topic Sub-Prime vs Prime and New credit card question in Credit Cards

Sub-Prime vs Prime and New credit card question

bridgetkaryn — Thu, 12 Jun 2008 15:17:46 GMT

Hi All,

So I am in the credit repair process and have 5 CC/Store Cards all with low limits.

1. HSBC- $300

2. CreditOne- $600

3. Target- $200

4. Macy's- $100

5. BofA- $500

I know HSBC and Credit One are sub-Prime cards and have high fees (I needed to desperately establish some good credit), but will having TL on my CR hurt my chances of getting a Prime card when my credit score gets up there? Basically, will they see these and say, wow, she must have had some credit problems so we won't let her have one of OUR cards?

Also, one more credit card dumby question, I just applied and received the Macy's and Bof A cards in May 08, and the HSBC, Credit1 and Target were all in 2007, and just over a year old... I was considering applying for the hooters card, would it be worth the hit? My Util is at like 2-4%.

Thanks!

Re: Sub-Prime vs Prime and New credit card question

bridgetkaryn — Thu, 12 Jun 2008 15:43:01 GMT

anyone have any advice to give one this one?

Re: Sub-Prime vs Prime and New credit card question

haulingthescoreup — Sun, 15 Jun 2008 17:55:29 GMT

@bridgetkaryn wrote:

Hi All,

So I am in the credit repair process and have 5 CC/Store Cards all with low limits.

1. HSBC- $300
2. CreditOne- $600
3. Target- $200
4. Macy's- $100
5. BofA- $500

I know HSBC and Credit One are sub-Prime cards and have high fees (I needed to desperately establish some good credit), but will having TL on my CR hurt my chances of getting a Prime card when my credit score gets up there? Basically, will they see these and say, wow, she must have had some credit problems so we won't let her have one of OUR cards?

Also, one more credit card dumby question, I just applied and received the Macy's and Bof A cards in May 08, and the HSBC, Credit1 and Target were all in 2007, and just over a year old... I was considering applying for the hooters card, would it be worth the hit? My Util is at like 2-4%.

Thanks!

I would think that you might want to check out a local credit union. They might start you out with a secured card, but it would be better than a Hooters. Also, Hooters seems to be getting a lot more picky these days, and you might wind up with a low-limit, high-ish fee card. A CU card along with BofA will make you look a lot better, and they will grow with you. The HSBC might or might not, depending on which card.

Some do say that having cards like Credit One (HSBC isn't that bad) on your reports might scare off other creditors, but I think that you want to get up above 650 before that becomes an issue. At that point, you're going to be ready to close it anyway. My attitude is, hey, we all gotta start somewhere! Good luck.