you out of Chase for 25 months.

Good luck!

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

HeavenOhio — Fri, 28 Jun 2019 18:41:14 GMT

Time can make up for thinness. The other side of the coin is that people apply for a bunch of cards and end up with a bunch of low limits. They get stuck in "low limit hell," and major card issuers think that's all that customer is good for. Also, they're categorically denied for certain products due to too many new accounts.

Six months on a single card will open up possibilities that weren't there previously. At thirteen months and two cards, a lot of possibilities open up.

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

coreysw12 — Fri, 28 Jun 2019 19:40:10 GMT

Your signature shows your most recent scores were in the 650-700 range (but it looks like you haven't updated it since 2016). What happened after 2016 that caused you scores to drop 150 points? I'm guessing some accounts have recently gone unpaid during the last couple years. With recent baddies like that, you're going to need a secured card for sure. Disco and Cap1 are good ones, though it might be hard to get them depending on how recent your baddies are and whether or not you eventually paid/settled them... and of course, whether or not any of them were Disco or Cap1 accounts.

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

KJinNC — Fri, 28 Jun 2019 22:44:22 GMT

@HeavenOhio wrote:
Time can make up for thinness. The other side of the coin is that people apply for a bunch of cards and end up with a bunch of low limits. They get stuck in "low limit hell," and major card issuers think that's all that customer is good for. Also, they're categorically denied for certain products due to too many new accounts.

Six months on a single card will open up possibilities that weren't there previously. At thirteen months and two cards, a lot of possibilities open up.

I can't say from personal experience as I just began this process in March, but I'm guessing that time can make up for nearly anything. As for 13 months and two cards, there are several people here lamenting that they have 800+ scores and one or two cards and can't get approved for stuff (not to overstate: they can get stuff, just not the stuff they want). One person even put that in his signature. I imagine that those people carefully followed some of the advice on this board. As for the opposite approach, all I can say is that of the ten new accounts I've opened in three months, the last two were a 3.54% $30k car loan and a $5k signature rewards Visa. However, those are perhaps a bit flukey due to my 30+ year relationship with a credit union. Every situation is different both in terms of how stuff affects scores, and what a person's goals are, and I think the best value of this board is providing information as opposed to prescription. For most people, scores are a means, not an end. The goal is to get approved for stuff, with scores being part of how that happens.

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

Anonymous — Sat, 29 Jun 2019 23:15:33 GMT

divorce happenned and a few of my cards were shut down. i am currently on payment plans and also negotiating pfd one at a time. need to start over.

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

jaxstraw — Sat, 29 Jun 2019 23:57:42 GMT

@Anonymous wrote:
Thank you that is exactly what I need, if anyone else has any suggestions as to specific prepaid cards that graduate; which are the best?

The TD Cash secured credit card has pretty decent rewards (3% dining 2% grocery 1% all else) and is eligible for graduation after 7 months.

You have to apply in branch and it's a minimum of 500$.

Re: Credit Card Recommendations For FICO Scores between 500-600 to Help Boost

mikesonthemend — Sun, 30 Jun 2019 00:17:27 GMT

Most banks/CUs will have a secured card offering. Check your bank, or open a new account with a local credit union and build a relatinship with them.

Best of luck. Divorce sucks.