Updated, Scores up! What is a solid general credit card to start rebuilding credit with

[Anonymous]

Hi everyone.  I have had cards, but haven't had or tried for credit in several years due to my economic situation. I do have some bad marks on my credit that I am working to get resolved. I now have two cards, one is a Walmart card the other is Care Credit.  I was surprised I got an approval from either. I considered applying for Target also, but I don't want to overload my CRs with inquiries in too short of a period.

I have a few questions.

#1 Is GECRB easier to get credit with as opposed to most banks (ie, do they give credit to just about anyone) ? 

#2 I have a small student loan with Discover, but am recently out of student status so I have not started to repay it. Would this work in my favor when applying for a Discover card, even though I haven't paid anything on it yet? 

#3 What is a good general card to rebuild credit? 

Thanks for reading. 

Lily

I checked my FICOs in the last few days and I had some lates fall off from Feb 2011. My TU FICO is showing as 737, it is the only one that allows me to refresh. Before the lates my TU was 687. I can't refresh my EQ/EX scores because I'm using the trials on SW and the EX website for the next few days. Last check (about a week ago) they were: EQ 629 and EX 603. 

I considered applying for Discover or maybe a Chase card. Guessing that my other scores have also jumped, can anyone advise on which card or cards would be a good attempt for me at this time? 

[trix_r_4_kids]

Personally, I'd recommend Capital One.  They will HP across all three bureaus, though.  You can go to capitalone.com to do a pre-approval.  Just enter your info and they will match you to a card.  Best case scenario, you will get their basic credit steps card.  Worst case scenario, you will get their secured card.  I started with their secured card ($200 credit limit/$49 deposit).  Despite how others on the forum may feel about this card and Capital One, it has not been a bad card.  I've had it for a year now and I believe it's had a positive impact on my score.

[Anonymous]

Thank you, I will check it out. I'm not going to knock a card I can get a second chance with. 

[trix_r_4_kids]

Keep us posted!

[dodgerslv]

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@trix_r_4_kids wrote:

Personally, I'd recommend Capital One.  They will HP across all three bureaus, though.  You can go to capitalone.com to do a pre-approval.  Just enter your info and they will match you to a card.  Best case scenario, you will get their basic credit steps card.  Worst case scenario, you will get their secured card.  I started with their secured card ($200 credit limit/$49 deposit).  Despite how others on the forum may feel about this card and Capital One, it has not been a bad card.  I've had it for a year now and I believe it's had a positive impact on my score.

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+1...I agree, try Cap1, they are good with giving people credit who are rebuilding and/or no credit. You can also see if your local bank or CU has a secured card, if not, BofA is good bank to start with for a secured card. Maybe after six months of established credit, i would try GE bank say Walmart. They provide with a free monthly TU 08 Fico score.

[Anonymous]

Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card. 

[dodgerslv]

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@Anonymous wrote:

Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card. 

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you welcome and dont feel bad, i said the same thing as im sure many others here share the same feeling. Just keep your head up and you will reach your goals.

[trix_r_4_kids]

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@Anonymous wrote:

Will do. I wish I'd known about this site years ago. Doesn't Capital One own Orchard as well as HSBC? I was reading another post that said if Capital One declines then they downsell to an HSBC card. 

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I don't think so.  The downsell will be their secured card.

[Anonymous]

Yep. Cap1 is a bank to try for rebuilding. I would apply for their Cash Rewards card for average credit. 1% cash back on everything plus 50% cash back on the cash you earned over a year. I've earned $140 since July.

[thom02099]

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@Anonymous wrote:

Hi everyone.  I have had cards, but haven't had or tried for credit in several years due to my economic situation. I do have some bad marks on my credit that I am working to get resolved. I now have two cards, one is a Walmart card the other is Care Credit.  I was surprised I got an approval from either. I considered applying for Target also, but I don't want to overload my CRs with inquiries in too short of a period.

I have a few questions.

#1 Is GECRB easier to get credit with as opposed to most banks (ie, do they give credit to just about anyone) ? 

#2 I have a small student loan with Discover, but am recently out of student status so I have not started to repay it. Would this work in my favor when applying for a Discover card, even though I haven't paid anything on it yet? 

#3 What is a good general card to rebuild credit? 

Thanks for reading. 

Lily

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Another option to consider, in addition to the excellent suggestions of the others, is to simply call Discover and take advantage of their outstanding customer service.  Since you already have a relationship with Discover with your student loan, call and ask them about options.  Give them your scenario and ask how Discover could enhance your plan to grow your credit.  Schmooze 'em a bit, tell them you'd like to enhance your relationship with Discover.  You may be pleasantly surprised by what they may offer.  It's worth a shot, and I think Discover will work with you, or may suggest that you get rid of the baddies on your report and come back when they are gone.  They may offer other suggestions as well, they are that good.