topic Re: Credit Card Recomendation in Credit Cards

Credit Card Recomendation

tooyoungforbadcredit — Sat, 07 Jul 2012 17:50:23 GMT

My credit is bad and limited. I'm a student, and most of my accounts are no more than 3-4 years old. They are all student loans. One is deffered, and the rest are in good standing. I've had a few medical bills go into collections all from 3-4 years ago, and that is pretty much everything on credit report. My score is 527! Ouch! Is there any good credit cards out there for people like me?

Re: Credit Card Recomendation

Anonymous — Sat, 07 Jul 2012 18:00:44 GMT

With the negatives, your won't qualify for student or building cards. However, your score will jump with a couple of revolving trade lines reporting. Your choices are secured cards or high af crappy rebuilding cards. Can you come up with some cash for secured cards?

Re: Credit Card Recomendation

tooyoungforbadcredit — Sat, 07 Jul 2012 18:04:55 GMT

yeah round 200 but that's about it

Re: Credit Card Recomendation

jsucool76 — Sat, 07 Jul 2012 19:33:55 GMT

@tooyoungforbadcredit wrote:
yeah round 200 but that's about it

There is a secured card that will allow you to deposit only 49/99 dollars to get a $200 limit. I believe it's the capital one secured, it does however have an annual fee ($39 i think) and a pretty high APR, somewhere in the low to mid 20s.

Best of luck.

Re: Credit Card Recomendation

Anonymous — Sat, 07 Jul 2012 20:52:50 GMT

if your able to come up with 200 for now you could open a cap one secured card with a 200 limit.

Re: Credit Card Recomendation

CreditPacMan — Sat, 07 Jul 2012 21:10:54 GMT

I would recommend the Bank of America Secured card. The problem is that you'd have to come up with another $100 because I think the minimum deposit on the card is 300. The good thing is that they'll return the deposit and unsecure your card in a year.

Re: Credit Card Recomendation

Anonymous — Sat, 07 Jul 2012 21:31:45 GMT

Doesn't really matter what the limit is now. Having the cards are enough. The big thing is to start building positive history for when your negatives fall off, you will be good. Positive history is half of rebuilding credit. I would take only half of what you have. Do a 800 and 200 card. Add to the 800 dollar card. Unless you can spare the whole 2k, then do a 250 and 1750. The reason is to show a higher TL so your unsecured cards (when you qualify for them) will be higher limits.

Re: Credit Card Recomendation

tooyoungforbadcredit — Sat, 07 Jul 2012 21:46:29 GMT

Yeah, I don't really care about credit limits. I'm just in need of a score boost by grad school which is 3 - 3.5 years. All of my derogatory collections accounts should fall off by then, but I need to have good credit in case I need to borrow private student loans in case I get accepted into a good school. Although one collection account is trying to say the account was first reported in 2011, but I checked my score every year for since that account went bad. It's been on there since 2008. Anyways I don't have the money to pay off the student loans right now, so credit cards are pretty much my only options to build credit.

Re: Credit Card Recomendation

Anonymous — Sat, 07 Jul 2012 22:15:50 GMT

@altayar wrote:
I would recommend the Bank of America Secured card. The problem is that you'd have to come up with another $100 because I think the minimum deposit on the card is 300. The good thing is that they'll return the deposit and unsecure your card in a year.

i doubt the op would get approved for bofa secured. their card is more for building than rebuilding

Re: Credit Card Recomendation

tooyoungforbadcredit — Sun, 08 Jul 2012 00:34:12 GMT

I got approved for a subprime unsecured card, and I am waiting on decision from capital one for their secured card. I got approved for a matrix secured card, but I declined that offer. I'm trying not to have any more inquiries unless I'm aboslutely certain that it is going to work out. I know applied bank secured cards don't check your credit score, but they do report to credit bureaus. Any suggestions about them?

Re: Credit Card Recomendation

jsucool76 — Sun, 08 Jul 2012 04:06:00 GMT

Which card did you end up getting? And good luck on your Cap1, hopefully you'll get approved and will only need a $49 or $99 deposit and not the whole $200.

Re: Credit Card Recomendation

Anonymous — Sun, 08 Jul 2012 06:49:27 GMT

Not loving the list of cards you apped for. Look at threads on recommended secured cards. Personally I would be doing sdfcu or dcu secured card as no af. First progress looks okay too.

Re: Credit Card Recomendation

Revelate — Sun, 08 Jul 2012 17:49:24 GMT

@Anonymous wrote:
@altayar wrote:
I would recommend the Bank of America Secured card. The problem is that you'd have to come up with another $100 because I think the minimum deposit on the card is 300. The good thing is that they'll return the deposit and unsecure your card in a year.

i doubt the op would get approved for bofa secured. their card is more for building than rebuilding

He is building, and that's a YMMV thing anyway.

Dude has no positive tradelines, and medical collections are "whatever" compared to real collections from an underwriting perspective. If BOFA will approve me with 1 open (non-medical) collection, 2 open tax liens, and a prior BOFA card with a 30/60 day late on it which they themselves closed, I have a hard time believing that someone with actual positive history, no open judgement, and no BK in his report would be denied.

It's the best secured card out there with the exception of NFCU which a lot of people don't have access to, and looking strictly from a rewards perspective, it's the best hands down out of any card obtainable sub-640ish FICO / 1 year+ history... and it fares pretty well against the Freedom/Zync anyway so maybe that's more like best/tied for rewards package sub-720ish FICO *shrug*.

Well worth the shot, it is the gold standard now in terms of financial sense for sub-prime FICO people.

Re: Credit Card Recomendation

tooyoungforbadcredit — Wed, 11 Jul 2012 12:24:40 GMT

I might try BOFA secured. I actually paid off one of my students loans, so I do have some positive history. I went ahead and took the subprime card, and I plan on only using it when I already have the money to pay for whatever I bought. The credit limit is 300, so I figure spend 30 once a month then pay it before the due date arrives and my grace period ends to avoid the interest. Does that sound reasonable?