topic Re: best unsecured card...no preapprovals kicking back in Rebuilding Your Credit

best SECURED card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 20:23:04 GMT

Suggestions on best unsecured card. BF is looking to really start working on his credit, which is currently, very low 500s. What secured card are great that youve seen? My advice was Discover It and Cap One and neither were popping up for qualified offers. I am going through the list of all the unsecured cards that is posted at top, but hoping maybe someone who was once at rock bottom credit wise can suggest the best option with that score. Thank you.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 18:05:07 GMT

Credit One. They have a pre-approval site, which is very reliable. Scores in the low 500s isn't a problem for them.

While many detest Credit One, it's a decent card for those with poor to very poor credit. Figure on $300 initial credit limit with $75 billed immediately leaving $225 available for purchases. After the first year, the annual fee is billed in monthly installments of around $8 or so. There is no grace period for purchases. However, it's possible to reduce the interest cost by using the card for purchases that qualify for 1% back along with paying every bill in full.

If and when it comes time (ie. scores get into 700s; Credit One doesn't seek out those with great credit) to close the card, be aware of trailing interest and fees. It likely won't be much, but it's a detail many overlook when closing cards, especially sub-prime ones of the likes of Credit One.

Secured cards, such as OpenSky may be worth considering. However, credit limits for secured cards are often limited to the amount one has deposited. Furthermore, secured cards charge fees too. Unsecured sub-prime cards will likely still cost more, but offer the benefit of an unsecured limit that can grow (well, unless it's Milestone, which doesn't offer credit increases).

With all that said, a Capital One secured card is worth a try. It will cost a hard pull, but is a far cheaper alternative (though will require funding prior to use) to the likes of Credit One, Milestone, Verve, First Premier, etc.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 18:44:51 GMT

I would go with Capital One, I think there doing 0 annual fees right now, I was approved when I was in mid 500's. 3 months later was pre approved for there QuickSilver card and was also approved.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 19:04:34 GMT

Hubby got a secured Cap1 with mid 500 scores and 2 collections. I got a secured Cap1 with clean reports but no score at all

Re: best unsecured card...no preapprovals kicking back

darwin_wins — Thu, 25 Aug 2016 19:05:56 GMT

Avoid CreditOne if you can.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 19:10:08 GMT

@Anonymous wrote:
Suggestions on best unsecured card. BF is looking to really start working on his credit, which is currently, very low 500s. What secured card are great that youve seen? My advice was Discover It and Cap One and neither were popping up for qualified offers. I am going through the list of all the unsecured cards that is posted at top, but hoping maybe someone who was once at rock bottom credit wise can suggest the best option with that score. Thank you.

I would see if he can get into SDFCU and try their secured card to start, then once that shows on hid reports, hit Cap One whether the prequal comes back with anything or not. I've had several Cap One apps get approved over the last two years and never once had anything from their prequal.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 19:12:09 GMT

Fico 8's between 565-587 2 months post discharge CH7 Credit One gave me $1,500 limit $45 annual fee. They don't sound that bad to me.

C1 and Discover denied even for secured as I burned them on a credit card and a car loan that was totalled but upside down because the late or deferred payments are not covered by GAP. Didn't burn Discover - never had.

For secured I kinda like my Primor - limit=deposit but you can deposit more money at any time to increase credit limit $49 annual fee 9.9% interest. When adding to security deposit from debit card credit line is increase next day and then ready for use. Payments to them on the other hand post but don't free up credit for a long time like a week or two. You will report the balance as being paid ($500 balance pay $100 - it will report as $400) but that extra $100 credit won't be available for 1-2 weeks.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 19:19:31 GMT

@Anonymous wrote:
Fico 8's between 565-587 2 months post discharge CH7 Credit One gave me $1,500 limit $45 annual fee. They don't sound that bad to me.

C1 and Discover denied even for secured as I burned them on a credit card and a car loan that was totalled but upside down because the late or deferred payments are not covered by GAP. Didn't burn Discover - never had.

For secured I kinda like my Primor - limit=deposit but you can deposit more money at any time to increase credit limit $49 annual fee 9.9% interest. When adding to security deposit from debit card credit line is increase next day and then ready for use. Payments to them on the other hand post but don't free up credit for a long time like a week or two. You will report the balance as being paid ($500 balance pay $100 - it will report as $400) but that extra $100 credit won't be available for 1-2 weeks.

