What CC is good for rebuilding? Any suggestions?

[MarineVietVet]

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@Marv94 wrote:

I would not utilize Capital One for rebuilding; I have two of their cards, but didn't know until yesterday that they only report to the CRAs quarterly, and not monthly.

Try somebody who reports monthly.

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My oldest card is Cap 1 (12 years) and as far as I know they've never missed a month in all that time. Perhaps it depends on the type of card one has. I don't know.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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[Marv94]

I was told that by one of their CSRs earlier this morning; I'll call them again this evening when I get home, and send them an e-mail for good measure.

[Anonymous]

They report every month like clock work. 

[haulingthescoreup]

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@Marv94 wrote:

I was told that by one of their CSRs earlier this morning; I'll call them again this evening when I get home, and send them an e-mail for good measure.

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Hi, welcome to the forums!

I have found that CSR's will cheerfully tell me all sorts of things regarding reporting schedules, inquiry pulls, and so forth, and it's generally quite wrong. Discover CSR's still seem convinced that Discover reports every Friday. Ummm, no, it doesn't.

[sherrrm]

I opened a First Premier about 6 months ago and even though the annual/set up fees bite the big one, my score score has jumped 70 points in 6 months. Also, I just got approved on a Orchard Bank which also has annual fees. I heard Hooter's is good too but I got TD'd (I'm guessing because my lack of trade lines?)

[Marv94]

Capital One informed me via e-mail that they do report to the CRAs every month on the date after my statement's closing date.

I guess those telephone CSRs of theirs in edited or wherever don't really know their product!!!!!

Edited...here's info on Call Center Frustrations. - llecs, myFICO moderator

[OptimalFICO]

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Xeoz

Visitor

Really? Where did you hear this? I haven't heard anything to this effect.

I have a WF secured card and the whole point of the WF secured card is that they are supposed to convert you to unsecured in 12 months if you don't screw up (that's one of their biggest selling points). This is very distressing if true. I don't want to be stuck with a crappy secured card and (small) anual fee forever.

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Read this in posts here in the community and also verfied with WF CSR. I feel banks freezing secured CC conversions is an issue because the credit crunch is not likely to go away anytime soon and so you want to apply for a secured credit card that will still convert in a reasonable time period. IMHO it is unreasonable for banks to freeze conversions and CLIs across the board, indiscriminantly.

Go back and check out the article I referenced about questions to ask in considering a secured card. Note that I would never get a secured card that does not convert to an unsecured card (even temporarily) that has an annual fee if I could find a better alternative. You don't want to have to cancel the card down the road when it no longer makes sense to pay the annual fee. Again, both Digital Credit Union and Addison Federal Credit Union offer secured cards with no AF (annual fee).

I would also prefer getting a secured card with a high CL, if I could afford to keep the funds on hold, over getting an unsecured card with a low CL, say from Orchard Bank. My boyfriend got a card from Orchard after his BK -- it has an annual fee that they will not waive, even though he's had an excellent history with them for 4 years now. Their CLIs were very small and CSRs explained it was due to the type of card it was (for people with poor credit) so could only be increased a few hundred at a time, if that. He started with a $300 limit and it took him four years to get it to $2,300. Now Orchard has frozen CLIs so that's the best the card will be. He has now gotten a new credit card from Alliant Credit Union with no annual fee and once his FICO score is completely reestablished and can absorb the ding from closing Orchard, we'll do just that.

So personally, I would not go with Wells Fargo, HSBC, Capital One, Orchard, First Premier or that other bank that offers the secured cards for an application fee that doesn't unsecure.

Best wishes!

[Anonymous]

Unfortunately it's true. I have WF secured card and called them couple of days ago to convert as my scores are now very close to 700. I was told that the card is no longer eligible for the graduate program. They wanted me to apply for new CC and cancel the secured card. I declined the offer and then went and got USAA MC with $5K limit without any problems. I will just wait until I get mortgage later this year and will cancel the WF card then.