Applying for new credit card question....advice needed please.

[Anonymous]

Hi everyone.  I recently went through bankruptcy which was discharged on Feb. 3, 2012.  My Experian score is 600 and Transunion is 608.  I think Equifax is around the 600 mark as well.  I have a car loan but no credit cards.  I know I should open a credit card or two to boost my credit scores but don't want to incur numerous inquiries and may want to apply for a few cards that use different bureau reports.  Can anyone recommend credit cards that I would have a higher chance of approval with these credit scores and recent bk?  Your advice is greatly appreciated.  Thanks so much!

[laz98]

Welcome to the forums! 

May I ask where you got your scores from?  It's best to know if they are real FICO scores or not before we give you any advice.

[Anonymous]

Oh...good question.  I'm so new I didn't even now to include that.  I got my Experian score from Experian.com monitoring service...I subscribed to the monthly membership.  I received my Transunion score from a creditor who pulled my credit this morning and gave me the score directly.  I hope this helps. 

[Anonymous]

I think Experian will give you a PLUS score. Members on this forum mostly go by FICO score. Your lender may have given you a FICO. The thing is different scoring models have different score and are on different scales. 

[Anonymous]

Now back to your original question assuming your lender gave you a FICO score, 600 pretty much excludes you from getting a prime card like one from Chase, Discover, Amex, etc. You best bet is try a secure credit card with your bank if they offer it. Alternatively, start with a store card, they aren't usually picky. Finally, look into joing a credit union, they may be generous with give your a credit card as well. Either way you choose, don't carry balances on your credit card, alway pay it off on time and you should see a significant boost in your credit score in six months. 

[Anonymous]

Thank you so much for that advice. I will do that. Any particular stores that are easier to obtain credit? I was denied at Lowes two days ago. Thanks again for the help.

[Anonymous]

Welcome, I would think any credit union would start you out with a card with those scores as long as those scores are legitimate, where did you get the scores?  haha my bad I just read where you got them, Credit Union!!!

[ztnjpv]

I'm gonna go on a hunch and suspect that your EX Fico is a little higher than your Plus Score. While I was rebuilding my credit, my Plus score was always lower than my Fico. When my Plus score was 636, my real Fico was in the 660s. When the Plus was in the 670s, the Fico was in the 690s. 680s was 700ish and now my Plus has been 713 for well over a month and my real EX Fico (PSECU) was 762 on 5/1/12. Yes, that doesn't make for an iron-clad rule but I'd be willing to bet there's a good chance it would be that way for you. 

I'm not one to reccomend Capital One but their Platinum unsecured card was instantly approved for me when my Plus score was in the 630s. I had several collections on my report at the time, tax liens and a verizon charge off/collection that was less than a year old. Not good stuff but I was instantly approved. They did a tri-pull though. I also had a longer credit history with positive accounts so that might have helped make a difference. I don't know. I might have been approved anyway with a thinner file. I can only speculate. 

[Anonymous]

Oh that's good to know and makes sense. I will try Capital One. Did you have any luck with any store credit cards?

[ztnjpv]

Tennisgirl,

I don't have store cards. But listen:

Go here and see if you're pre-qualified. It's worth a shot:

https://findmycard.capitalone.com/PageVersions/LandingPages/LP_UNS_MS_V02.aspx

It's a soft pull pre-qualfication service from Capital One. It's not a guarantee  for approval or denial but it's worth seeing if you get an answer. Let us know what the results are. It's quick and easy and doesn't affect your credit.