What card to try for next?

[egzen75]

I'm trying to help my brother's credit situation and this board had been invaluable. He has a 650 Experian, several collections and late payments from 3-4 years ago, has had a Cap One card with $1000 limit paid on time for 1 year.

I recomended he try for a B of A secured card and got denied. What should we try next? SInce he already has an unsecured with perfect history, I was surprised he was denied for a secured card but I guess B of A is very picky.

Any advice would be appreciated!

[FastForward]

If his credit profile/score is similar (or better) on his TU, he may be able to qualify for the Barclay Rewards card (for average/good credit).  IMO, that is one of the better cc's out there for those rebuilding - with 2% cb on gas/groceries/utilities, no AF plus a 2500 sign on bonus (equivalent to $25 cb/statement credit).  Both DH & I were able to get approved for this card with TU scores in mid-600's & some baddies a few years old (actually, a recent charge off still shows on my DH's CR). 

The Barclays Rewards card seems to have more lenient underwriting terms.  However, not sure if your brother's thin credit profile would be a major factor.  Barclays also appears to be very inquiry & new accounts sensitive.  So, if he decides to go with Barclays, he should be aware of that - especially with having a newer, thin credit profile. 

Also, your brother may want to consider a store card - just to add a 2nd (or 3rd) TL - at a store he frequents on a regular basis or perhaps Walmart for the free monthly FICO score. 

Anyway, just a couple suggestions.  With just 1-2 more TL's, this should be more than sufficient to build his credit profile over the next 6-12 months.  Hope this helps!

[FastForward]

By the way, just wanted to ask -- has your brother inquired about a CLI or even a PC w/Cap1?  With 1 year of positive history, his card may qualify for a higher CL & perhaps a better card w/cash back (i.e. 1.5% cb for everything on Quicksilver) or a lower interest rate.

If he hasn't tried already or recently, he should contact Customer Service or the EO for Cap1 & inquire.  For a CLI, Cap1 would do a soft inquiry & if he's able to raise his CL, this may help him get higher inital CLs in the future with other lenders (after the Cap1 TL updates on his report).

PC'ing to the QS card and/or getting a lower interest rate would be financially beneficial for him as well. 

[Creditaddict]

I would try to recon the secured BofA Card.