topic Re: Credit Card info help in Credit Cards

Credit Card info help

Anonymous — Mon, 10 Sep 2012 03:57:14 GMT

NEWBE here but been reading these forums for MONTHS. I have bad credit.....duh. Following info I got from here I applied for a Cap 1 secured card and was approved for $200 with only a $49 deposit. I took this card up to $1000 with additional deposits and just recieved a BoA secured card with $300 limit.

My credit score is 565 due to late payments, one collection, (which I paid and was assured it would ne removed), and no credit cards of any kind.

My question here is I'd like another secured credit card but IM LOST as to which one is the best third card? Someone settle this for me!!! Whats the best secured cards out there?????

Re: Credit Card info help

Revelate — Mon, 10 Sep 2012 04:45:40 GMT

Welcome belatedly to the forums then

Hopefully the mods will move this to the Credit Cards forum; but honestly, you have likely the best two secured cards available for non-military affiliated folk assuming you've gotten the 1-2-3 rewards added to your package.

Really a third secured card can be anything at this point if you decide to go that route; it's unlikely that you can beat the rewards available on the BOFA card and as such it's mostly just a tradeline. Any additional funds I'd continue depositing into the Cap One card as you already have been.

That said, how long have you had the Cap One card and is that a current score? Also how long ago were the various negative marks? Unless we're talking really recently for everything (including the C1 card) I sort of doubt that's your FICO now and you might be in a better spot than you think.

Re: Credit Card info help

Anonymous — Mon, 10 Sep 2012 05:04:00 GMT

Both Cap1 and BOFA cards are brand new as well as the FICO score. I have three 30 days late auto loans in the past 6 months but been current since and will never be late again. no mortgage, house paid for, and just two auto loans and two credit cards now. Gonna pay on time every time and check CS again and hopefull I can pull it up several points.

Re: Credit Card info help

Shogun — Mon, 10 Sep 2012 07:25:36 GMT

@Anonymous wrote:
NEWBE here but been reading these forums for MONTHS. I have bad credit.....duh. Following info I got from here I applied for a Cap 1 secured card and was approved for $200 with only a $49 deposit. I took this card up to $1000 with additional deposits and just recieved a BoA secured card with $300 limit.

My credit score is 565 due to late payments, one collection, (which I paid and was assured it would ne removed), and no credit cards of any kind.

My question here is I'd like another secured credit card but IM LOST as to which one is the best third card? Someone settle this for me!!! Whats the best secured cards out there?????

Welcome to the forums digracer. A little reading might help.

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

Now with that said, we need to introduce you to the world of GWs and see if we can get some of those baddies off there.

http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/GW-letter-Q-amp-A-Examples-and-GW-Success-Stories/td-p/1573680

Read up, post any questions and good luck!

Re: Credit Card info help

jamesdwi — Mon, 10 Sep 2012 14:51:16 GMT

I would advise that you just sit and wait a couple months (for best results wait 6 but its hard to wait when you are just starting out), then you should be able to AP for a CapOne unsecured credit card. Your score will go up once your secured cards report, use the secured cards lightly, try to PIF each month before statement cuts. Thanks to all the paperwork and slow processing, it may be quicker just to wait an AP for the unsecured card anyway.

After you have had the unsecured card for 6 months and perfect payment history and no other baddies you should be good for AMEX Zync.

Re: Credit Card info help

nicholasyud — Mon, 10 Sep 2012 15:17:13 GMT

I wouldsent GW letter to both collection and late loan and see if the can remove its not hard to try.......also with both of the brand new card makyour AAOA getting low so my suggest is stand on what you had now for maybe 1years but you canalso request them to PC YOUR card to one of the reward cards..........again not hurt to try and know the 9% utility rule .....if your credit limit 200 then onlycharge 20 each month.........for your better Fico score and keep reading on is forum you would learn a lot .......

Re: Credit Card info help

jamesdwi — Mon, 10 Sep 2012 15:41:28 GMT

@nicholasyud wrote:
I wouldsent GW letter to both collection and late loan and see if the can remove its not hard to try.......also with both of the brand new card makyour AAOA getting low so my suggest is stand on what you had now for maybe 1years but you canalso request them to PC YOUR card to one of the reward cards..........again not hurt to try and know the 9% utility rule .....if your credit limit 200 then onlycharge 20 each month.........for your better Fico score and keep reading on is forum you would learn a lot .......

good ideas.

you can charge more than $20 a month just don't go over the limit or 90% of your limit and PIF before statement cuts.

Re: Credit Card info help

Anonymous — Mon, 10 Sep 2012 19:23:59 GMT

@Anonymous wrote:
NEWBE here but been reading these forums for MONTHS. I have bad credit.....duh. Following info I got from here I applied for a Cap 1 secured card and was approved for $200 with only a $49 deposit. I took this card up to $1000 with additional deposits and just recieved a BoA secured card with $300 limit.

My credit score is 565 due to late payments, one collection, (which I paid and was assured it would ne removed), and no credit cards of any kind.

My question here is I'd like another secured credit card but IM LOST as to which one is the best third card? Someone settle this for me!!! Whats the best secured cards out there?????

I used 3 secured cards to rebuild, but I now think that was overkill. IMO, it is much better to use the extra money to increase the deposits and CL on the 2 cards you have (Good choices by the way). It is very easy to do on Capital One.

Re: Credit Card info help

Anonymous — Mon, 10 Sep 2012 20:03:25 GMT

Bumped my Cap 1 card up today to $3000 limit via an additional deposit. CK gave me a FAKO today of 540......kinda depressing considering I know my real score is 565 via Experian. Gonna bump up my BOFA card soon as funds allow me. Should I pay off any balances ASAP or wait till the billing cycle? I was charge the $29 fee for the Cap 1 card and paid it off immediately. Cap 1 has not reported to any bureau yet the BOFA already has. I have not used either card for anything yet.

Altho I am a newbe here, I feel like a vet due to the fact I have been reading these forums for months since I decided to rebuild my credit back to the 750+ glory days.

Re: Credit Card info help

Anonymous — Mon, 10 Sep 2012 20:05:32 GMT

Thanks for the info guys but in regards to the GW letters, is it common to have 30 days lates removed when they are real and 100% my fault?

Re: Credit Card info help

nicholasyud — Mon, 10 Sep 2012 20:21:44 GMT

@Anonymous wrote:
Thanks for the info guys but in regards to the GW letters, is it common to have 30 days lates removed when they are real and 100% my fault?

make up some excuse and be innocent..and don't worry they won't bite you

Re: Credit Card info help

Anonymous — Mon, 10 Sep 2012 23:57:28 GMT

I got a personal loan today at a local bank for $10,000 based on redepositing that money in a bank CD. $468 a month for two years and reporting every month. After two years, Ill own the $10,000 and hopefully a way better CS.

Re: Credit Card info help

nicholasyud — Tue, 11 Sep 2012 01:32:24 GMT

that's the way to go to but you also gotta take others advice for goodwill and stuff.....i mean of course they would help your credit score in a long term but i think its better for you to make a 2 3 years plan. Im sure you would going to hit your target score and goodluck.

Re: Credit Card info help

Anonymous — Tue, 11 Sep 2012 01:54:05 GMT

I have three GW letters im mailing out tomorrow.

Re: Credit Card info help

jamie123 — Tue, 11 Sep 2012 02:04:20 GMT

Late payments that are less than 2 years old will REALLY drag your scores down. You should be able to have them removed and I can see that you have started the process. You may have to send several rounds of GW letters until they agree to delete them.

Your scores should really start to climb once your cards start reporting. Once your scores get above 640 you might consider applying for a Walmart card as your next card.