topic Rebuild with Credit Card in Credit Cards

Rebuild with Credit Card

Anonymous — Sun, 05 Jun 2011 19:45:55 GMT

Some have suggested credit cards are good to rebuild credit, some suggest it isn't and that you don't need them.

If I were looking for a credit card that will assist with the rebuild of my credit and increase my score which credit card is good for doing this. That won't harrass me as soon as I make a purchase?

My score is 588?

Re: Rebuild with Credit Card

Anonymous — Sun, 05 Jun 2011 19:55:49 GMT

Get a secured card with a major bank or credit union. They won't harass you since your own money is backing the card.

People that suggest you don't need them ... not sure what their talkinga bout. Maybe they are talking about some sort of installment type loan. Atleast with a credit card as long as you don't revolve a balance, you won't pay anything in interest. You don't even really have to use it to build history.

Re: Rebuild with Credit Card

meka1984 — Sun, 05 Jun 2011 20:04:33 GMT

Capital One is a pretty good rebuilder card in my opinion.

They helped me.

Re: Rebuild with Credit Card

Anonymous — Sun, 05 Jun 2011 20:56:34 GMT

Second the Capitol One.

Re: Rebuild with Credit Card

Anonymous — Sun, 05 Jun 2011 21:29:04 GMT

go with something besides capitol one. a credit union of bank like boa might be better at unsecuring and growing with you. crap one wont grow with you

Re: Rebuild with Credit Card

Anonymous — Sun, 05 Jun 2011 21:54:55 GMT

I agree that a secured card with a credit union or trusted local bank would be the smartest route to take. Wish I had known more about CU's when I was rebuilding. Avoid predatory lenders, if at all possible. If it isn't possible, ensure that you never pay them a dime in interest or late fees.

Re: Rebuild with Credit Card

Anonymous — Mon, 06 Jun 2011 02:06:50 GMT

Your need to have credit cards to have a good FICO score. Generally 3 or more to get the best score.

I suggest a secured card as well. Credit Unions are good, I also like Capital One.

After 6 months of reporting, your score will be better and you should add another card or 2. Store cards are good for places you shop at a lot.

Re: Rebuild with Credit Card

Anonymous — Mon, 06 Jun 2011 18:18:55 GMT

"crap one wont grow with you"

==========

Confused....

My capitol one has a very generous limit and theyve been more than helpful, and the APR, while not my lowest, certainly isnt the highest I have.

What actual problem exists with Capitol 1?

Or maybe its a certain type of card from Cap1 thats the problem?

Re: Rebuild with Credit Card

Anonymous — Mon, 06 Jun 2011 18:24:47 GMT

@Anonymous wrote:
Your need to have credit cards to have a good FICO score.    Generally 3 or more to get the best score.

I suggest a secured card as well.    Credit Unions are good, I also like Capital One.

After 6 months of reporting, your score will be better and you should add another card or 2.   Store cards are good for places you shop at a lot.
I'll add another voice in recommendation of Capital One. I think that they're a good rebuilder.

Re: Rebuild with Credit Card

cequia — Mon, 06 Jun 2011 18:37:54 GMT

I don't find Cap One to be crappy either. I began rebuilding with their card when I was in the 500s last year and they have been been great for rebuilding and exceeded my expectations.

It's a tool and like any other tool, you have to have the right one for the right job. You wouldn't drive a nail with a ruler would you?

Re: Rebuild with Credit Card

Anonymous — Mon, 06 Jun 2011 19:42:53 GMT

You should try the Cap1 preselector and see if you are preapproved for any cards imo

Re: Rebuild with Credit Card

Anonymous — Mon, 20 Jun 2011 17:00:04 GMT

Ok now that I have all your opinions, where could I go to get a Cap 1 secured credit card. The web-site only offers reg credit cards..

Re: Rebuild with Credit Card

p- — Mon, 20 Jun 2011 17:08:26 GMT

@Anonymous wrote:
Some have suggested credit cards are good to rebuild credit, some suggest it isn't and that you don't need them.
If I were looking for a credit card that will assist with the rebuild of my credit and increase my score which credit card is good for doing this. That won't harrass me as soon as I make a purchase?

My score is 588?

When I was rebuilding I got an Orchard Bank unsecured card from HSBC. It does come with an annual fee, and a setup fee, and starts with a very low limit, but they continually raised it over time as my credit and history with them improved. I also have a secured Wells Fargo card that is holding 1,000 dollars of my money as collateral. They were quick to approve, and presumably will graduate to unsecured after a year.

I recently qualified for a better AMEX through USAA, and may drop the OB card soon, but we'll see how that goes. They have both been great tools in showing positive tradelines. Remember,

Never charge what you can't pay cash for.

Always pay off your cards each month.

Make payments on time, and resolve your baddies with PFD, DV, or GW.

Read the forums here for more ideas on addressing problems in your credit file. That's what I did, and it worked. (check out my log).

Re: Rebuild with Credit Card

addicted_to_credit — Mon, 20 Jun 2011 17:08:27 GMT

I would try with cap 1 as well when no other bank would they did I have been stuck at the same CL for a few years but they have never done me wrong

Re: Rebuild with Credit Card

p- — Mon, 20 Jun 2011 17:16:02 GMT

BTW, HSBC is selling their domestic credit card operation. If you did get an OB card you run the risk of it being owned by a different bank which may or may not be a good thing. I'm hoping someone buys them that will allow me to convert the card to a no fee line keeping the history, but we'll see how it goes.

Re: Rebuild with Credit Card

Anonymous — Mon, 20 Jun 2011 20:36:16 GMT

@Anonymous wrote:
Ok now that I have all your opinions, where could I go to get a Cap 1 secured credit card. The web-site only offers reg credit cards..

The secured card is on the website. You may have to unclick the popular cards and click the secured cards, to see it.