topic Rebuilding credit with Tribute in Credit Cards

Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 03:51:58 GMT

I have applied for a few cards recently (just beginning to try rebuilding credit), and was shocked after all rejections, Tribute approved me! My CL is $70, but at least it's something

My question is, do I PIF every month, or pay the min for my scores to go up?

Re: Rebuilding credit with Tribute

haulingthescoreup — Sat, 03 Nov 2007 12:03:17 GMT

First of all, always pay more than the minimum.

Secondly, it's gonna be pretty tough to play any kind of percentage game with a $70 CL. Ideally, you let under 10% report to the credit agencies and then pay that off before your balance due date, but 10% might even wind up being less than your minimum.

Can you post what you know about what the minimum payments would be? --it's probably something like 4% of balance or $10, whichever is greater. You also should call the company and find out when they report to the CRA's (credit bureaus), when they post the statement, and when the balance is due. If you can find that out and post it, too, you should be able to get some good advice here. It's going to be like walking on eggs with that card, though...

There have been some posts about Tribute. You can type in tribute in the search box at the top left and pull some up. Here's one (I'm on Firefox, so you'll have to copy/ paste it into your browser window):

http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=12532

This card sounds like it's going to have to be handled with EXTREME care!

Re: Rebuilding credit with Tribute

SmartCookie — Sat, 03 Nov 2007 14:29:53 GMT

hauling, that's a very good point regarding the required min payments and not just 'under $7'.

OP, once you find out the min, call Tribute and try to have them reconsider you for 10x that. Can't hurt.

Was Cap1 one of the cards that denied you? Your scores seem to be OK enough for them, but as we know, more than scores matter.

Either way, this is good, congrats.

Message Edited by SmartCookie on 11-03-2007 10:29 AM

Re: Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 14:48:16 GMT

I have tribute card. lol I have every card . I started with 70 dollar limit and they are giving me 30 dollar limit increase every month. I dont even know where is that card anymore I have to find it. Thanks for reminding me.

Re: Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 15:02:04 GMT

Did you app for Household or orchard. Me? Not a big Tribute fan. That being said, PIF every month but only use it once a month for a tank or gas or something. In 6 mos you may be able to move on to bigger and better things.

Re: Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 15:04:41 GMT

I would say I have every sub prime card now it is time to move to prime cards.

Re: Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 15:05:33 GMT

Anyone has tribute card here with limit over 1000?

Re: Rebuilding credit with Tribute

haulingthescoreup — Sat, 03 Nov 2007 15:40:52 GMT

@Anonymous wrote:
I dont even know where is that card anymore I have to find it. Thanks for reminding me.

hysterical laughter!!!

OK, ashabbir1, I swore to myself that to preserve my sanity, I wouldn't let myself get tangled up in your credit adventures any more, but that is just toooooooo funny!!!

You're going to wind up on a Discovery Health TV show about hoarders, except instead of little pathways in your home through stacks and stacks of shopping bags, you will be slipping and sliding on a million little rectangles of sub-prime cards...

Re: Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 16:00:59 GMT

Lol Hauling. You are too funny

Re: Rebuilding credit with Tribute

SmartCookie — Sat, 03 Nov 2007 16:13:04 GMT

from mytributecard.com

-------------

What is the Minimum Monthly Payment?

The minimum payment on the Tribute MasterCard® will be the greater of 3% or 4% of your billed balance or $20 or $25, depending upon your particular offer plus the greater of any past due amount or amount by which your New Balance exceeds your Credit Line. If your New Balance is less than your Minimum payment, your New Balance will be due in full.

------------

Pay down the entire annual fee (if any) plus first months fee (if any) before the due date.

After the first billing cycle has closed, charge no more than $6.50 (include any monthly fee as a part of that $6.50) a month and PIF when your new statement comes until you start getting the CLIs.

If you need to or choose to charge more, just do bi-monthly payments.

Re: Rebuilding credit with Tribute

Creditaddict — Sat, 03 Nov 2007 21:51:58 GMT

keep in mind that tribute card with the $70 credit line has a $19/monthly mant fee.

Re: Rebuilding credit with Tribute

SmartCookie — Sat, 03 Nov 2007 22:00:12 GMT

Creditaddict wrote:
keep in mind that tribute card with the $70 credit line has a $19/monthly mant fee.

What date do they charge you yours, statement date?

Re: Rebuilding credit with Tribute

Anonymous — Sat, 03 Nov 2007 22:06:57 GMT

Should I close my tribute card?

Re: Rebuilding credit with Tribute

SmartCookie — Sat, 03 Nov 2007 22:18:13 GMT

ashabbir1 wrote:
Should I close my tribute card?

If they charge you any sort of fee and you have other cards... yeah. My understanding is that their annual and monthly fee varies.

Concerned with people who have large monthly fees and small CLs... assuming the monthly fees report (and why wouldn't they), you can't charge anything at all on it because of the already high UTI built in! So essentially, you are paying them to report their fees for +FICO purposes.

Re: Rebuilding credit with Tribute

Anonymous — Sun, 04 Nov 2007 03:00:14 GMT

Creditaddict wrote:

keep in mind that tribute card with the $70 credit line has a $19/monthly mant fee.

This is why the tribute card is not one of my favorites. Wouldn't reccommend it to anyone. Most people would do much better just getting a secured card for a few hundred bucks but the reality is that some people can be denied for those.

If Trib is all you can get, use it for about 6 mos...

A! If you don't get rid of that card...............