Where would you start?

[Anonymous]

Hello, have been lurking the boards for the past year. Trying to decide where to start. Need to rebuild my credit but not sure where to start. Nothing to garden at this time. When my report was clean I applied for 2 unsecured CC's 4 months ago for the heck of it and both Denied. Had 2 inquires at the time. All my scores are FAKO from CK. TU and EQ didn't show a FICO on paid reports. Experian doesn't have a FICO for me at all. Not sure if I can get a secured card through Bank with Chex entry.

Denials 10/15:

Paypal Extras Mastercard- Denied  too many derogatory accts and not enough revolving credit, not enough credit history

Barclay's Mastercard- Denied not enough revolving credit, not enough credit history

Background: Lost a business 2009 (recession) 5 CC's, plus $30K medical bill , was around $40k total - couldn't pay off so I let it all age and fall off. Everything has fallen off. Now my CR is blank on all 3 CB's except CO listed below. Didn't think I would get approved for anything while I had CO's and CA's. Not sure which is worst. Previous scores were in the low 500's.

Is it even worth it to pay CO? It's $50 Don't want it to reage on CR. But don't want it to affect me further. Would be at least 1.5yr until it falls off. Addresses and Employment on all 3 CB's are wrong - does it matter? Should I keep applying for CC's with 6 inquiries already? What would you do?

Issues:  No derogatories on CR, No revolving Accts, No Loans, No BK's, No Public Entries - blank except charge-off listed below

               (1) $50 charge-off - public utility. Last reported 12/10 - reports as a loan but CO

               (1) $200 Chexsystems entry from my current bank 11/13 - My checking acct is 2nd chance from my bank and current.

                Inquiries (6) HP's TU - (2) HP's EQ - (3) HP's EX - Most from Public Utilities on New Accts

[MyLoFICO]

I paid some small ones off and they came off my credit. Experian doesn't show them, Nor does EQF or TU. Not even on my full cr and they were not due to drop off for several years. If it was me, I would pay it. Good news is, if you get a few cards your score should come up a bit. I think trying for the MC and Barclays was a big step. Maybe start smaller but that is where my advice ends. Check Capital 1's prequal tool and apply there maybe?

https://findmycard.capitalone.com/en/PageVersions/LandingPages/LP_ONE_V01.aspx

[notpaul]

Cap one should have something for you.

[EmmaGolden]

Try the pre-qual on Capital One site. You may have to consider a sercured card. Maybe Fingerhut. I too started with nothing, everything had fallen off or where ever they go. The mortgage I was co with my ex didn't even show. I was turned down in 2 apps 12/14 both denied. Opened the Fingerhut & it sat for a year, couldn't get myself to pay over inflated prices. In 12/15 I checked the pre qual for Cap 1...gave me a 2 card option. might be a start for you. Was only 2 months ago I started except for Fingerhut, had nothing but 1 derog. I'm finally making progress & trying to keep myself in the garden  Best of luck to you time to get some seeds in the ground,

[Anonymous]

Really sucks being in this predicament. Think your in the clear only to realize your not even close. My finances since then are well managed. Although I use a lot of no contract services because you never know when things might go south (economy/biz)

Fingerhut I'll stay away from. I have everything I need. Minimalistic. I mainly want the CCs for emergency, sudden car repair, future mortgage or airfare once in a blue moon. From what I've read 10% utilization and paying off monthly will be the way to go (gas, etc)

I also know from here that prequals are bs to get you to apply. Cap one said they recommend the QS card but said nothing about preapproved. Thinking more along the lines of a bank secured card but worried about chex getting in the way. 

Yeah I pushed the gamut with Paypal and Barclays. Dumb.

I have usbank checking acct. So I know I won't try their secured card. Chex is from them. I ordered the report. Applied for bofa checking today in thoughts of a secured card. Said I was approved but unable to complete my deposit although it's processing through my bank. So maybe I'm denied. Find out tomorrow I guess.

[Anonymous]

Yeah I'm a total noob. " fall off to wherever they go"  lol

Anyone think I should be concerned with the amount of inquiries at this point? Obviously Chase, amex, barclays is a pipe dream for a couple years.

Btw Experian does report my lease (rent) payment as an installment loan since 10/15. Still no score

[Anonymous]

As a couple people have said, try out the Cap One pre-qual. If it says congratulations, it's legit. If it says couldn't find a match, you'll be gambling. Cap One is very BK friendly though. See how you look for their Quicksilver-one and or Platinum card. Another solid option is the discover secured card. Discover is a little finicky with fresh BKs but if you're maintaining your credit health up to this point, you might get a foot in the door. Good luck and keep us posted!

[Anonymous]

Actually rereading I see you have no BK, it's in fact your credit report  in general. I still say CO is a good starting point.

[Anonymous]

Applied for the discover it secured. See what happens

Asked for starting deposit in app. Did the minimum $200 in case my money ends up in hock or denied. Had to upload copy of DL. Waiting for 2 small deposits to show up in my bank acct to complete the app. Paypal does the same. See what happens. Not expecting an approval. But will definitely take it if approved

[Anonymous]

Can't believe it. Went to Cap One prequalify site again. Showed Platinum MC. And was approved for unsecured Platinum MC. Crappy 300 CLI but pretty damn happy. New card 7-10 days

Not sure about Discover. But happy to start somewhere

Thanks guys