topic Re: Credit Builder Credit Cards in Rebuilding Your Credit

Credit Builder Credit Cards

Blackswizz750 — Sat, 08 Oct 2016 22:49:52 GMT

Hello folks, I see many posts about sct, synch approvals, cap1, and the infamous credit one, and secure cards. Can some tell me honestly which items are a go now. From the forums on here, the sct and sycn banks are not as flexible anymore. I don't want to keep getting HP if I will not get approved. Maybe I have jitters and on the fence on gardening. My scores are the following: TU 615; EQ 612; and EX 620. I have a few baddies such as recent later with AES. I have gotten those back on track. I recently got approved for a GM buy power card.

Re: Credit Builder Credit Cards

rmduhon — Sun, 09 Oct 2016 01:20:08 GMT

With those scores you should be able to get a Cap1 Platinum or Quicksilver One.

Re: Credit Builder Credit Cards

Anonymous — Sun, 09 Oct 2016 03:14:48 GMT

In my opinion, Capital one is very fair to people rebuilding credit. Some of the other lenders take advantage of your situation and strap you with exorbitant fees right off the top. Carefully read the terms of any rebuilder card before accepting it. Some of the ones with the exorbitant fees are still advantageous for some people, but you are essentially paying for them to report, not getting useable credit to build from.

Re: Credit Builder Credit Cards

grillandwinemaster — Sun, 09 Oct 2016 03:50:30 GMT

The above posters have given you excellent advice. Just keep one thing in mind, if you just opened the gm card, cap1 may not approve you for another card until After you have at least 6 months of positive history.

Re: Credit Builder Credit Cards

Anonymous — Sun, 09 Oct 2016 04:16:43 GMT

I'm in the same general score range you are,(when I got decent util) even a little lower. I was approved for a CapOne plat with a mid 577, and some baddies(old CO, lots of old SL lates). Let a high util statement cut, so i had a score drop but just got approved for a merrick card today(not great but i was thinking about a secured to get two more credit lines, so i look at it as a $120 secured card after fees). credit one keeps bothering me with emails but having no grace period is kind of crazy to me.

try some prequals and see what comes up, but ignore discover. I got prequaled for it, but the denial letter i got pretty much laughed me out of the building with like 9 reasons lol.

Also, the "trick" of the sct is its a soft pull, so dont worry about INQs.

oh yeah, i think capital one has a one card every 6 months policy now, not sure if the GM card falls under that. Someone more knowledgeable might know better.

good luck.

Re: Credit Builder Credit Cards

Blackswizz750 — Sun, 09 Oct 2016 04:51:34 GMT

Thanks for the advice.The SCT cards can help. I will not go nuts.

Re: Credit Builder Credit Cards

rmduhon — Sun, 09 Oct 2016 05:17:27 GMT

I don't think the Buypower card counts in the new 6 month rule. My last Cap1 card was in late March and I got my Buypower card in early August.

Re: Credit Builder Credit Cards

tricie17 — Sun, 09 Oct 2016 14:51:23 GMT

When in a stalemate, these credit builders will help however with your history of obtaining a better card, just garden for a while for some history. You do not have to rush.

Re: Credit Builder Credit Cards

Anonymous — Sun, 09 Oct 2016 15:33:24 GMT

IMO the shopping cart trick is just that, a trick. It can do more harm than good in the long run when you're trying to get good cards. If you must, I would suggest picking only one card you would really use for the SCT. There are many stories on here expressing they wished they hadn't gotten all them useless cards.

Re: Credit Builder Credit Cards

Blackswizz750 — Sun, 09 Oct 2016 19:03:48 GMT

Thanks Ironbull. I thought about this last night before settling on Wayfair(I will use this for my home) as we are replacing several large items pretty soon. It gave me 750 SL. I will stop at this one as Sportsman Guide didnt do a pop up. I read stories of folks having over 20 of these cards and having them maxed. To the garden I go. The solf pull is nice and I will have to deal with the AAOA.

Re: Credit Builder Credit Cards

Anonymous — Mon, 10 Oct 2016 00:49:10 GMT

If you're going for a secured card, make sure you go for one that graduates. I'm a huge fan of Discover It and the secured version looks just as good as the unsecured (no annual fees, cash back, discover deals, best customer service ever) and it graduates to unsecured version after you prove yourself. They also are a very good card to grow with you.

Re: Credit Builder Credit Cards

Anonymous — Mon, 10 Oct 2016 06:45:25 GMT

Many people don't like the First Premier, but it DOES have a grace period on interest, and the interest rates and fees are similar (almost exactly). I've had no issues with them, they haven't held any payments, they post if you pay through bill pay faster if you do have problems with them holding onto your payment, and they report to all 3 credit bureaus. I applied for Credit One at the same time as First Premier, have had my FP card for 3 months, CO still says application in progress, they wanted multiple pieces of ID mailed in, and still no progress. At this point I was able to get some other store cards and a secured Capitol One and more scores have jumped a lot, I'm ready to just cancel that application and wait out my 6 statements with Capitol One and ask for another card from them.

On a side note, I decided to start banking with Capitol One, too. They pay interest on both checking and savings with no minimum balance. No monthly fees, either, super happy with the service from C1.

Re: Credit Builder Credit Cards

Anonymous — Tue, 25 Apr 2017 22:27:31 GMT

With those scores I would stay away from credit one. That card gives me bad vibes after I got a unsolicited prequal in the mail @ 36% interest. Try a self lender installment loan, you will get your money back after a year and a steady pay history to boot for the big three. Or you could do share secure technique if you want to be a little more complicated about it and go for five eyars easy installemnt track record.

Congrats on your hard work so far!