Best CC to apply for? With/Without co-signer?

losiguy · ‎10-20-2009

Hello, well thanks to the help of the information on this forum in 4 months my FICO scores have gone from low 400s up into the mid 500s and are still climbing.

I have a lease on a car, as well as another auto loan. I have two student loans as well which are in good standing now. I was laid off for the majority of last year and just started working again in March. I did have three CC before I got laid off, now all of them were charged off. I PIF to the collection agencys and now have no available credit open. What would be my best bet as of now? Orchard card?

Also, how much does a co-signer exactly help? My father may be willing to co-sign with me. I haven't pulled his FICO yet but I'm going to assume low to mid 700's EQ/TU. He is rather well off and has a few CC's with very high limits and always pays bills on time. If it would make a decent difference with him co-signing, what card would be safe to apply for? I don't mind going to a secured card, but unsecured would be nice if I could qualify with him signing.

Any help is appreciated!

creditwherecreditisdue · ‎10-20-2009

Don't use a co-signer. That's a bad route to go.

If Dad has older TL's and doesn't allow significant balances to report ask him make you an AU on one of the cards. If you're smart you won't even hold on to the plastic - give it back to him.

Get a secured card for yourself that will convert to unsecured in the future.

Choose a CU you like and build a relationship with them. It will prove valuable in the future.

losiguy · ‎10-20-2009

Thanks for the reply! Is there a list on what CC do/dont report AU? I don't want one of his cards, he can keep the card. I'm leaning towards the Public Savings Bank card over Orchard.

What is so bad about using him as a co-signer to get a higher limit and better card from the get go? Bad effect in the long run?

Thanks!