topic Re: Subprime Credit Cards in Credit Cards

Subprime Credit Cards

Anonymous — Wed, 18 May 2011 00:19:58 GMT

Well hello there! I'm looking for sub prime credit cards for someone like me (598 Tu, Ex Fico 603(PSCEU), Eq Fico 602).

I currently have an

Orchard
First Premier

I'm already getting 8 secured cards over ther summer, so right now I'm just tyring to expand my unsecured credit base. Thanks!

tl;dr: What are unsecured credit careds for subprime credit?

Re: Subprime Credit Cards

aftermath — Wed, 18 May 2011 01:03:22 GMT

Why in the world would you need 8 secured cards? Why not consolidate all that money into 1 giant secured card?

Anyways, try for a Capital One.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 01:08:32 GMT

You can also try Barclaycard.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 01:35:24 GMT

@Anonymous wrote:
Well hello there! I'm looking for sub prime credit cards for someone like me (598 Tu, Ex Fico 603(PSCEU), Eq Fico 602).
I currently have an
Orchard
First Premier
I'm already getting 8 secured cards over ther summer, so right now I'm just tyring to expand my unsecured credit base. Thanks!

tl;dr: What are unsecured credit careds for subprime credit?

I am big advocate of secured cards to rebuild credit. I had 3 and now down to 2.

However, 8 seems excessive. What 8 were you planning to get and why?

Are the Orchard and FP unsecured?

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 01:35:23 GMT

I'm getting 8 at 5,000 per card. I've been saving up for the past 3 years and finally have enough to get the 8 secured. However, I applied for Barclay's carnival card and was approved, any other sub-prime unsecured cards?

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 01:37:48 GMT

@Anonymous wrote:
I'm getting 8 at 5,000 per card. I've been saving up for the past 3 years and finally have enough to get the 8 secured. However, I applied for Barclay's carnival card and was approved, any other sub-prime unsecured cards?

I am also a big advocate of large deposit. so I like the $5000. Does your spending require the $40K limit? Who from?

Re: Subprime Credit Cards

aftermath — Wed, 18 May 2011 02:05:50 GMT

@Anonymous wrote:
I'm getting 8 at 5,000 per card. I've been saving up for the past 3 years and finally have enough to get the 8 secured. However, I applied for Barclay's carnival card and was approved, any other sub-prime unsecured cards?

My suggestion would be is to get 4 secured cards at $10k each.

All those new cards will really hurt your AAoA.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 02:59:53 GMT

I would do a single 40k card if I knew of any, any suggestions?

@aftermath wrote:

@Anonymous wrote:
I'm getting 8 at 5,000 per card. I've been saving up for the past 3 years and finally have enough to get the 8 secured. However, I applied for Barclay's carnival card and was approved, any other sub-prime unsecured cards?
My suggestion would be is to get 4 secured cards at $10k each.

All those new cards will really hurt your AAoA.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 03:18:21 GMT

@Anonymous wrote:
I would do a single 40k card if I knew of any, any suggestions?
@aftermath wrote:

@Anonymous wrote:
I'm getting 8 at 5,000 per card. I've been saving up for the past 3 years and finally have enough to get the 8 secured. However, I applied for Barclay's carnival card and was approved, any other sub-prime unsecured cards?
My suggestion would be is to get 4 secured cards at $10k each.

All those new cards will really hurt your AAoA.

Some credit unions might do it. Wells Fargo does $10K.

Re: Subprime Credit Cards

aftermath — Wed, 18 May 2011 03:35:05 GMT

@Anonymous wrote:
I would do a single 40k card if I knew of any, any suggestions?
@aftermath wrote:

@Anonymous wrote:
I'm getting 8 at 5,000 per card. I've been saving up for the past 3 years and finally have enough to get the 8 secured. However, I applied for Barclay's carnival card and was approved, any other sub-prime unsecured cards?
My suggestion would be is to get 4 secured cards at $10k each.

All those new cards will really hurt your AAoA.

Not sure of a $40k secured card, I believe $10k is the max majority of the banks will go.

Definitely do a $10k BofA secured card. Once it unsecures after a year, they will double your secured amount and will continue to grow with you.

