I've primarily been hovering in rebuilding credit and mortgage loan forums. Had gotten FICO scores up to EX 669, EQ 676, TU -700 , approved for mortgage and scheduled to close in a couple of days. I only have 2 installment loans (auto) and would really like to try and add a credit card before the mortgage hits the reports. Issue is - during the mortgage process, I paid an old collection which updated the dola and now my scores are - EX 603, EQ 617 and TU 684. After reading here for a little while - I am thinking even a secured card is off the table.
Any secured credit cards that may be worth trying? Or just I just continue to work on the loans and the new mortgage for a year? Just trying to fatten my credit a little - I was obviously living under a rock for the last 7 years and paid everything in cash , not knowing how much harm that was doing. Thanks for any thoughts.
Starting Score: 558
You should be able to achieve a Capitol One Quicksilver ONE, I got approved for it with a 550 and even if it's just a 1.5% it does come in some handy. 
I do like there secured card as well, BUT the one downfall is that at least what the rep told me, it's hard to receive a increase on a secured.
I do like there secured card as well, BUT the one downfall is that at least what the rep told me, it's hard to receive a increase on a secured.
Nah, people make too big a deal over scores when it's the report that matters for most of the secured strata.
The Quicksilver One isn't a bad little card at all, and similar AF to the secured one so that's reasonable.
Another would simply be the BOFA secured card which has a very nice rewards structure.
Finally if those two don't work, I'd pick up a SDFCU one as it's effectively guarunteed and isn't a terrible card anyway.
I think you're selling yourself short with those scores: paid collections are nowhere close to the penalty of unpaid ones when it comes to underwriting, and secured cards go way lower than a 600 FICO even with BOFA: what's on the report is what matters, the score doesn't nearly as much, and doesn't sound like your report is that bad.
As someone who also transitioned from a cash-based existance (with likely more derogatory information than you have), setup a least one and better two revolving tradelines as soon as you close. In a year or thereabouts you'll likely be able to qualify for much higher tier ones if you decide to.
If your TU is really that high, you should be able to get a card from Barclays. I suggest the Sallie Mae Rewards Mastercard.
Be sure regardless of what you decided to do, apply only after the mortage closes. You probably already know this since you hang around mortgage board mostly, just though I'd mention to be sure.
Thanks everyone - extremely encouraging. As of 4-1-14, TU was 684 (myFICO pull). The collection referenced earlier never made it's way to this report so the PIF updated - obviously, it was never impacted. The score fell from 700 when inquiries from the mortgage shopping hit it. Other than that - no changes.
Please trust - no app for anything, until and unless, I have keys.
Just wanted to loop back around and thank you all again for the great advice. I closed yesterday and am now a proud home owner. This morning - I didn't go app crazy by any means - but managed to qualify for the Cap On QS1 card - $500 unsecured, and a couple of store cards with $500 and $700 limits. Baby steps but positive steps. Feeling very pleased. Thanks again!
Congrats on the house!! Nothing better than to stop throwing money away (...on rent).
>
