topic Selecting the proper cards for rebuilding credit. in Rebuilding Your Credit

Selecting the proper cards for rebuilding credit.

Civil — Wed, 15 Aug 2018 16:13:25 GMT

When I started rebuilding my credit last year I realized that most people were complaining about the types of credit cards that they had and wish they never had it. I didn't want to be in that position so I did some research and at the time I only had 1 credit card from Merrick bank which was the only company that offered me a credit card with a 530 - 550 credit score with 600 CL. The interest is hight but I always paid the card off and my CL as of today is 1250 and I never had an issue with Merrick bank and I would definitely recommend it. I looked up reviews for credit one because my credit score started going up and I was getting offers from them. The reviews were terrible but I really need a few more credit cards. in Feb of 2018 I decided to apply for a discover card and did the prequal, I was offered a secure card so I put down $400 for 400 CL. I also applied for Capital one and was surprised that they approved me with and 500 CL quicksilver 1 and had it for 5 months and they are boosting my CL to 750. Just maker sure when you start your journey to get a card that will benefit you in the long run even if you have to put money down for a secure card, but make sure that it's good company that will convert to a non secure card later like Discover or Cap 1

Bads on my report

short sale/foreclose (will disappear 9/1/18)..Cant wait

Lates (Student loan really old)

2 charge offs (Barclay 1750, JCP 1100)

1 collection

Current score:

EQ:636 TU:650 EX:611

Re: Selecting the proper cards for rebuilding credit.

xaximus — Wed, 15 Aug 2018 16:50:49 GMT

Great start and great job so far! If you dont have the student loans or any loans currently, I would definitely add an SSL. That should help your score. Also, I believe the QS1 has an AF. I would see if you can PC that to a QS. I would check Amex Prequal as well. They usually work well with thin files.

Good luck on your journey!

Re: Selecting the proper cards for rebuilding credit.

Civil — Wed, 15 Aug 2018 17:11:19 GMT

I do have student loans...all consolidated 67k...Is SSL like a self lender? I did try Amex prequal but did not get any offer. I don't have any other type of loans at the moment.

Re: Selecting the proper cards for rebuilding credit.

lavish800club — Wed, 15 Aug 2018 17:51:33 GMT

Hi,

Check out myjewlersclub they give a $5000.00 CL, yearly membership fee $99.00, you must make a $100 minimum order.
Reports to all 3 Bureaus one HP from Experian.

Great for rebuilding credit.

Re: Selecting the proper cards for rebuilding credit.

xaximus — Wed, 15 Aug 2018 18:30:38 GMT

If you already have a loan then it's not necessary as that's fulfilling one aspect of your credit mix. It's good to have a mix of things, CC's, loans, etc.

Do you have any baddies/lates/negatives? If so, I would work on that as well. There's many ways to have them corrected/removed depending on what they are. Goodwill letters, saturation technique, PIF/PFDs and more.

Re: Selecting the proper cards for rebuilding credit.

Civil — Wed, 15 Aug 2018 18:50:00 GMT

I was going to go that route but did not want to have an account that I had no use for and I am looking to get a home in June 2019. How well did it boost your score

Re: Selecting the proper cards for rebuilding credit.

Civil — Wed, 15 Aug 2018 19:08:45 GMT

Yes I do have baddies and I just sent out a few letters on those and waiting for success. I don't want to get loans I am not actually using