Cleaned up my credit and need to get a CC with over $2500 limit - which one is best?

[Anonymous]

Hi - after some work I've managed to get my credit fixed to where all three are between 628 and 650, no negative items except a few late payments on student loans ages ago. Only catch - we have no revolving credit other than student loans (no credit cards) and want to buy a house, so need to raise our scores. MyFico says with a card over $2500 my score will go to 701. Wife is in a very similar situation - we both need to find CC's that will approve over $2500 limits without being a rip off in our situation so we can rebuild our credit. Any recommendations or thigns to steer clear off?

Thanks so much!

[myjourney]

Options are 

Secured cards to start since you have no TL's 

Check all pre-apprvoal links and let us know what they offer 

Chances of limits 2.5k maybe low with current scores 

Don't pay any attention to what the simulators says will increase your scores and to what point 

[Anonymous]

Yes what the above poster said is true. It is unlikely that you'll receive a high limit credit card with no other open revolving trade lines.. Also student loans are installment debts, not revolving.

[Anonymous]

To steer clear of: 

Credit One and First Premier (I think...from reading the board...any lender that wants to charge an exorbitant AF or monthly fees)

Don't confuse Credit One and Capital One. Capital One would be one to check the prequals on.

[Anonymous]

I think Capital One would be a great place to start.  Your scores are good enoug h to qualify for one of their proucts. As previously mentioned - checking to see if you are pre-qualified for any of their products is a great start.  

Good luck!! Keep us posted!! 

[Anonymous]

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@Anonymous wrote:

To steer clear of: 

Credit One and First Premier (I think...from reading the board...any lender that wants to charge an exorbitant AF or monthly fees)

Don't confuse Credit One and Capital One. Capital One would be one to check the prequals on.

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I def agree - def steer clear of Credit One and First Premier.  

[baller4life]

As MJ suggested, check the prequal sites especially Cap One. Bank of America secured would also be a great start since ir can unsecure as early as 5 months! Discover also has a secured card now.

[Anonymous]

To be frank, 

Your scores aren't really at a point where you warrant a $2,500 credit or so?  I'd say get your scores up another 25-35 points to the 670s and you are in a much better position to get $1k-2K.  Maybe Capital One will give you a Venture One card close to that amount?

[SouthJamaica]

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@Anonymous wrote:

Hi - after some work I've managed to get my credit fixed to where all three are between 628 and 650, no negative items except a few late payments on student loans ages ago. Only catch - we have no revolving credit other than student loans (no credit cards) and want to buy a house, so need to raise our scores. MyFico says with a card over $2500 my score will go to 701. Wife is in a very similar situation - we both need to find CC's that will approve over $2500 limits without being a rip off in our situation so we can rebuild our credit. Any recommendations or thigns to steer clear off?

Thanks so much!

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There's no doubt that the place for you to start is Capital One. See if you're preapproved for anything. If not, apply for the Platinum.

A few words of caution:

1. Don't be in a big rush; it takes time to build your credit score.

2. You might or might not get a $2500 starting limit, but it will grow.

3. The simulator is not reliable.

[Anonymous]

One thing to add and that's your credit scores and how they relate to your goal of buying a home.  If those are Fico 08 scores they really aren't what you need to concern yourself about.  Mortgages are based upon your Fico 04 scores and they may be completely different than your Fico 08 scores.  Make sure you check those scores to see where you stand and concsult with a mortgage broker about what is needed instead of relying on the MyFico simulator.