topic Re: Non predatory Credit Cards for Rebuilding. in Rebuilding Your Credit

Non predatory Credit Cards for Rebuilding.

NimbusIII — Wed, 12 Feb 2020 01:59:20 GMT

After reading a few posts today I thought I would offer up to people looking to rebuild a source for a few cards that are worth pursuing as you look to rebuild. There is a distinct difference between "Predatory" and "Rebuild" lenders. Predatory lenders cards have fees for just about everything, they will also try and entice you with credit line increase in the form of cash advance checks on your accounts. Interest rates can also be considerably higher, but you are also rebuilding and that is to be somewhat expected. Interest also only becomes and issue if you carry a regular balance. A "rebuild card" is a card with no fee(s) but available to to people with less than standard credit scores, they typically have low credit limits and grow over time much like a secured card. Here are a few options for those looking to rebuild:

https://www.ollocard.com/ - a great start, No fees across the board, this includes late fees!

https://www.capitalone.com/credit-cards/platinum/ - also has a Prepaid version if you don't qualify (no not recommend if you burned Cap1)

https://www.petalcard.com/ - No fees, better yet NO Credit score needed to get in the door.

https://www.deserve.com/ - Has pre-qualification tool (don't take unnecessary Hard Inquiries)

https://www.nasafcu.com/personal/credit-cards/credit-card-features/visa-classic - solid card with good credit union backing designed for rebuilding credit

weather you are recovering from mistakes, just starting out, or trying to reestablish from a BK there are better choices to be made.

Re: Non predatory Credit Cards for Rebuilding.

gdale6 — Thu, 13 Feb 2020 14:44:57 GMT

Thank you for posting this info.

Re: Non predatory Credit Cards for Rebuilding.

wantitgone — Thu, 13 Feb 2020 15:52:28 GMT

Just for some DPs. I have the Ollo card, which is great, but the Nasa card denied me and they cited BK as the reason, so not sure they can be recommended for rebuilding post-bk.

Re: Non predatory Credit Cards for Rebuilding.

Anonymous — Fri, 14 Feb 2020 01:19:12 GMT

Ollo card seems to be by invite only?
thanks for sharing! Will look into the other cards

Re: Non predatory Credit Cards for Rebuilding.

Anonymous — Fri, 14 Feb 2020 02:05:44 GMT

@Anonymous wrote:
Ollo card seems to be by invite only?
thanks for sharing! Will look into the other cards

Not that i would ever say that looking at Credit Karma is good for anything but accounts and posting dates for cards, they did have a pre-approved notice on there, only reason i knew it existed. Might be worth a look if you need another card to rebuild.

Re: Non predatory Credit Cards for Rebuilding.

Anonymous — Fri, 14 Feb 2020 05:14:21 GMT

Most CUs are BK friendly. If you are only getting predatory credit card offers, it's a good idea to start calling local CUs and explaining your situation.

Re: Non predatory Credit Cards for Rebuilding.

NimbusIII — Fri, 14 Feb 2020 09:18:44 GMT

@wantitgone wrote:
Just for some DPs. I have the Ollo card, which is great, but the Nasa card denied me and they cited BK as the reason, so not sure they can be recommended for rebuilding post-bk.

I see your BK is relatively new. I believe you have to be between 6 months to a year from discharge for NASA.

Re: Non predatory Credit Cards for Rebuilding.

NimbusIII — Fri, 14 Feb 2020 09:26:29 GMT

@Anonymous wrote:
Ollo card seems to be by invite only?
thanks for sharing! Will look into the other cards

It is sort of invite only. The app form can be found in credit karma and experian under the cards tab. Part of there model is they are seeking people who are looking to improve their situation.

Re: Non predatory Credit Cards for Rebuilding.

Anonymous — Fri, 14 Feb 2020 14:52:34 GMT

This is great!
tho sometimes only predatory cards will let you in (eg BK7). The least predatory seemed like Indigo, Blaze MC, Merrick, and Mission Lane... they seemed like the lowest AFs and unlike some Credit One cards, they have grace periods before charging interest.

Just a note on Petal, which constantly shows up for me in Mint and Credit Sesame, and from whom I get weekly Apply Now e-mails, if you ever applied and were denied (like I did last August 4 months post BK 7 DC), you can never get back in. You get to the end of the application process with an error... click on the FAQs Why Did I Get This Error, and they tell you that if you applied in the past, you cannot apply again, and that they are working on fixing this. I even contacted them to verify this. Not sure this is the rule with all cards (Cap1 is sux months).

Re: Non predatory Credit Cards for Rebuilding.

Red1Blue — Fri, 14 Feb 2020 16:09:55 GMT

Three cards I would like to add to this list are these 3 secured cards

1. Affinity Federal Credit Union ( New Jersey). No credit Check. No AF. 11.9% interest. This might graduate

2. State Department Federal Credit Union. They pull credit report but they do not count the score towards the approval. No AF. 13.9%

3. OpenSky. They do not pull or do credit check. Average interest rate and $35 AF which is not bad. No other hidden fees. No fuss card.

Re: Non predatory Credit Cards for Rebuilding.

notmyrealname23 — Sun, 16 Feb 2020 02:32:47 GMT

+1 on OpenSky Secured, that was my starter secured credit card while in the throes of Chapter 13 pre-discharge. It will never ever graduate so I killed it off once Capital One welcomed me back with an unsecured line that dated to 2002 (when I first opened with them), but it was fine for what I needed to do until then.

There are a number of credit unions that do secured CCs:

https://www.firsttechfed.com/credit-cards/credit-cards/platinum-secured
https://www.seattlecu.com/secured-credit-card
https://www.salalcu.org/personal/credit-cards/