topic Re: Which card if any? in Rebuilding Your Credit

Which card if any?

Anonymous — Mon, 04 Jul 2016 15:45:41 GMT

Hey new to the forum and I'm currently trying to build my credit. My scores right now are Tu 614 Ex 603 and Eq 575 currently have 3 accounts in collections totaling less than 1000 dollars I have an auto loan being paid on time for 1 1/2 year and 0% Uti from a Walmart card just opened last month. I have an average of 12 hp on the three reports but most are from me searching for an auto loan recently. I'm looking for suggestions on what card would be obtainable with my scores and what suggestions you may have on raising my scores. Thanks in advance!!

Re: Which card if any?

creditguy — Mon, 04 Jul 2016 16:08:29 GMT

The old go to Capital One comes to mind in your case. Check their site for any pre qualified offers on a platinum or a QS1. The pickings are slim with your scores at the moment so besides the bottom of the barrel fee loaded sub primes, you may not have a lot of options.

One thing you may want to consider is addressing the collections you have. A paid collection is always better than an unpaid one especially if you have to go the recon route. Check out the rebuilding section and look into possible PFD's on those collections.

In the meantime, continue what your doing and that's pay on time and build a good solid history. Use that Walmart card and pay it off, synchrony will treat you right if you do the same with them. With a little time and patience you'll achieve great things, good luck.

Re: Which card if any?

Anonymous — Mon, 04 Jul 2016 16:57:49 GMT

Thank you for the advice, really appreciate it.

Re: Which card if any?

Anonymous — Mon, 04 Jul 2016 17:17:02 GMT

I would have to concur with just about everything credit guy mentioned.

If you're looking for cards try the Capital One Quicksilver. The lower tier has an annual fee ($49), but it gives you 1.5% cashback on all purchases, 0% APR for the first year, and they up your limit after 6 months of positive credit behavior and no late payments. I started with this card over a year ago when I was rebuilding. My credit was around 620 and I was approved for $1000. Several months later they automatically increased the limit to $5000. To be honest this is the very best that I can think of with your score. It will give you the best versatility and perks with fair credit. If there's a store you enjoy shopping at you can apply for one of their cards, but they usually have lower limits.

Honestly, if you already have a card already try opening just one more, then maintaining them both. Credit utilization and on time payments can make an incredibly positive impact even in just a few months. Trying to open a bunch of cards at one time can be seen as you being desperate for credit by lenders, and they can refuse approval specifically for this reason. Barclay, for exampl, is notorious for this. With an outstanding balance in collections it would make things look even worse.

Remember there's no quick remedy to fixing the negatives on your credit report. The only thing that can fix bad scores is time and consistent positive behaviors. Always be honest with lenders, pay on time, keep utilization low and don't go too crazy on inquiries and I bet within the next year you'll see a huge increase in your score.

If you try that Quicksilver card (or any other options) let us know how it goes.

Re: Which card if any?

Anonymous — Mon, 04 Jul 2016 18:06:29 GMT

Thanks, I'm not trying to go crazy with the cards. Just looking to get one actual credit card to help build my history. I actually applied for a capital one card and was denied. Haven't received the letter yet so not sure of reason.

Re: Which card if any?

Anonymous — Mon, 04 Jul 2016 18:15:49 GMT

You can always call their recon number (1-800-903-9177)

Re: Which card if any?

Anonymous — Mon, 04 Jul 2016 18:35:54 GMT

Thanks I called the number and was told to wait for the letter is that normally the process or are they just trying to get me off the phone?

Re: Which card if any?

Anonymous — Mon, 04 Jul 2016 18:39:36 GMT

Might just be trying to get you off the phone. There are people who have called within minutes of not seeing an instant approval and ended up getting approved by the time they got off the phone. Call them again after you get the letter if it's not approved. Just make sure you don't call a bunch of times. I know a few people have mentioned that they keep notes.

Re: Which card if any?

ddemari — Mon, 04 Jul 2016 22:08:54 GMT

OP, which capitalone one card were you declined for? I agree to wait and get the letter and see what it says, then try a recon.

you might want to consider going the secure card route. Do you have a banking relationship with bank of america, us bank etc? or if you have a credit union that you belong too, their are some good secured card options.

Even the secured Discover It could be a good possibility as they even have a lower $200 dollar initial limit min. And after 1 month you can add more funds to the card. Its hard when you are starting out to rebuild. Usually capitalone is very forgiving though, so im surprised you got declined with them if you applied for one of their rebuilder cards.

Re: Which card if any?

RonM21 — Mon, 04 Jul 2016 23:05:37 GMT

Good suggestion ddemarie. If it was not a secired card you apped for, I would go for that, going by where your scores are. Great for building credit.

