Mission Lane or Avant

[Creditjunky37]

Hi guys

I recently received two pre approvals and don't know which one I should take. Or if either are any good. 
I'm trying to rebuild and I have a secured BofA card. Capital one isn't accepting me as I charged off with them and haven't negotiated a pay off yet. 
anyway, I'm looking at Avant $500 SL and $39 AF or Mission Lane $300 SL and $59 AF. Both say they'll increase after 6 months of payments. Credit one says $75 AF and that seems a bit high compared to these two. 

Any input would be appreciated. Thanks! 

[Mjhall85]

I don't know much about the Avant, but I got a preapproval for the mission lane and took it a few months ago its a no thrills card. I'd go with the larger CL even though it's only 200 difference if something comes up that could make a difference. Just remember if you go with either it's just a stepping stone to bigger and better cards.

[Creditjunky37]

@Mjhall85 @Thanks! Yes, would be for a year or maybe two until I was confident about my scores and profile. I'm paying off some recent charge offs after unexpected expenses. I'm trying to rebuild. I'd like them to be paid and hopefully deleted before I apply for the big boy banks again. 

[ChargedUp]

Did you look Merrick yet? They seem to be one of the more popular rebuilder cards around here.

[Creditjunky37]

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@ChargedUp wrote:

Did you look Merrick yet? They seem to be one of the more popular rebuilder cards around here.

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Nothing yet with Merrick. They say no offers for me. 

[Anonymous]

@Creditjunky37 Personally I wouldn't go with either card. Have you already checked the Discover prequal tool to see if Discover will provide you with their secured card? 

Since you already have a card with BOA, you could give it 6 months and check the prequal tool again. 

Another option if you qualify is Navy FCU as they have a great no-AF secured card. If you don't qualify, it might be a good time to check out a local credit union that offers a secured card that graduates.

There are some options like the secured card with Chime bank that work slightly differently from traditional secured cards. Do some research if a card like this fits your need. 

Good luck!

[RonM21]

Welcome to the forums @Creditjunky37! If I had to absolutely go with one of them, I'd personally go with Avant, just looking at the info you provided on the surface. That's due to the extra $200 breathing room in CL, and to me that would outweigh the $20 AF difference per year.

But always do your research. That said, I would also heavily use the search box in these forums looking up both, just to dig up general pros & cons you can find for short & long term. Also as mentioned upthread, looking into other possible solutions is a good idea as well, just to give yourself the best possible options. 

[OmarGB9]

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@RonM21 wrote:

Welcome to the forums @Creditjunky37! If I had to absolutely go with one of them, I'd personally go with Avant, just looking at the info you provided on the surface. That's due to the extra $200 breathing room in CL, and to me that would outweigh the $20 AF difference per year.

But always do your research. That said, I would also heavily use the search box in these forums looking up both, just to dig up general pros & cons you can find for short & long term. Also as mentioned upthread, looking into other possible solutions is a good idea as well, just to give yourself the best possible options. 

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Actually the Avant would be $200 for $20 less. OP, of the two, Avant would be better, but I'd still hold off and try and see if you can get something better elsewhere. Maybe a Citi secured?

Alternatively, I would first address any derogatory accounts first (especially that Capital One CO) to try to improve scores and report first, and hopefully get better offers.

[Creditjunky37]

Discover will not pre approve for secured card as they were another one of my charge offs. I did settle with them last year however. I am working on a Citi payoff currently, then capital one and finally TD Bank. 

I assume as a result of my citi CO, they were upset and closed my Best Buy which was just fine. I received a letter to pay off my small balance, and my card would not be renewed. This was about a year ago now. 

So I'm now just trying to pick up the pieces after the unexpected. 

Thanks everyone for your thoughts! 

[Anonymous]

@Creditjunky37 Thanks for the update! It might be worth a shot to check the Capital One prequal (depending on when the co occurred, if you are a year out they will let you back in).

I also second checking out a good credit union. They are often very forgiving and have great rates and offers.

Keep us posted on what you decide and good luck with the rebuild.