@Calisoco wrote:
i am in the rebuilding phase after I burned my credit going through a divorce. Looking at the aspire card and I saw the annual fee offer was 125/year plus 120 yearly maintenance fee billed monthly @ 500 sl. I have a few rebuilder cards and I'm not desperate for another but I know they can have lower annual fee offers. So my question: I got an email offering a 700 sl but when I opened the fees they only showed the range (can be a $0 annual fee I believe after the first year) so I didn't pull the trigger. Maybe wait and see if the terms ever get specific? Call in? Any help would be appreciated
Bearing in mind that I have absolutely *no* knowledge of Aspire, I have to say its fees and very low SL sound like a big-time predatory card--and I'll bet the APR is sky high. Since you don't need another card right now, why bother with this?
I know that when you're rebuilding, ANY card added to your collection feels good. Believe me, I do. But something like this? I'd pass on it. Keep working with the cards you already have, work on showing their issuers that you're using them regularly, you're paying on time 100% of the time, you're never paying less than the minimum due (but, preferably, pay more than the minimum and/or pay in full), and let them age. In another six months or so, your options may look brighter.
@Calisoco wrote:Probably worded that poorly.
Long time lurker
i am in the rebuilding phase after I burned my credit going through a divorce. Looking at the aspire card and I saw the annual fee offer was 125/year plus 120 yearly maintenance fee billed monthly @ 500 sl. I have a few rebuilder cards and I'm not desperate for another but I know they can have lower annual fee offers. So my question: I got an email offering a 700 sl but when I opened the fees they only showed the range (can be a $0 annual fee I believe after the first year) so I didn't pull the trigger. Maybe wait and see if the terms ever get specific? Call in? Any help would be appreciated
I don't think you should add on any more sub prime cards. You should just manage what you've got, and build your scores.
@Calisoco wrote:I appreciate the advice. I'll be honest, the fact that it's the highest sl is tempting but I'm more curious as a general rule of if you have a card that gives you a range on the terms as a pre approval is there actually way to check? I already got a card that I messed up as a result of a similar situation so trying to figure out how to be able to tell the specifics in the future.
When you're dealing with normal credit cards, they don't usually tell you ahead of time what the limit will be.
I am totally unfamiliar with this Aspire card but I agree with the others, if possible I wouldn't apply for this card but would just continue to use the cards you already have. If possible try to pay them all in full but 1, let 1 report showing less than 3% of your card's limit ($5 to $10 should do the trick), this way you don't get the score penalty for all cards reporting $0. Just pay the one card you let report off a couple of days after the new statement comes out. If you're willing to share more info about which cards you have and their limits perhaps we can help guide you towards some alternative options. I know going through a rebuild can be frustrating but hopefully going forward you can add cards that you'd be happy to keep and use forever. Best wishes to you along your credit journey!
@Calisoco wrote:
@Jordan23ww wrote:I am totally unfamiliar with this Aspire card but I agree with the others, if possible I wouldn't apply for this card but would just continue to use the cards you already have. If possible try to pay them all in full but 1, let 1 report showing less than 3% of your card's limit ($5 to $10 should do the trick), this way you don't get the score penalty for all cards reporting $0. Just pay the one card you let report off a couple of days after the new statement comes out. If you're willing to share more info about which cards you have and their limits perhaps we can help guide you towards some alternative options. I know going through a rebuild can be frustrating but hopefully going forward you can add cards that you'd be happy to keep and use forever. Best wishes to you along your credit journey!
Thank you for the help. As well as the others. The cards I have are the following:
cap 1 300 secured
mission lane 600
credit one 700
prosper 500
blaze 350
@Calisoco you're so welcome! Happy to help! With these cards you currently have I think you should be good for now. I would use the mess out of that Capital One card, use it for almost everything you can but only what you can pay off before the statement closes. Use it like it's your debit card. If need be pay it off all throughout the month so you don't max it out. I'd put small charges on the others such as a reoccuring subscription, a meal from a restaurant, small purchases from drug stores/gas stations or gas just so they see activity and don't close them on you. The rest I would try to put on the Capital One card so that not only they will graduate your card sooner but so that they will also be willing to increase your limit after graduation and going forward as you continue to build positive payment history.
I'd still use the practice known as AZEO (all zero except one) where you pay all your cards but 1 off before the closing date. I'd let the Capital One be the one card I let report a small balance each month, $10 should be enough but if you need to have more report I would keep it between $10 and $39. This will help you always show you're using the card's responsibly, but not reporting more than 3% of your card's available limit when the statement closes. This behavior will help Capital One as well as your future card issuers you apply for down the road view you as a favorable customer. As your scores improve and the bad stuff on your profile becomes older and older you're become eligible for cards that are even more desirable. You'll have access if interested in cards from Amex, Chase, Discover, Wells Fargo, US Bank and Citi to name a few.
If you're able to stay patient I would wait until you get into the 700 credit score range to apply for cards with these banks I just mentioned. I understand if you can't wait that long, but I feel like you'll like the results a lot better doing this. I had a 583 Fico Score and 4 cards that were all maxed out, total limit was $10K in August 2019. I started my credit rebuild in August 2019. Doing these things I'm suggesting to you, I was able to grow to 21 cards and over $200K in limits. When I was beginning my rebuild it felt like it was going so slow but in hindsight it was just a few months of being focused, disciplined and doing the right things to improve my credit and how creditors view me. Don't give up, you will definitely get all the things you're hoping for if you don't quit and keep doing the right things! Best wishes to you as you go forward on your credit journey!
@Calisoco wrote:Probably worded that poorly.
Long time lurker
i am in the rebuilding phase after I burned my credit going through a divorce. Looking at the aspire card and I saw the annual fee offer was 125/year plus 120 yearly maintenance fee billed monthly @ 500 sl. I have a few rebuilder cards and I'm not desperate for another but I know they can have lower annual fee offers. So my question: I got an email offering a 700 sl but when I opened the fees they only showed the range (can be a $0 annual fee I believe after the first year) so I didn't pull the trigger. Maybe wait and see if the terms ever get specific? Call in? Any help would be appreciated
I would pass on this altogether. It's not likely you'd get the $0 AF (not a dig at you specifically, just that I doubt they give those out much). Regardless it's a subprime card anyway.
