topic Re: unsecured CC in Credit Cards

unsecured CC

chevyman — Thu, 28 Mar 2013 19:25:08 GMT

I am in the process of fixing my credit needing new credit looking for a good unsecured card to try for

Re: unsecured CC

Anonymous — Thu, 28 Mar 2013 20:05:25 GMT

I don't know your numbers, obviously, but at the very beginning of my rebuilding, I had repeated success with Capital One (just their basic "platinum" card), as well as Walmart (store card). Low limits, but ok-ish APRs and if you're just looking to get your first toe in the door, might be a good place to start. (I'd also say "Orchard Bank", but they're now Capital One).

Re: unsecured CC

SnackTrader — Thu, 28 Mar 2013 20:22:58 GMT

Need more info!

Any current cards? What are the limits on those? When did you get those?

Do you know your scores? Do you have any bad marks? What is your income?

Anything else you can give us will help with recommendations.

Re: unsecured CC

chevyman — Thu, 28 Mar 2013 20:33:55 GMT

Fico us 596 4 COs and currently listing 7 collections

Re: unsecured CC

chevyman — Thu, 28 Mar 2013 21:02:05 GMT

Even a low limit just to get positive TLs going

Re: unsecured CC

SnackTrader — Thu, 28 Mar 2013 21:17:12 GMT

My suggestion is definitely a secured card with your scores and the amount of baddies. You're going to have to put up some cash at first, but it will establish a positive tradeline and get you started. I haven't personally opened a secured card, so perhaps others can offer suggestions on which cards they recommend.

Good luck, chevyman!

Re: unsecured CC

chevyman — Thu, 28 Mar 2013 21:23:25 GMT

Or should wait and work on getting some baddies removed

Re: unsecured CC

tattooedhusker — Thu, 28 Mar 2013 21:46:28 GMT

@chevyman wrote:
Or should wait and work on getting some baddies removed

I would say both. You want a positive tradeline to begin aging while you work on the baddies. I suggest the Capital One Secured card.

Re: unsecured CC

chevyman — Thu, 28 Mar 2013 21:49:03 GMT

I do have student loans coming out default

Re: unsecured CC

Anonymous — Thu, 28 Mar 2013 22:54:13 GMT

Paying on your student loans will help as well. I agree with going the secured route now. The Capital One secured card is a good place to start. It is either $49 or $99 deposit with a $200 CL. Pay on that for 6-12 months keeping utilization low, and then you should be able to get a Cap1 unsecured card.

The only unsecured cards you could probably get right now are Credit One or First Premier. But their fees cost as much as the $99 deposit for the Cap1 secured card except they are recurring, which means they will have to be paid on a yearly basis versus a one time deposit for secured.

If you do decide to go with First Premier and/or Credit One, I would cancel their cards once you have been approved for better replacements. Once your score gets to 650-680 and you have at least a year of good payment history with no new baddies, doors will start to open up for you. Chase and AMEX are probably 2-3 years away but there are some in between cards such as Discover, Merrick, and Barclays.

I started my rebuilding with an unsecured Orchard Bank card. It really sucks that Capital One has took over the Orchard cards because they were the only unsecured cards available for really bad credit without the fees. All there was was a $59 AF. No fees for credit limit increases like Credit One and they gave frequent increases to their customers. Now that it is through Cap1, no one knows what type of Cap card it will become nor the credit requirements for it. Being that Cap1 has denied several members here a secured card with no credit or challenging credit, tells me that whatever card Orchard becomes, the underwriting requirements won't be as lenient as Orchard was. Cap1 is also stingy with increases and for most people, the only way to get an increase is to go through the executive office. And this is terrible because the only other unsecured cards available for credit profiles such as these are Credit One and First Premier and their fees take up 50%-75% of your credit limit which initially causes high utilization and that causes your score to drop much more than other new accounts do. So if you do decide to apply with one of them, pay those fees right away!

Good luck to you, you will get there. But I agree you want to start now. The more trade lines you have open reporting in good standing, the better...but only do what makes financial sense. If you are able to diversify them, your score will go up faster the more diversity you have. Like for me, I have a mortgage, auto lease, student loans, and 4 credit cards. Having all student loans and nothing else, stagnates your score. But only diversify if you need that type of credit. In other words, don't get an auto loan if you don't need it. Rebuilding is all about showing lenders you can manage the credit extended to you so they will extend more credit to you with better terms.

Re: unsecured CC

RTOrockstar — Thu, 28 Mar 2013 23:30:47 GMT

You can't go wrong with a CapOne secured card. I paid $49 for a $200 CL and it paid off quickly as I got a 20 pt increase within a month or so. Reports to all 3 CRAs and doesn't show as secured.

Re: unsecured CC

chevyman — Fri, 29 Mar 2013 00:06:19 GMT

Where u apply for that and dont u have to pay 200 for the credit limit

Re: unsecured CC

tattooedhusker — Fri, 29 Mar 2013 01:11:38 GMT

@chevyman wrote:
Where u apply for that and dont u have to pay 200 for the credit limit

Capitalone.com

No, it's either $49 or $99 deposit

Re: unsecured CC

Anonymous — Fri, 29 Mar 2013 01:52:25 GMT

@tattooedhusker wrote:
@chevyman wrote:
Where u apply for that and dont u have to pay 200 for the credit limit
Capitalone.com
No, it's either $49 or $99 deposit

Wrong, From the web site.

"Take control and build your credit. Refundable deposit of $49, $99 or $200, based on your creditworthiness."

Try the prequaiify and it will show what you are likely to qualify for. I suggest you apply for whatever they come back with.

https://findmycard.capitalone.com/PageVersions/LandingPages/LP_SLIDE_V01.aspx

Re: unsecured CC

tattooedhusker — Fri, 29 Mar 2013 02:45:45 GMT

My apologies

Re: unsecured CC

SnackTrader — Fri, 29 Mar 2013 02:58:35 GMT

Does the Bank of America secured card still offer rewards? At one time there was discussion that BofA put rewards on their secured cards, which seems like a pretty nice feature.

Re: unsecured CC

Anonymous — Sat, 30 Mar 2013 17:09:22 GMT

Bump. I don't know the answer but perhaps someone else does.

Re: unsecured CC

LS2982 — Sat, 30 Mar 2013 17:14:50 GMT

Did you try for the cap1 secured OP???

Re: unsecured CC

mathman — Sat, 30 Mar 2013 17:59:43 GMT

You have to ask for the rewards to be added to the secured card, but yes, they will do it.