topic Re: Credit Cards that are good for credit building? in Rebuilding Your Credit

Credit Cards that are good for credit building?

Mistakes — Wed, 14 Dec 2011 20:02:24 GMT

Anybody know of any credit cards that approve easily? I'm looking to improve my score and I need a CC. Thanks!

Re: Credit Cards that are good for credit building?

Anonymous — Wed, 14 Dec 2011 20:33:17 GMT

Orchard Bank. It might involve a small annual fee. I liked this card because over the years it did help build my credit and was geared towards those rebuilding credit and that might've had a difficult time getting approved for other types of cards. They may start you out with a small limit and increase it as time goes along as you show yourself to be creditworthy.

Re: Credit Cards that are good for credit building?

GoodCredBen — Wed, 14 Dec 2011 20:42:25 GMT

Would you think i could get them?

Scores below.

Re: Credit Cards that are good for credit building?

Anonymous — Wed, 14 Dec 2011 21:01:53 GMT

You can look on this website (click here), put in your current FICO® score and see what is available to you.

Hope this helps!

Re: Credit Cards that are good for credit building?

GoodCredBen — Wed, 14 Dec 2011 21:26:08 GMT

nice.... i got approved for a card before that was in a higher fico bracket then i am currently in .... an unsecured capital one platinum rewards or whatever.

Re: Credit Cards that are good for credit building?

jeffery581 — Wed, 14 Dec 2011 21:48:55 GMT

Try looking at pre selector sites for Capital One to see if they pre qualify you for anything. Orchard Bank. Also I used Credit One, High Fees, I plan on closing them after having it opened 3 years (They served a purpose). Some of the not so prime cards have fees but other than that its secured credit cards. Just be careful with inquires. Also Other sites have prequalifiyer, if it recomends an offer you might get it. Do you have any open accounts now? Should have atleast maybe 3-4 with a retail card for mix.

Re: Credit Cards that are good for credit building?

somotao — Wed, 14 Dec 2011 21:49:30 GMT

I was able to get both Capital One and Orchard with very similar Credit scores a few months ago.

I would also recommend using the Capital One Credit card offer tool to see if you are preqaulified for any of their cards

https://cardfinder.capitalone.com/CapOne/findMyOffer.do?ex=R&pr=&id=&tg=51&pnt=ZAFF01ZZZZZ10100GA04&ch=AFF&wtg=01

The beauty about the tool is that it does not run a credit report but with basic information match you against cards which you could be a potential match for. I only wish that other Credit Card providers offered similar tools.

Good Luck and I wish you all the best as you work upwards to the heights of Great Credit.

Re: Credit Cards that are good for credit building?

Anonymous — Wed, 14 Dec 2011 21:58:26 GMT

I'm another fan of Orchard for rebuilding. Worked swell for me, kept it open for a year - it was worth the annual fee for that first year. Also like Cap One for building in a previous life. I agree with other posters to use the prequal link if you're looking at Cap One.

Re: Credit Cards that are good for credit building?

GoodCredBen — Wed, 14 Dec 2011 22:07:08 GMT

hurm why do they pre approve me for the platinum rewards card when i dont fall into their credit category... heck i even defaulted on two cap 1 cards a while back....

Re: Credit Cards that are good for credit building?

Mistakes — Thu, 15 Dec 2011 11:13:19 GMT

Thank you all so much! Does anyone have info on retail cards?

Re: Credit Cards that are good for credit building?

Anonymous — Thu, 15 Dec 2011 15:43:22 GMT

@Mistakes wrote:
Thank you all so much! Does anyone have info on retail cards?

Sure. First off, having a retail card (versus any other type of card) doesn't give you any FICO advantage.

The key with retail cards, if you choose to have one or more, is the card benefits. For example, I have a Macy's card because the coupons that come with the card are useful to me. Some folks have a Target card because of their discount. But having a retail card, in and of itself, isn't a FICO score builder.

Is there a reason you'd like a retail card? (There's no "mix" that specifies an advantage to having a retail card - the mix FICO refers to involves having a mix of installment and revolving accounts).

Is there a retail card that would provide some benefit to you? Somewhere you shop often?

The other advantage to retail cards is that folks tend to keep them open for a long time. So way down the line, that ever-aging card can benefit your AAofA. Of course, that's true with any card (or account, for that matter) you keep open a long time.

All that being said, GE store cards are good rebuilder cards - especially if they suit your personal needs or wants. GE cards include a huge number of merchants, but Dillards, Walmart, JCPenney come to mind. They may start out with smaller CL's, but tend to build CL's if you request one after every fourth statement.

Hope that's somewhat helpful!

Re: Credit Cards that are good for credit building?

Anonymous — Mon, 19 Dec 2011 18:01:03 GMT

@Anonymous wrote:
@Mistakes wrote:
Thank you all so much! Does anyone have info on retail cards?

Sure. First off, having a retail card (versus any other type of card) doesn't give you any FICO advantage.
The key with retail cards, if you choose to have one or more, is the card benefits. For example, I have a Macy's card because the coupons that come with the card are useful to me. Some folks have a Target card because of their discount. But having a retail card, in and of itself, isn't a FICO score builder.

Is there a reason you'd like a retail card? (There's no "mix" that specifies an advantage to having a retail card - the mix FICO refers to involves having a mix of installment and revolving accounts).

Is there a retail card that would provide some benefit to you? Somewhere you shop often?

The other advantage to retail cards is that folks tend to keep them open for a long time. So way down the line, that ever-aging card can benefit your AAofA. Of course, that's true with any card (or account, for that matter) you keep open a long time.

All that being said, GE store cards are good rebuilder cards - especially if they suit your personal needs or wants. GE cards include a huge number of merchants, but Dillards, Walmart, JCPenney come to mind. They may start out with smaller CL's, but tend to build CL's if you request one after every fourth statement.

Hope that's somewhat helpful!

Really? I added two retail cards, which are already reporting and raised my FICO score about 23 points combined.It decreased my utilization by increasing my overall CL, so ended up really helping out.