Rebuilding credit

[Anonymous]

Hello everyone!

Can anyone suggest a credit card for rebuliding credit?

One that doesn't require too many fees to start it up.

Thanks.....

[MsKiwi]

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@Anonymous wrote:

Hello everyone!

Can anyone suggest a credit card for rebuliding credit?

One that doesn't require too many fees to start it up.

Thanks.....

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Hi Auqa! Welcome to the forums.

It really depends on what your cr shows. If you wouldn't mind listing things like......

Where are you at rebuiling (coming out of BK, medical baddies, co's, late pays etc)

Do you have any cards at all?

Have you filed BK in the past? If so when and when was it discharged?

Do you have any late pays? What kind (30, 60, 90, 120 days)

Do you have any charge offs?

What are your fico scores?

If you could give us a bit of a creidt snapshot we can guide you a little bit better.

Many times you need to repair before you can rebuild. There are a many types of rebuilder cards, which one you would qualify for (possibly) depends on your overall credit file. 

[xjTx]

After reading up on a few threads here one that is most often suggested is the Bank of America secured card.

Just got one for my girlfriend to start building up something good (right now all she has is 2 negatives, and no positives).. started off with the initial minimum $300 credit line (backed by your payment of $300 to them), and there's a $29 annual fee but you're pretty much going to find a fee anywhere. High interest rates too.

Supposed to, or at least have a chance to, "graduate" to an unsecured credit card after a certain period of time, like a year or so.

[haulingthescoreup]

Check into local credit unions. Establish a savings account there and get a secured card.

Before you do this (before she does this, rather):

Print out the FICO EQ score report and visit local CU's. Visit with one of their loan/ credit officers and ask for an informal opinion.

Find out if in fact they have secured cards, and if so, whether they graduate, keeping the original opening date, rather than reporting as a brand new card.

Make sure that she reads here and understands the ideal way to use a CC to make both the bank and the FICO scoring formula happy. Her happiness comes last, lol, no going ape with CC's and digging a deeper hole.

[Anonymous]

I started with the rebuilder cards credit one bank and orchard bank.  Having those helped me eventually get capital one, bank of america 99/500, and NFCU goRewards.  My orchard bank card went from a 300 CL to 720 CL in just 9 months, not bad! 

Good luck in your rebuilding endeavor!