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Question about gas and store cards...

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New Contributor

Question about gas and store cards...

Hi

me and the wife are on the verge of rebuilding credit..

What are good easy cards to try to get when I reach about

620+  Fico scores...etc Macy's Shell BP..

or are store/gas cards good for credit building cards that likely report to all 3 CRA's

 

 

10 months after dismissed chp 13 My fico scores in 7 months are;

 

10/2010

EQ 568 EXP 622 TU 555

5/2011

EQ 601 EXP 598 TU 593

 

Goal 620+ by Fall

 

Lender pull:
10/2010: EQX 568 EXP 622 TU 555
02/2011: EQX 575 EXP 605 TU 571
06/2011: EQX 601 EXP 598 TU 593
07/2011: EQX 612 EXP 622 TU 598
07/2011: EQX 594 EXP 602 TU 654...Ultimate goal 700+
Message 1 of 6
5 REPLIES 5
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Frequent Contributor

Re: Question about gas and store cards...

Welcome to the forum pphilpot.  Experian scores that are often reported here just aren't reliable for reasons repeatedly noted (There is only one creditor who routinely releases the Experian score to customers.)  I would suggest a secured credit card (e.g., Visa), if possible through a credit union (credit unions are chartered differently than banks and have a reputation--at least in my experience--as being bk-friendly when it comes to rebuilding.)  Gas cards may be a roll of the dice for you right now and store cards will have such high interest rates you would likely never be able to deal with them unless you pif each month.  So my humble advice is to visit a neighborhood credit union which you are qualified to join, and by visit I would suggest you and your spouse going in person to talk to a financial advisor there about a good program from which you can rebuild.

Message 2 of 6
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Senior Contributor

Re: Question about gas and store cards...


@pphilpot wrote:

Hi

me and the wife are on the verge of rebuilding credit..

What are good easy cards to try to get when I reach about

620+  Fico scores...etc Macy's Shell BP..

or are store/gas cards good for credit building cards that likely report to all 3 CRA's

 

 

10 months after dismissed chp 13 My fico scores in 7 months are;

 

10/2010

EQ 568 EXP 622 TU 555

5/2011

EQ 601 EXP 598 TU 593

 

Goal 620+ by Fall

 


I suggest that each of you get a secured card first (bank or credit union).   After you have 6 months of reporting, try to add some store cards.   Select some from stores that you regularly shop at.

Message 3 of 6
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Moderator Emeritus

Re: Question about gas and store cards...

DH's and also my first card out of CH 13 was HSBC Orchard.

 

I liked them fine.

I also have Macy's.  I'm not so fond of them because of their current policy of not reporting CL's.  Although I have one, I don't think I would go out of my way to open one, unless you shop there a ton and can make great use of their discounts for card holders.

 

When DH and I opened our first bank card (FICO likes to see one bank'/national CC card) our FICO scores went up about 20 points each.  Be sure to keep the reported balance below 9% so you don't lose FICO points for utilization.  CapOne is also noted for being BK friendly and they have a pre-approval site that will let you know if you qualify for a card.

 

We also found some banks were BK friendly and most are not; and some CU's are BK friendly but a few are not so much.

 

Where are you pulling your scores?  This makes a huge difference.

 

If you're pulling scores from a FAKO site, they are not helpful to you when you are trying to achieve a FICO goal.

Pull at least one score from this site (I like to use ScoreWatch to track my ongoing Equifax score, but everyone's different).  The report comes with a FICO score along with information specific to your credit report; including a FICO simulator that will  help you know what impact certain actions (i.e. opening a new card) will have on your FICO score.  We've had folks on here finally pull a true FICO score and find they had already reached their goal; or conversely had a lot more work to do than they had been mislead to believe.  My FAKO scores have been as much as 100 points off in either direction. 

 

 

Just puttin' syrup on something, don't make it pancakes.
Message 4 of 6
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New Contributor

Re: Question about gas and store cards...

Hi folks

 

I already have 1 secured visa with Public savings bank....they are awsome got my card in 48 hrs 12/30/2010 by 1/05/2011 it was showing on my report(6mths now)

how many cards would be optimal to have?

 

I got my scores from lender I am working with to get me qualified for FHA financing....

So I am seeing what the Lender sees.....

 

when using the simulator on this site do I include the amount of collection info?

Lender pull:
10/2010: EQX 568 EXP 622 TU 555
02/2011: EQX 575 EXP 605 TU 571
06/2011: EQX 601 EXP 598 TU 593
07/2011: EQX 612 EXP 622 TU 598
07/2011: EQX 594 EXP 602 TU 654...Ultimate goal 700+
Message 5 of 6
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Senior Contributor

Re: Question about gas and store cards...

Generally, adding more accounts will help in the long term, not the short term.    You may want to ask your lender what would be best to get loan qualification.

 

 

Message 6 of 6
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