topic Re: General credit card to start rebuilding credit with in Credit Cards

Updated, Scores up! What is a solid general credit card to start rebuilding credit with

Anonymous — Thu, 11 Apr 2013 02:08:30 GMT

Hi everyone. I have had cards, but haven't had or tried for credit in several years due to my economic situation. I do have some bad marks on my credit that I am working to get resolved. I now have two cards, one is a Walmart card the other is Care Credit. I was surprised I got an approval from either. I considered applying for Target also, but I don't want to overload my CRs with inquiries in too short of a period.

I have a few questions.

#1 Is GECRB easier to get credit with as opposed to most banks (ie, do they give credit to just about anyone) ?

#2 I have a small student loan with Discover, but am recently out of student status so I have not started to repay it. Would this work in my favor when applying for a Discover card, even though I haven't paid anything on it yet?

#3 What is a good general card to rebuild credit?

Thanks for reading.

Lily

I checked my FICOs in the last few days and I had some lates fall off from Feb 2011. My TU FICO is showing as 737, it is the only one that allows me to refresh. Before the lates my TU was 687. I can't refresh my EQ/EX scores because I'm using the trials on SW and the EX website for the next few days. Last check (about a week ago) they were: EQ 629 and EX 603.

I considered applying for Discover or maybe a Chase card. Guessing that my other scores have also jumped, can anyone advise on which card or cards would be a good attempt for me at this time?

Re: General credit card to start rebuilding credit with

trix_r_4_kids — Sat, 23 Mar 2013 22:45:30 GMT

Personally, I'd recommend Capital One. They will HP across all three bureaus, though. You can go to capitalone.com to do a pre-approval. Just enter your info and they will match you to a card. Best case scenario, you will get their basic credit steps card. Worst case scenario, you will get their secured card. I started with their secured card ($200 credit limit/$49 deposit). Despite how others on the forum may feel about this card and Capital One, it has not been a bad card. I've had it for a year now and I believe it's had a positive impact on my score.

Re: General credit card to start rebuilding credit with

Anonymous — Sat, 23 Mar 2013 22:55:31 GMT

Thank you, I will check it out. I'm not going to knock a card I can get a second chance with.

Re: General credit card to start rebuilding credit with

trix_r_4_kids — Sat, 23 Mar 2013 22:57:28 GMT

Keep us posted!

Re: General credit card to start rebuilding credit with

dodgerslv — Sat, 23 Mar 2013 22:59:02 GMT

@trix_r_4_kids wrote:
Personally, I'd recommend Capital One. They will HP across all three bureaus, though. You can go to capitalone.com to do a pre-approval. Just enter your info and they will match you to a card. Best case scenario, you will get their basic credit steps card. Worst case scenario, you will get their secured card. I started with their secured card ($200 credit limit/$49 deposit). Despite how others on the forum may feel about this card and Capital One, it has not been a bad card. I've had it for a year now and I believe it's had a positive impact on my score.

+1...I agree, try Cap1, they are good with giving people credit who are rebuilding and/or no credit. You can also see if your local bank or CU has a secured card, if not, BofA is good bank to start with for a secured card. Maybe after six months of established credit, i would try GE bank say Walmart. They provide with a free monthly TU 08 Fico score.

Re: General credit card to start rebuilding credit with

Anonymous — Sat, 23 Mar 2013 23:08:22 GMT

Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card.

Re: General credit card to start rebuilding credit with

dodgerslv — Sat, 23 Mar 2013 23:15:22 GMT

@Anonymous wrote:
Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card.

you welcome and dont feel bad, i said the same thing as im sure many others here share the same feeling. Just keep your head up and you will reach your goals.

Re: General credit card to start rebuilding credit with

trix_r_4_kids — Sat, 23 Mar 2013 23:16:01 GMT

@Anonymous wrote:
Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card.

I don't think so. The downsell will be their secured card.

Re: What is a solid general credit card to start rebuilding credit with

Anonymous — Sun, 24 Mar 2013 19:22:48 GMT

Yep. Cap1 is a bank to try for rebuilding. I would apply for their Cash Rewards card for average credit. 1% cash back on everything plus 50% cash back on the cash you earned over a year. I've earned $140 since July.