Credit One's problem, IMHO is WHO THEY ARE, not what they do or what they offer. They are wholely owned by Sherman Capital, a very large Junk Debt Buyer.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 20:04:11 GMT

IMHO opensky cc is another great secured card if you dont have any credit and they do not perform credit check saving you a hard pull. They have annual fee, they report to all 3 bureaus.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 20:15:25 GMT

>>Credit One's problem, IMHO is WHO THEY ARE, not what they do or what they offer. They are wholely owned by Sherman Capital, a very large Junk Debt Buyer.

I hear you they are evil profiteers and we shouldn't give them business.

However in my case no one else was offering anything close. The next best card was a $500 limit with something like $175 in fees or more vs $1,500 limit with $45 annual fee. I like to avoid the evil but not to spite myself so I am glad I went with them.

Incidentally when I applied they showed me a score of 707 don't know what they were looking at because I listed my FICOS above all between 565-587.

So IMHO the advice should be is if you have another choice avoid Credit One but don't spite yourself and avoid a decent offer.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Thu, 25 Aug 2016 20:22:12 GMT

I suck guys. I meant to say SECURED. Credit one is a no go. ANd he doesn't seem to be prequalifying for anything but Fingerhut. But when we go to submit application, it says that their server is having issues.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Fri, 26 Aug 2016 01:20:56 GMT

BoA, US Bank and Citi all have secured cards that while aren't nearly as good as Discover, NFCU or Cap1, will probably approve you and as long as you haven't burned them in the past. They also all will look to unsecure after a year.

Re: best unsecured card...no preapprovals kicking back

ladybug2016 — Fri, 26 Aug 2016 05:00:10 GMT

@Anonymous wrote:
@Anonymous wrote:
Suggestions on best unsecured card. BF is looking to really start working on his credit, which is currently, very low 500s. What secured card are great that youve seen? My advice was Discover It and Cap One and neither were popping up for qualified offers. I am going through the list of all the unsecured cards that is posted at top, but hoping maybe someone who was once at rock bottom credit wise can suggest the best option with that score. Thank you.
I would see if he can get into SDFCU and try their secured card to start, then once that shows on hid reports, hit Cap One whether the prequal comes back with anything or not. I've had several Cap One apps get approved over the last two years and never once had anything from their prequal.

I agree with NormanFH!

Here's some info about the SDFCU Secured Card:

No income verification or credit check required
Limits as low as $250
Cash Advance fee of $3.00 (ATM only, teller FREE)
Late payment fee up to $25.00
Minimum interest charge of $0.50
Special delivery of cards (actual expense incurred)

Re: best SECURED card...no preapprovals kicking back

Anonymous — Fri, 26 Aug 2016 07:17:15 GMT

@Anonymous wrote:
Suggestions on best unsecured card. BF is looking to really start working on his credit, which is currently, very low 500s. What secured card are great that youve seen? My advice was Discover It and Cap One and neither were popping up for qualified offers. I am going through the list of all the unsecured cards that is posted at top, but hoping maybe someone who was once at rock bottom credit wise can suggest the best option with that score. Thank you.

I have NFCU and US Bank Harley Davidson secured. Along with a local CU secured. My scores are all low 500's. NFCU and US Bank HD graduate. I would recommend either

Re: best SECURED card...no preapprovals kicking back

crrredit — Fri, 26 Aug 2016 12:25:59 GMT

My first one ever was First Progress (not first premier). I was in the high 400s. I added FNBO and Cap One secured cards. All three worked out fine. FNBO advertised possible CLIs after 7 months and going unsecured after 11 months, but none of that ever happened. Don't care now because I'm able to get unsecured cards, but for some reason all my credit improvements didn't seem to matter to them. So I'd say First Progress if you have to (better than Credit One or First Premier), FNBO but don't get your hopes up for going unsecured, and definitely Cap One.

Re: best SECURED card...no preapprovals kicking back

Anonymous — Fri, 26 Aug 2016 13:08:10 GMT

@crrredit wrote:
My first one ever was First Progress (not first premier). I was in the high 400s. I added FNBO and Cap One secured cards. All three worked out fine. FNBO advertised possible CLIs after 7 months and going unsecured after 11 months, but none of that ever happened. Don't care now because I'm able to get unsecured cards, but for some reason all my credit improvements didn't seem to matter to them. So I'd say First Progress if you have to (better than Credit One or First Premier), FNBO but don't get your hopes up for going unsecured, and definitely Cap One.

OP stated they cannot get Cap1.

Re: best unsecured card...no preapprovals kicking back

Anonymous — Fri, 26 Aug 2016 19:09:31 GMT

Primor aka First choice has a new site to pay your CC with that will allow the payment to post next day back to your available credit. I use it every month. Oh and this card after about 8 months of use, helped my credit by over 90 points.

https://primorcredit.com/MakePayment/ApplyStepOne.aspx