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Unsecured card for my husbands credit??

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cwwatts1202
Established Contributor

Unsecured card for my husbands credit??

Hi! I am needing suggestions for unsecured cards that may approve my husband. He has a 591 EQ FICO, no collections, public records etc.,  a $500 installment loan with a $311 balance opened June 1st with our CU (got it for car repairs), auto loan opened Jan 2012, never late, Fingerhut revolving $250 limit just reported a few days ago, cap1 secured $200 limit (he only had to put $99 down) hasn't reported yet but he's had it for about 3 weeks, he also has a repo on his CR from 2008, but that's the only negative thing. He was just rebucketed so his EX score dropped from 559 to 534 when his last 2 collections came off recently, TU FAKO dropped 27 pts as well, EQ has not dropped yet. I don't know his TU score, but his CR is the same all across the board except EX isn't reporting the FH revolving acct, according to info I got in the rebuilding forum FH doesn't report to EX. I've read 3-4 cards is best to have, so I'd like to get 2 more reporting if anyone has suggestions of who would approve him with this report/score. Thanks!! Smiley Happy

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Laugh
Frequent Contributor

Re: Unsecured card for my husbands credit??

The rebuilding forum may be better suited to answering your questions. I'm on mobile so I can't help alert the mods.

Anyways I hate to say this, but it looks like First Premier and other subprime cards are the only ones that will approve your husband.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 2 of 5
CEOriginal
Contributor

Re: Unsecured card for my husbands credit??

Try the shopping cart trick to see if he can get pre-approved for a store card!

If not, it's either going to be First Premiere or Credit One. Your best option is probably BofA's secured credit card. But like the poster above said, try the rebuilding forum. It helped me TREMENDOUSLY!


Scores as of 7/28/13: EX.683   TU.688   EQ.???
Message 3 of 5
Revelate
Moderator Emeritus

Re: Unsecured card for my husbands credit??

By your post your DH already has 2 cards reporting, and an installment loan as well.

 

That's a good setup for credit building, honestly I'd simply wait for six months to a year and let the magic of time and the power of thin file building help him in this instance.  Maybe one more card might help slightly (I went with 3 personally when I was in this situation), but it's a marginal improvement; odds are his scores are going to be north of 600 in six months, and possibly better than that even.  In a year I went from 561 to 646, and qualified for every decent card I applied for (Chase Freedom / Amex BCP being the two main ones).

 

Realistically, in six months depending how the numbers shake out you may have a shot at a decent unsecured card rather than something which isn't of much value beyond a tradeline farm.  Personally I would hang out for that rather than simply picking up whatever happens to be available. 

 

Outside of that the only thing I'd even consider doing in his case would be picking up a secured BOFA card with whatever the minimum deposit is ($300?) and have him run his financial life through that as an everyday card for the eventual graduation and likely CLI in a year; however, it really isn't necessary, he's in a good spot right now.

 




        
Message 4 of 5
cwwatts1202
Established Contributor

Re: Unsecured card for my husbands credit??


@Revelate wrote:

By your post your DH already has 2 cards reporting, and an installment loan as well.

 

That's a good setup for credit building, honestly I'd simply wait for six months to a year and let the magic of time and the power of thin file building help him in this instance.  Maybe one more card might help slightly (I went with 3 personally when I was in this situation), but it's a marginal improvement; odds are his scores are going to be north of 600 in six months, and possibly better than that even.  In a year I went from 561 to 646, and qualified for every decent card I applied for (Chase Freedom / Amex BCP being the two main ones).

 

Realistically, in six months depending how the numbers shake out you may have a shot at a decent unsecured card rather than something which isn't of much value beyond a tradeline farm.  Personally I would hang out for that rather than simply picking up whatever happens to be available. 

 

Outside of that the only thing I'd even consider doing in his case would be picking up a secured BOFA card with whatever the minimum deposit is ($300?) and have him run his financial life through that as an everyday card for the eventual graduation and likely CLI in a year; however, it really isn't necessary, he's in a good spot right now.

 


Thanks for the advice. The cap1 actually isn't reporting yet, but will be soon, so he'll have the 2 revolving accts reporting, but FH doesn't report to EX so I wanted at least get 2 reporting to EX and 3 to TU and EQ. I went ahead and pulled the trigger on kohls store and gymboree visa which is through us bank, no go on both Smiley Sad I figured he'd at least get a really low CL. I shop at kohls and gymboree frequently and the rewards would've been a nice plus. I may have him recon the gymboree visa/us bank. If he can't get that i'm gonna just leave it alone and garden the 2 he has. *Maybe* app for our CU CC. Usually CU are pretty easy, ive seen worse credit profiles get approved through NFCU and other CU, ours is a little local CU.

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