Subprime Credit Cards

[bichonmom]

I have looked into getting a Barclay's card myself and read on other posts that they are known to cancel an account if you open any new CCs within 6  to 9 months of getting their CC. I believe they do a soft pull every month. I don't know how they would respond w/secured CCs, but thought you might want to know just in case.

[Anonymous]

I'm a member of Penfed and Pescu, do you think they could do it? Also, does anyone know of any more sub-prime cards that I could get before hand? My AaoA will suffer but I can take that hit. I have the means to PIF everything and I don't mind AF's.

@bichonmom Thank you very much for this piece of information, I'll call them tomorrow and see if they'll understand. Cheers!

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@bichonmom wrote:

I have looked into getting a Barclay's card myself and read on other posts that they are known to cancel an account if you open any new CCs within 6  to 9 months of getting their CC. I believe they do a soft pull every month. I don't know how they would respond w/secured CCs, but thought you might want to know just in case.

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[AndySoCal]

I wouid do only 1 secured card for10K or less. I would put the rest of the money to better use like save or invest the money in something that generates a better return. I would not tie all the money to a credit card if you need the money you could have a problem(s).

[Anonymous]

I wont count myself as a credit card expert, but I would have to agree with AndySoCal.  I would think a single 10k card and use the other 30k to reduce other debt or invest.  I guess my question is why is your score so low?  BK?  Can that 30k pay off other debt and raise your score?  Do you have a savings account?  Do you have a 3-5 year plan?

If you aren't in debt how about this for the next 36 months:

Year 1

10k BoA secured

20k 12 month CD

10k Savings (get the best rate you can find)

Garden

Always PIF all your cards each month

Year 2

BoA becomes unsecured

10k 12 month Secured installment loan with your bank - pay off over 12 months

10k 12 month CD

20k savings

1-9% utilization (put any extra $$ into savings)

Year 3

App Spree - Amex/Discover/CITI (research and find the best offers/features)

10k 12 month CD

Max IRA

Max 401k

20k savings

To me this provides you over the next 3 years minimal INQs, you have credit available and your 40k makes you money while still being accesible.  If you just put it into credit cards it can only cost you money.  Even if they are cash back cards you'll never make as much as you pay in interest and AFs.  You could maximize your saving and earning interest via CDs, Money Markey, and Savings.  Then in year 3 you can get some great cards with great rates and no AFs.  

Hope any of this helps.

[daytrade5]

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@Anonymous wrote:

Well hello there! I'm looking for sub prime credit cards for someone like me (598 Tu, Ex Fico 603(PSCEU), Eq Fico 602).

I currently have an

1. Orchard
2. First Premier

I'm already getting 8 secured cards over ther summer, so right now I'm just tyring to expand my unsecured credit base. Thanks!

tl;dr: What are unsecured credit careds for subprime credit?

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8 secured cards is alot. I would go with only 3 (10k each) at the most, that way you'll have less accounts to close later on.

[Anonymous]

If I had six secured cards I'd have to get two more just to service the AF's from those puppies. 

[Anonymous]

You also may want to look at credit union secured cards.  NASA FCU is advertising a secured visa that can get as high as 30k secured (with no AF sweet).

https://www.nasafcu.com/credit-cards/

You may have to join one of their member assoications before you can open an account.

https://www.nasafcu.com/membership/associations/

[bichonmom]

I'm not familiar with NASA FCU. Took a look at their website. Does anyone know which CRA they pull, or if they pull all 3? What are their requirements for approval?

Thanks!

[Hopelives2]

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@Anonymous wrote:

You may have to join one of their member assoications before you can open an account.

https://www.nasafcu.com/membership/associations/

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THANK YOU!!  I'm such a nerd/geek/science weirdo, that I'm joining one of the associated organizations just for it (and subsequently, Nasa FCU).

[creditguy-378]

go for a secured wells fargo card you can get one if you open an account and the max deposit you can put is 25,000 try it out