topic Re: Credit Card for 388 CS!? in Credit Cards

Credit Card for 388 CS!?

PlasticOrPlastic — Thu, 22 May 2014 15:45:28 GMT

Is this even possible? I mean I know about Credit One and First Premiere but would they even touch a score this low?!?

Re: Credit Card for 388 CS!?

Josh2942 — Thu, 22 May 2014 15:47:57 GMT

Oh yeah they would they would lie that score. They would make you pay a boat load of fees

Re: Credit Card for 388 CS!?

PlasticOrPlastic — Thu, 22 May 2014 15:49:24 GMT

@Josh2942 wrote:
Oh yeah they would they would lie that score. They would make you pay a boat load of fees

Kind of what I was expecting to hear, but figure thats the only options huh? Doubt secured cards would even bat an eye at that score...yikes.

Re: Credit Card for 388 CS!?

Involver — Thu, 22 May 2014 15:50:57 GMT

I am genuinely interested in learning how it is even possible to achieve(?) a score that low?

I have seen some pretty horrendous credit reports that are nowhere near that territory, score-wise.

Re: Credit Card for 388 CS!?

PlasticOrPlastic — Thu, 22 May 2014 15:55:28 GMT

@Involver wrote:
I am genuinely interested in learning how it is even possible to achieve(?) a score that low?

I have seen some pretty horrendous credit reports that are nowhere near that territory, score-wise.

I never thought it was possible myself until a guy I work with asked me to help him rebuild. When he told me his score I think my eyes almost popped out, I haven't gotten any details, but I know hes had some problems (2 BK7's, divorces, OWI's, medical bills, repo's, forclosures, and probably more). My only advice for a credit card was the two mentioned above.

Re: Credit Card for 388 CS!?

parakleet — Thu, 22 May 2014 17:28:53 GMT

It sounds like his time would be better spent on cleaning up his report rather than looking for a card that would only offer him the worst of fees.

Re: Credit Card for 388 CS!?

-NewGuy- — Thu, 22 May 2014 17:44:03 GMT

@parakleet wrote:
It sounds like his time would be better spent on cleaning up his report rather than looking for a card that would only offer him the worst of fees.

Yeah, pretty much.

Re: Credit Card for 388 CS!?

Anonymous — Thu, 22 May 2014 20:04:18 GMT

There are some secured cards that don't look at scores. I think SDFCU might be one, although I'm not certain. Check into secured cards from credit unions.

Re: Credit Card for 388 CS!?

ExplicitElicit — Thu, 22 May 2014 20:09:58 GMT

@parakleet wrote:
It sounds like his time would be better spent on cleaning up his report rather than looking for a card that would only offer him the worst of fees.

This... Just simply consolidating the debt and taking care of collections/CO's at the moment would be best. Secured cards would be the best start, then slowly working back up into the the 600's.

Re: Credit Card for 388 CS!?

SunriseEarth — Thu, 22 May 2014 20:53:39 GMT

@Anonymous wrote:
There are some secured cards that don't look at scores. I think SDFCU might be one, although I'm not certain. Check into secured cards from credit unions.

+1.

OP, with that type of score, he'd definitely be better served by fixing his baddies at this point. Even the easiest of store cards would require upper 500s. I wish him success in his rebuild!

Re: Credit Card for 388 CS!?

chalupaman — Thu, 22 May 2014 20:55:53 GMT

I didn't even think that was possible to have a score that low or have heard of anyone who has a credit score that bad.

Re: Credit Card for 388 CS!?

PlasticOrPlastic — Thu, 22 May 2014 21:03:45 GMT

Thanks all for the replies, I told him to get all his credit reports from myfico.com. Ill go over those tomorrow and see what I can see, should be interesting. I told him if he is in fact that low score wise I'd stick to cash for now until we can straighten things out a bit.

Re: Credit Card for 388 CS!?

PandiferBear — Fri, 23 May 2014 02:33:35 GMT

@PlasticOrPlastic wrote:
Thanks all for the replies, I told him to get all his credit reports from myfico.com. Ill go over those tomorrow and see what I can see, should be interesting. I told him if he is in fact that low score wise I'd stick to cash for now until we can straighten things out a bit.