Re: Which card if any?

Anonymous — Tue, 05 Jul 2016 00:02:48 GMT

Hey, thanks for the response. I applied for the quicksilver card because I figured it was my best chance for acceptance. And yes I do have a Bank of America account, its only a few months old though.

Re: Which card if any?

Anonymous — Tue, 05 Jul 2016 00:07:08 GMT

If the TOTAL collection accounts are under $1000...why not wipe them out?

I'm amazed at how many times we let small legit debts screw us up.....Pay 'da lady!

Many times, that act alone may bump your profile enough to be approved....

If all accounts can't be paid ...maybe 2 can

then a dispute, which likely won't be challenged by the now 'paid' creditor...hence a deleted account = less damaging info on profile.

Some when trying to chasing credit to 'show' we can PAY....it might help to PAY something we owe on anyway.

These collections are debts we owe anyway, so there really isn't a 'loss' ....you ordered the steak, you ate the steak, PAYING for the steak, even late, with fees

moves yoi forward, towards proving you're a 'payer'.....well?

That with some of those auto HP's falling off due to a little age or again disputing you'll get an approval or two...then let payments and TIME work it's magic.

Re: Which card if any?

Anonymous — Tue, 05 Jul 2016 10:14:20 GMT

With your scores you should have tried for either the Platinum or Quicksilver One, not the Quicksilver. They're different cards with different requirements.

Re: Which card if any?

Anonymous — Tue, 05 Jul 2016 11:54:46 GMT

I'm sorry Quicksilver one is the card I applied for. And as far as paying the collections I'm currently in the process of disputing them. if that doesn't work then I will definitely send out some pfd letters.

Re: Which card if any?

Anonymous — Tue, 05 Jul 2016 13:11:47 GMT

Again, the disputing depends on how old and how true the accounts are.

If you can get your hands on a few bucks, it may be quicker to pay 1or 2 of them, then take $200-$300 bucks and either
a) App for a $200 Secured Discover
or if you're completely burned
B) App one of those no credit check-if-you-deposit-you-are-approved cards

That will get you a TL on your reports, even if you continue to dispute you'll be working both ends.
Either way your score will improve, then on to the next step.

Good luck

Re: Which card if any?

Anonymous — Wed, 06 Jul 2016 00:30:24 GMT

@mahret we are in same starting I have 619 and was approved with Cap 1 for $1000. You said that few months later you got it up to $5000 was that after the steps program ? 5 months? What can you advise so that I can also get that huge jump I literally just charged $500 on my card yesterday and paid it off as soon as it showed balance on my account. Any help is greatly appreciated!

Re: Which card if any?

Anonymous — Wed, 06 Jul 2016 00:52:10 GMT

It happened almost exactly to the day I opened my card through the steps program 😀

At the time it went through I had a $700 balance. Really all I did was consistently make payments on time for ALL of my credit accounts (usually at least a week before it's due). Overall my utilization was somewhere around 20%. Between the time I had opened the card and gotten the CLI my score had gone up at least 60 points with each bureau. I have only one negative on my report from about 5 years ago- an account that went into collections.

Hope this helps!

Re: Which card if any?

Anonymous — Wed, 06 Jul 2016 01:56:39 GMT

This is why focusing on score alone is misleading!
@mahret had a mature profile in addition to other accounts.

It's fool's gold to think that the average profile or a new to credit profile is gonna jump from 1k to 5k during Cap-1's step process....just NOT reasonable.

If a person with a prior file, even with a BK or a repo looks like they are BACK...that profile may get a bump but if there isn't prior evidence it's not likely anybody goes Hollywood in 5 payments.

Measure your expectations with where YOUR profile is ppl, no matter the SCORE.

20 y.o. kids can get a 725 score with 10 payments on their 1st card but secondary UW ain't giving that thin file the same juice as a thick 685.

The score gets you in the parking lot but there is still a bouncer checking ID at the door and yet another prior to the VIP room.

Re: Which card if any?

Anonymous — Wed, 06 Jul 2016 02:26:44 GMT

@Gemini I think that's some pretty sound advice that you gave.

Just for some additional background information... At the time I did have a somewhat thin file, and a couple of months after opening that Quicksilver One card I opened a Victoria's Secret and Amazon Visa with Chase. When I applied for the account I only had one credit card for two years (USAA) that I had been making on time payments on. No loans or mortgages.

Re: Which card if any?

Jesedmotherof5 — Wed, 06 Jul 2016 02:41:24 GMT

I did the secured card for 6 months then apped for platinum with scores much lower then yours. I also had 23 old collections when I first applied.