Subprime

[radfam]

Husband and I are in rebuild.  We have a lot of work to do.  He has no revolving accounts, no credit cards at all.  We are working on that today.  Went to the Cap1 prequal site and he did not prequalify.  His Fico8 is 642 but does have a foreclosure on his report.  I didn't want him to waste a HP with a cold apply since he didn't prequalify.  He has prequalified with Credit One (I know....).  Should he pursue Credit One or wait unitl he pops up Prequal for Cap1?

[MrDisco99]

Even a secured Cap1 card would be better than a Credit One card.  I'd blow that HP on Cap1 first.

[Anonymous]

Credit One is a shark.  Have you considered applying for a secured card C1,  Discover  and Bank of America all offer secured that can graduate to "regular" cards.  How old is the foreclosure?   My daughter had a short sale from her divorce.  At 3 years? she got C1 QS, at 3 1/2 Amex and 5 Chase. she had no lates but the actual short sale. Her limits are still low relative to her income.   My daughter did NOT go the secured route. I had suggested she go the secured route when she divorced but she did not follow my suggestion. 

[sjt]

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@radfam wrote:

Husband and I are in rebuild.  We have a lot of work to do.  He has no revolving accounts, no credit cards at all.  We are working on that today.  Went to the Cap1 prequal site and he did not prequalify.  His Fico8 is 642 but does have a foreclosure on his report.  I didn't want him to waste a HP with a cold apply since he didn't prequalify.  He has prequalified with Credit One (I know....).  Should he pursue Credit One or wait unitl he pops up Prequal for Cap1?

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I think you would be approved for a Cap1. Also, look into US Bank and credit Union. US Bank focuses on debt to income ratio and not really scores.

[BurgeoningHope]

My husband had a much lower score than that, including a foreclosure, repo, and medical bills, and was able to get the Discover secured. GREAT rebuilder card, and not an awful one to have around in any case. Double rewards the first year, and if all payments are made on time, you get your deposit back in Month 7.

I will recommend this over Credit One any day of the week and twice for Sunday Dinner (which you'd get double points for if you had it at a restaurant )

Edited to add WELCOME!

[radfam]

Thanks everyone!  If he cold apps Cap1 Plat and doesn't get approved, but applies for Cap1 Secured on the same day, will it be two HPs?

[BurgeoningHope]

I don't know, but I can tell you that I've found their customer support to be very helpful. Might be worth a phone call!

[Anonymous]

I think it'd be 2 HP's for CapOne

Let me ask...why not Discover Secured? They're really good and usually after 7 months you get unsecured.

[Anonymous]

And by 2 I mean 6 (3 HP's 1 for each CRA, and they'd do that twice). Not saying for sure but that's what I'd assume. Just letting you know since CapOne is notorious for triple HP's.

[radfam]

I think Discover Secured is definitely an option.