Let us know how it goes. I am currently trying to help my mother rebuild from rough score (only know that it is CK 512 so far). I would definitely be interested in hearing how this goes to hopefully apply some of the knowledge to helping her out. Best of luck. Your friend is lucky to have a friend like you.

Re: Credit Card for 388 CS!?

PlasticOrPlastic — Fri, 23 May 2014 18:44:40 GMT

Well turns out his report is pretty darn ugly, back to back BK7 that is going to hurt! Hes actually at 489 though, so thats better than 300's... Anyway, I see a few things that are going to be falling off and a bunch of stuff I'm going to have him try GW'ing. He wasn't aware that was possible (neither was I till I found this site!). If a few of those go through he might be able to get up to a secured card in a few months. Hes in his 40's and never had a credit card, and its been years since hes had an installment loan. He wants to buy a used truck but thats going to be interesting...interest rates he got offered...any guesses?? How about 29%! Thats the dealer "helping him out" with his rough situation...ugh.

Anyway, if he buys a cheap enough vehicle it might not be the worst for now.

This is gonna be a full time job for me I can see it already!

Re: Credit Card for 388 CS!?

clocktick — Fri, 23 May 2014 18:47:29 GMT

Does he have anything saved up? Might be better to pay for a vehicle in cash at this point.

Re: Credit Card for 388 CS!?

PlasticOrPlastic — Fri, 23 May 2014 18:49:00 GMT

@clocktick wrote:
Does he have anything saved up? Might be better to pay for a vehicle in cash at this point.

I did mention that to him as well but it seems like his divorce really tapped him out

Re: Credit Card for 388 CS!?

ExplicitElicit — Fri, 23 May 2014 22:14:23 GMT

Well if he ends up taking the 29% he will have you to think when it goes down to something reasonable! You must be a really good friend.

Re: Credit Card for 388 CS!?

MoreRewards — Fri, 23 May 2014 23:21:25 GMT

High but not as bad as what I had to pay on my 1st auto loan

Re: Credit Card for 388 CS!?

thom02099 — Sun, 25 May 2014 01:59:36 GMT

@PlasticOrPlastic wrote:
Well turns out his report is pretty darn ugly, back to back BK7 that is going to hurt! Hes actually at 489 though, so thats better than 300's... Anyway, I see a few things that are going to be falling off and a bunch of stuff I'm going to have him try GW'ing. He wasn't aware that was possible (neither was I till I found this site!). If a few of those go through he might be able to get up to a secured card in a few months. Hes in his 40's and never had a credit card, and its been years since hes had an installment loan. He wants to buy a used truck but thats going to be interesting...interest rates he got offered...any guesses?? How about 29%! Thats the dealer "helping him out" with his rough situation...ugh.

Anyway, if he buys a cheap enough vehicle it might not be the worst for now.

This is gonna be a full time job for me I can see it already!

Big KUDOS to you for helping your friend!!!

Taking what you have obviously learned, and helping your friend will be a benefit to him...in the short haul as well as the long run. You're a good person to take on such a task! Not many folks would be willing to do so with, as you said, that "ugly" report.

Best of Luck to you AND your friend!

ONWARD AND UPWARD ! ! !

Re: Credit Card for 388 CS!?

PlasticOrPlastic — Tue, 27 May 2014 12:31:41 GMT

Update: To those interested, he bought the truck Saturday 29% and all, his payment came to around 176 a month which he was happy with. I also advised him to try for a secured credit card product at his local CU which he app'd for Saturday as well...still waiting on the results from that. Not much else but I thought that was a good start, gonna work on a budget spreadsheet for him this week. Lucky for him he makes decent money, unfortunatly he's not the best at managing it.

Hopefully once his loan starts reporting he'll see a small increase in score (motivation). I told him the worst part of rebuilding is the waiting, so dont become obsessed do something else to keep yourself occupied and the time will fly by.

...sure hope this helps him