Credit card to help rebuild credit

[Anonymous]

I am trying to help my friend rebuild her credit. She had some student loans go into collections which messed up her credit (532). She was denied for a Capital One card and was wondering if you guys can give me some suggestions for some easy to obtain credit cards to attempt to get her credit back on track. Should she start with a store credit card? She is already chipping away at her collection accounts and debt but would like to at least have 1 revolving account. Thank you.

[Anonymous]

If she want's unsecured, then I'd recommend Credit One Bank. (www.creditonebank.com) They offer $300 CL Visa's with a hefty annual fee of $50. No rewards, no miles, no cash back, just a very basic credit card with a high annual fee. They approve just about anyone. She also could probably get a secured card, those are usually attainable when rebuilding, except when a BK is involved. If she wants "something for nothing" then I'd recommend them. You can't get a store card with 532. You need mid-to-high 600's for those.

[Anonymous]

Just tried that, was not accepted for the pre-qualification. 

[Anonymous]

 Is your friend getting her score from here at myfico? 

If so, it is a real FICO score and the report will be helpful as she rebuilds credit.

You (or she) may want to post her info on the Rebuilding Your Credit forum.

You'll get lots of helpful info on how to rebuild, including how to best handle "baddies" and which cards to look for as she moves forward.

We have lots of helpful geniuses here and they will gladly take her by the hand and walk her through the process - and cheer her on as she goes!

[JayRizzo]

All scores are real -- just different types of models and costs $20 vs $8 like Comcast and Direct TV all pulling from HBO and Cinemax, but neither are FAKE -- just different.

[Anonymous]

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@JayRizzo wrote:

All scores are real -- just different types of models and costs $20 vs $8 like Comcast and Direct TV all pulling from HBO and Cinemax, but neither are FAKE -- just different.

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Well, when my lenders start using FAKOs in their lending decisions, I'll stop thinking of them, and calling them FAKOs. Until then, they're FAKOs.

And, for the sake of steering things back on topic & back to beamMEup's point... when rebuilding, and apping for credit, it's very helpful to be comparing apples to apples, as a solid point of reference. It's exceedingly difficult, and confusing, if (for example) someone were to seek a recommendation with a "score" of 640 that turned out to be a FAKO, and their FICO was really 513.  Additionally, triggers that move a FICO score, may or may not move a FAKO score.  These are the FICO Forums. We know lots about FICO scoring.

[JayRizzo]

Not all lenders use FICO just like not all Auto Dealerships use FICO.  I'm just saying they're all tools, not REAL or FAKE.  I'm sure there's a database out in the world somewhere of lenders who only pull from a particular source... don't assume "every" company does the same.  Remember we once thought every credit bureau did the same?  TRW (Experian) was REAL and TU and Equifax were "fake"?  We don't say that anymore, eh?  (just different flavors)

[Anonymous]

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@JayRizzo wrote:

Not all lenders use FICO just like not all Auto Dealerships use FICO.  I'm just saying they're all tools, not REAL or FAKE.  I'm sure there's a database out in the world somewhere of lenders who only pull from a particular source... don't assume "every" company does the same.  Remember we once thought every credit bureau did the same?  TRW (Experian) was REAL and TU and Equifax were "fake"?  We don't say that anymore, eh?  (just different flavors)

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I think that, perhaps, the assumptions are on your part.

Again...

And, for the sake of steering things back on topic & back to beamMEup's point... when rebuilding, and apping for credit, it's very helpful to be comparing apples to apples, as a solid point of reference. It's exceedingly difficult, and confusing, if (for example) someone were to seek a recommendation with a "score" of 640 that turned out to be a FAKO, and their FICO was really 513.  Additionally, triggers that move a FICO score, may or may not move a FAKO score.  These are the FICO Forums. We know lots about FICO scoring

[RebelSon]

You're totally right. I pulled my EQ score from www.scoresense.com (FAKO) and it was 667.

I was shocked it was that good already lol. So I did an app spree of 5! (ALL DENIED)

I did my research and I ended up here at this FICO forum. EQ FICO was only 526

Lol I think FAKO are just there to make people happy and buy their scores.

But don't get me wrong, there maybe a lender that might use a FAKO model.

Good luck.

I have First Premier Bank (Subprime)

Annual fee of $70 and a 59.9% APR

It's the only unsecured card I qualified for and I have had it for 4 months and it's really helping my FICO score big time.

APR doesn't bother me, since I always PIF anyway.

[Anonymous]

As an example, and as a reminder on the differences between FICO and FAKO scores, this article about a lawsuit regarding PLUS scores was recently posted on these forums.  One quote found within the article states "Plus Score ratings are not sold to lenders, and are not used in lending decisions."