Re: What is a solid general credit card to start rebuilding credit with

thom02099 — Sun, 24 Mar 2013 19:40:20 GMT

@Anonymous wrote:
Hi everyone. I have had cards, but haven't had or tried for credit in several years due to my economic situation. I do have some bad marks on my credit that I am working to get resolved. I now have two cards, one is a Walmart card the other is Care Credit. I was surprised I got an approval from either. I considered applying for Target also, but I don't want to overload my CRs with inquiries in too short of a period.
I have a few questions.
#1 Is GECRB easier to get credit with as opposed to most banks (ie, do they give credit to just about anyone) ?
#2 I have a small student loan with Discover, but am recently out of student status so I have not started to repay it. Would this work in my favor when applying for a Discover card, even though I haven't paid anything on it yet?
#3 What is a good general card to rebuild credit?

Thanks for reading.
Lily

Another option to consider, in addition to the excellent suggestions of the others, is to simply call Discover and take advantage of their outstanding customer service. Since you already have a relationship with Discover with your student loan, call and ask them about options. Give them your scenario and ask how Discover could enhance your plan to grow your credit. Schmooze 'em a bit, tell them you'd like to enhance your relationship with Discover. You may be pleasantly surprised by what they may offer. It's worth a shot, and I think Discover will work with you, or may suggest that you get rid of the baddies on your report and come back when they are gone. They may offer other suggestions as well, they are that good.

Re: General credit card to start rebuilding credit with

Anonymous — Mon, 25 Mar 2013 06:58:34 GMT

@Anonymous wrote:
Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card.

Capital One is a good choice, especially the secured card which I like because you can deposit enugh to get the size CL you like.

Capital One bought the Orchard, and Household bank branded CC from HSBC in the US. So you can not apply for either brand anymore, you need to apply for Capital One.

HSBC Bank is one of the largest banks in the world, and Captial One did not buy them. .

Re: General credit card to start rebuilding credit with

VirtualCuriosity — Mon, 25 Mar 2013 07:11:23 GMT

I wouls also suggest the Cap1 like the other replies.

I would add just 2 more cents that the Target card isn't probably a good choice IF you were already surprised at getting approved for your first two cards. They seem to give lower CLs and not too good, if ever on CLIs as I read here. So, the INQ probably isn't worth it.

Re: What is a solid general credit card to start rebuilding credit with

Anonymous — Mon, 25 Mar 2013 17:17:59 GMT

Good idea thom0299, I will try that.

Re: What is a solid general credit card to start rebuilding credit with

a3quit4s — Mon, 25 Mar 2013 17:25:51 GMT

I rebuilt with a Secured BoA card.

I hate Capital One

Re: What is a solid general credit card to start rebuilding credit with

Anonymous — Mon, 25 Mar 2013 19:25:18 GMT

I love Capital One! I have 3 cards with them:

1. Orchard Bank $1100 CL
2. Cash Rewards $2500 CL
3. Best Buy store card $2500 CL no AF

They are easy to get increases through but I have always had great customer service with them and they helped rebuild my credit such that I now have a Chase Freedom!

Re: What is a solid general credit card to start rebuilding credit with

Anonymous — Mon, 25 Mar 2013 21:11:37 GMT

I actually have a small chargeoff amount ( less than $400) with Cap1 from about 6 years ago that I just started paying off. That is why I was asking about options because I am a little bit chicken to try applying with them again. I got a pre-app app in the mail from Credit1 a couple years ago. Does Cap1 own them? Their logos are identical except the Credit and Capital words.

Since I already have 2 GE cards, I also considered just applying for an ebay or PP MC or an AmazonGE card. I love Amazon but I read a load of negative comments about it (and GE) on Amazon. I thought if I established with GE then I could apply for others in 6m-1yr.

Re: What is a solid general credit card to start rebuilding credit with

twall06 — Mon, 25 Mar 2013 21:14:30 GMT

Cap1 approved me and I was still making payments on a charge off I had with them .

Re: What is a solid general credit card to start rebuilding credit with

Anonymous — Mon, 25 Mar 2013 21:18:57 GMT

twall06-I also got a Merrick app a couple years ago but never sent it because I wasn't ready to start credit again. I flinched when I saw the fees and APR but I see it as having to pay my credit karma dues to rebuild.

How has your experience been with them?

Re: What is a solid general credit card to start rebuilding credit with

twall06 — Mon, 25 Mar 2013 21:25:53 GMT

Good its a secured card had it since November I like the free score . I had it three months and was approved for a cap1 platinum card . I'm going to cancel the merrick one after a year since the AF is 99 the second year and it was 75 the first . Payments are easy to make online . I have had no problem with them. But Ive never had to contact customer service I applied for them on creditcards.com if you go to the merrick site it says by invitation only.

Re: What is a solid general credit card to start rebuilding credit with

Anonymous — Mon, 25 Mar 2013 21:28:05 GMT

Whoops! Major typo! I meant to say Capital One is NOT easy to get increases through