topic Need a CC...have bad credit in Credit Cards

Need a CC...have bad credit

Cheryla18 — Thu, 02 May 2013 01:59:54 GMT

I need a CC because I have none....Doubt I can get HSBC or Cap One due to previous accts....I know Secured is about the only way to go. Any ideas on the best Secured CC?? Also I just want to make sure that best to keep the balance under is it 30% or 10 % of avaiable credit....I can't remember.

Thanks
Cheryl

Re: Need a CC...have bad credit

myjourney — Thu, 02 May 2013 02:03:09 GMT

BofA has a good one and unless you plan on applying for other cards when you get one

Then it really doesn't matter unless you want max score then 1-9%

Re: Need a CC...have bad credit

Anonymous — Thu, 02 May 2013 02:12:42 GMT

are u blacklisted by capitalone? you can always try again w/ them if your chargeoff was for quite a while ago.

you can check out wells fargo, bank of america as well.

what are your scores like?

Re: Need a CC...have bad credit

Anonymous — Thu, 02 May 2013 02:14:53 GMT

US Bank has a few secured rewards cards. They are worth checking out.

Re: Need a CC...have bad credit

Cheryla18 — Thu, 02 May 2013 02:24:59 GMT

@Anonymous wrote:
are u blacklisted by capitalone? you can always try again w/ them if your chargeoff was for quite a while ago.

you can check out wells fargo, bank of america as well.
what are your scores like?

Charge off was about 2 yrs ago...but they just recently sold the debt to someone else...and it hasn't shown back up yet

Re: Need a CC...have bad credit

indiolatino61 — Thu, 02 May 2013 02:33:44 GMT

@Cheryla18 wrote:
I need a CC because I have none....Doubt I can get HSBC or Cap One due to previous accts....I know Secured is about the only way to go. Any ideas on the best Secured CC?? Also I just want to make sure that best to keep the balance under is it 30% or 10 % of avaiable credit....I can't remember.

Thanks
Cheryl

The general wisdom is have all cards report zero, and only one report 1-9%. Mostly, the best type of secured card would be from a credit union, if you can join one.

Re: Need a CC...have bad credit

Cheryla18 — Thu, 02 May 2013 02:39:44 GMT

@indiolatino61 wrote:
@Cheryla18 wrote:
I need a CC because I have none....Doubt I can get HSBC or Cap One due to previous accts....I know Secured is about the only way to go. Any ideas on the best Secured CC?? Also I just want to make sure that best to keep the balance under is it 30% or 10 % of avaiable credit....I can't remember.

Thanks
Cheryl
The general wisdom is have all cards report zero, and only one report 1-9%. Mostly, the best type of secured card would be from a credit union, if you can join one.
I I might be in luck!!!...lol I just open a Checking & Savings Acct with a Credit Union...I will call them tomorrow!! Thank You

Re: Need a CC...have bad credit

Revelate — Thu, 02 May 2013 05:25:10 GMT

BOFA best.
NFCU excellent if you can gain access.
USBank has rewards
SDFCU has rewards. Not many people have it but it looks really good compared to most. Worth checking out.

Not sure how many other secured cards offer a rewards package beyond those. Likely some from various CU's.

Re: Need a CC...have bad credit

Anonymous — Thu, 02 May 2013 14:37:20 GMT

Some CUs are harder to get approved through then a major bank. I just wanted to point that out. NFCU has some of the most lenient lending practices around.

Cap1 might give you a second chance. Many have gotten second chances from them.

Re: Need a CC...have bad credit

Anonymous — Fri, 03 May 2013 01:09:39 GMT

1st Financial Bank USA will approve just about anyone. They approved me at 18 with no credit history with a $150 limit. I kept my util super low and paid in full and they kept increasing the line. You should try applying. Go to www.1fbusa.com

Re: Need a CC...have bad credit

vish1 — Fri, 03 May 2013 02:19:29 GMT

@Revelate wrote:
BOFA best.
NFCU excellent if you can gain access.
USBank has rewards
SDFCU has rewards. Not many people have it but it looks really good compared to most. Worth checking out.

Not sure how many other secured cards offer a rewards package beyond those. Likely some from various CU's.

I am sure you know better than me, but AFAIK, BofA won't give a secured card to the OP with his history. IMHO, BofA will just be a wasted inquiry.

Re: Need a CC...have bad credit

Revelate — Fri, 03 May 2013 16:39:52 GMT

@vish1 wrote:
@Revelate wrote:
BOFA best.
NFCU excellent if you can gain access.
USBank has rewards
SDFCU has rewards. Not many people have it but it looks really good compared to most. Worth checking out.

Not sure how many other secured cards offer a rewards package beyond those. Likely some from various CU's.
I am sure you know better than me, but AFAIK, BofA won't give a secured card to the OP with his history. IMHO, BofA will just be a wasted inquiry.

Heh, I don't know that I know better than you, but I was just listing options. BOFA anecdotally will approve with unresolved tax liens and open collections I know from personal experience.

A lot of our BOFA information is outdated; they along with Chase and Amex threw everything out the window last year in a rush to get more credit cards into the field. Unlike Chase / Amex though, BOFA doesn't get nearly the same number of applications on this forum so it's hard to pull out the more relevant data especially for secured cards.

I don't think an inquiry when trying to establish positive credit is ever wasted; there's always tradelines which don't check credit at all that one can resort to if the top tier ones don't pan out. Really if I were doing this all over again I might've gone straight down the list until I found 3 lenders that said yes. Inquiries are pointless after a year (poor play on words, they don't count against you FICO-wise after a year), and gone in two. When building, that 12 month period is about the right time to try to make the jump to the solid unsecured cards, and if your file is mostly resolved by that point, there's not many cards you can't get approved for at the two year mark at least in the current market.

That's why I think the SDFCU card may well be simply excellent: I haven't looked at their rewards program (no idea what one FlexPoint actually gets you), but no credit check either for CU membership (!) and no credit check for the secured card.

Hard to do better than that for $0 AF, rewards, no forex, EMV chip, with a low APR even on a secured card. I may go pick one up as my balance carrying card post mortgage... if it were unsecured witih those stats we'd likely be all over it. Really it may even be better than BOFA especially if you go overseas or have foreign currency transactions, but the 1-2-3 rewards package is uberalis in this credit strata especially for the vast majority of spenders and their graduation policy.