Re: Subprime Credit Cards

bichonmom — Wed, 18 May 2011 03:47:45 GMT

I have looked into getting a Barclay's card myself and read on other posts that they are known to cancel an account if you open any new CCs within 6 to 9 months of getting their CC. I believe they do a soft pull every month. I don't know how they would respond w/secured CCs, but thought you might want to know just in case.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 04:04:05 GMT

I'm a member of Penfed and Pescu, do you think they could do it? Also, does anyone know of any more sub-prime cards that I could get before hand? My AaoA will suffer but I can take that hit. I have the means to PIF everything and I don't mind AF's.

@bichonmom Thank you very much for this piece of information, I'll call them tomorrow and see if they'll understand. Cheers!

@bichonmom wrote:
I have looked into getting a Barclay's card myself and read on other posts that they are known to cancel an account if you open any new CCs within 6 to 9 months of getting their CC. I believe they do a soft pull every month. I don't know how they would respond w/secured CCs, but thought you might want to know just in case.

Re: Subprime Credit Cards

AndySoCal — Wed, 18 May 2011 05:08:51 GMT

I wouid do only 1 secured card for10K or less. I would put the rest of the money to better use like save or invest the money in something that generates a better return. I would not tie all the money to a credit card if you need the money you could have a problem(s).

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 13:09:40 GMT

I wont count myself as a credit card expert, but I would have to agree with AndySoCal. I would think a single 10k card and use the other 30k to reduce other debt or invest. I guess my question is why is your score so low? BK? Can that 30k pay off other debt and raise your score? Do you have a savings account? Do you have a 3-5 year plan?

If you aren't in debt how about this for the next 36 months:

Year 1

10k BoA secured

20k 12 month CD

10k Savings (get the best rate you can find)

Garden

Always PIF all your cards each month

Year 2

BoA becomes unsecured

10k 12 month Secured installment loan with your bank - pay off over 12 months

10k 12 month CD

20k savings

1-9% utilization (put any extra $$ into savings)

Year 3

App Spree - Amex/Discover/CITI (research and find the best offers/features)

10k 12 month CD

Max IRA

Max 401k

20k savings

To me this provides you over the next 3 years minimal INQs, you have credit available and your 40k makes you money while still being accesible. If you just put it into credit cards it can only cost you money. Even if they are cash back cards you'll never make as much as you pay in interest and AFs. You could maximize your saving and earning interest via CDs, Money Markey, and Savings. Then in year 3 you can get some great cards with great rates and no AFs.

Hope any of this helps.

Re: Subprime Credit Cards

daytrade5 — Wed, 18 May 2011 13:23:28 GMT

@Anonymous wrote:
Well hello there! I'm looking for sub prime credit cards for someone like me (598 Tu, Ex Fico 603(PSCEU), Eq Fico 602).
I currently have an
Orchard
First Premier
I'm already getting 8 secured cards over ther summer, so right now I'm just tyring to expand my unsecured credit base. Thanks!

tl;dr: What are unsecured credit careds for subprime credit?

8 secured cards is alot. I would go with only 3 (10k each) at the most, that way you'll have less accounts to close later on.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 16:38:59 GMT

If I had six secured cards I'd have to get two more just to service the AF's from those puppies.

Re: Subprime Credit Cards

Anonymous — Wed, 18 May 2011 17:27:49 GMT

You also may want to look at credit union secured cards. NASA FCU is advertising a secured visa that can get as high as 30k secured (with no AF sweet).

https://www.nasafcu.com/credit-cards/

You may have to join one of their member assoications before you can open an account.

https://www.nasafcu.com/membership/associations/

Re: Subprime Credit Cards

bichonmom — Wed, 18 May 2011 18:11:28 GMT

I'm not familiar with NASA FCU. Took a look at their website. Does anyone know which CRA they pull, or if they pull all 3? What are their requirements for approval?

Thanks!

Re: Subprime Credit Cards

Hopelives2 — Wed, 18 May 2011 19:38:40 GMT

@Anonymous wrote:

You may have to join one of their member assoications before you can open an account.

https://www.nasafcu.com/membership/associations/

THANK YOU!! I'm such a nerd/geek/science weirdo, that I'm joining one of the associated organizations just for it (and subsequently, Nasa FCU).

Re: Subprime Credit Cards

creditguy-378 — Thu, 19 May 2011 04:36:39 GMT

go for a secured wells fargo card you can get one if you open an account and the max deposit you can put is 25,000 try it out