JoshInReno wrote:Hello all,
I am in the process of finally doing something about my situation. I got in the normal credit trap when I was 18 - too much way too fast. By age 20 I was out of the game and waited on the sidelines for 6 years while most of the negatives fell off.
It was pretty bad, for that period of time I didn't (couldn't get) a checking account, credit card, lost out on job offers, etc. I lived like a hermit and kept my cash in a fireproof safe at home. I paid bills with money orders from 7-11. I flew carefully without a net for a long time, and have no wish to repeat it. My scores around that time were around 500.
As often happens, somewhere along the line I grew up. I decided to get my stuff in order. I hunted, begged, and pleaded until I got a checking account. I did the secured loan places, and the installment plans. I got approved for an auto loan (only because I have been at my job for 6 years) at an astronomical rate, but I finally realized that I was basically going to have to 'buy' my credit back through high interest. I live well within my means and am determined to get 700+, eventually.
So enough about my back story. This is what I am here for: I know need a credit card to throw into the mix. My scores are listed in my sig, and I make decent money. If I must get a low limit (under say.... $2000), I'll do it - but I would much rather get a 'worthwhile' card.
Can anyone point me in the right direction?
I would also like to thank the board for its wealth of knowledge.
Welcome to the forums, Josh!
Congrats on the growing up and starting to get things together (been there/done that, myself)! Not a fun process, I know, but worth the end result if you do it right. 
With regard to your credit card options at this point, I think you're a candidate mostly for those awful bottom-feeder unsecured cards that usually have insane AF's and worse terms or for a secured card.
You might try the soft-inq pre-approval options at BofA, CapOne and HSBC, see if they offer you anything, as something from one of them definitely would be better than something like First Premier or Credit One or going the more left-field route of a Crown Jewelers account.
I'm a big fan of going the secured or partially-secured card with a reputable lender route, as I did that myself and have never regretted it; it allowed me to start rebuilding without cluttering up my report with icky-name, low-limit (often $200-$500 tops) cards that I would have just had to close later anyway.
Since you're hoping to try for something with at least a $2K limit to start out with, see what those pre-app options offer you. BofA's partially secured 99/500 card seems to be great, but you'd actually have to go through and app for a regular card like their Plat and be denied, then hope they counter-offer with the 99/500 - no way to app for the 99/500 directly. I believe some folks do go through BofA's pre-app and are offered the fully secured card right off, though, if their credit's too shaky, so that's an option as well.
If you have a good relationship with whatever lender handles your checking account and can scrounge up $2K to put down as collateral for a secured card with them, definitely look into that as a way to go for a year. Most lenders will unsecure such cards at about a year, provided you've handled it well and kept the rest of your credit profile and scores in good shape.
Local CU's seem to have a reputation for working with rebuilders, too, so check that out as well.
Hope this helps.
Congrats again on the hard work! Good job - keep it up!
