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Do you have current/active collections with balances due? If so, repair first, then start rebuilding. Believe me, you don't want to get saddled with a bunch of dead-end rebuilder cards (low limits, low or no rewards, shady practices, and high APRs) that you're sorely going to regret in a few months or years. If the collections are repaired as much as they're going to get (Paid in full, and you can't get the CA or OC to delete), then I'd suggest going to a credit union, opening a savings account, establishing a relationship, and then getting a card (even secured if you have to).
Here's a link to some big banks that offer secured products, but don't hold your breath for these if a FICO score can't be calculated: Secured credit cards from "prime" lenders. In light of the current credit crisis, it would appear (based upon recent member stories) that the criteria for these cards have tightened up significantly. I highly recommend going the credit union route.
Whatever you get, do not get anything from HSBC. But get something from somewhere. Once you have a TL running, apply for the HSBC rebuilder cards and you would be approved for an unsecured Orchard or HSBC.
If you apply for HSBC now, cause of lack of TLs, they will only offer you a secured card. On top of it, you cant app for another HSBC card for another 18 months unless you are invited. Mind you, you will be preapproved on their website and then you will be denied with the actual app and fetching yourself a hard inq and no card.
If you absolutely can not get any cards, try BOA secured. BOA secured are worth it for myriad reasons. Then within a few months, you'd approve for a HSBC unsecured rebuilder card. After a few months try cap one. By then your BOA will unsecure. So on and so forth.
Of course youve got to repair your credit first. Esp right now, the CCCs don want to see any baddies pending. Certainly not recent.
IMHO, if you aren't just trying for quick easy credit, I would look into a solid secured card from BoA, Amalgamated Bank of Chicago or another good bank or Credit Union. The starter cards are just that, they start but then don't grow. Whereas if you can manage to get a secured BoA or other similar they will after time convert to an unsecured card and grow with you.
Credit Unions are a good place too. Rather than a cc, go in and deposit $500-$1000 and borrow against it as an personal installment loan. Pay it on time for 6 then apply to the CU for a card.
Otherwise you have the Orchard, CapOne and other "limited" or bad credit cards that are high fee, high APR, low limits and won't grow.
EDIT UPDATE: As usual if I don't check to see if Hauling has all ready commented I find myself repeating his stellar advice and sounding like a parrot
I don't know if Hauling would appreciate the sex change or not. j/k
txjohn wrote:EDIT UPDATE: As usual if I don't check to see if Hauling has all ready commented I find myself repeating his stellar advice and sounding like a parrot
He will have to obtain credit in order to generate a FICO. FICO must have enough data to generate a score. If he has essentially had no credit in 12 years and all good/bad has dropped and there is nothing (except a CA or 2) then he does not have a FICO.
This is why we have suggested talking to a CU about a secured card or secured installement loan in order to establish credit and thus some data to generate FICO.
If you have any cards, you could make him an AU which would also establish some data on his CR. But as it stands, he does not have a score because it is a grade on his credit, which he has not credit, thus no grade.