cap one questions

[Anonymous]

I am trying to help my parents establish some good credit.  Only my dad works not my mom.  They have some collections and also some legal items would cap one approve for small limit? dont care about the interest rate.  My mom made some bad decisions and choices just trying to help them out any suggestions about cards or anything to help establish trade lines?

[shawnette]

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kvdss wrote:

I am trying to help my parents establish some good credit.  Only my dad works not my mom.  They have some collections and also some legal items would cap one approve for small limit? dont care about the interest rate.  My mom made some bad decisions and choices just trying to help them out any suggestions about cards or anything to help establish trade lines?

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Crown Jewelers will approve $1500 credit line with no credit check and reports to EX & TU. 

What are their scores?  Do they have ny positive credit?  How old are the collections? 

[Anonymous]

I believe both their scores are 588 the only positive I knkow off is that my mom is on my Line of Credit ( over draft ) at my credit union as a coowner from when i first got it like 8 years ago no lates or anything 1800 limit and paid off right now

[Anonymous]

also vehicle loan from 2000 with 3 30 day lates last activity 2005 it is paid and closed

If anyone has any suggestions as to what to do or what to apply for please let me know.

My dad did apply with my mom as a AU to their bank for a credit card they said will receive answer in mail in 2-4 wks so i geuss we will see...

Message Edited by kvdss on 04-24-2008 05:21 PM

[shawnette]

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kvdss wrote:

I believe both their scores are 588 the only positive I knkow off is that my mom is on my Line of Credit ( over draft ) at my credit union as a coowner from when i first got it like 8 years ago no lates or anything 1800 limit and paid off right now

You should have them pull their FICOs so that you know for sure.  The only place to get the real scores are myFICO.com.  Right now there is a promo code (7yrsale) that's good for 25% off.

Once you have their scores and reports, get to work on some of those collections andstart sending out GW letters for the late pays.  Honestly, 588 isn't too far away from 600, so you should see some good results fairly quickly.

Also, see if they can get a secured card from their bank or credit union.  Those are great credit card "spring boards".  And, like I said earlier, Crown Jewelers approves with no inquiry.  That's a $1500 CL off the bat.  I bought a ring for around $50 and in 6 months I'll buy another.  (They require a purchase to activate the account). 

Message Edited by shawnette on 04-24-2008 05:34 PM

[Anonymous]

yeah I have my dads credit report not my moms put they should be pretty similar.  Besides my line of credit on my moms credit and the auto loan on both of theirs there are no other positive trade lines.

Do you think places like capital one or homedepot or something will approve them at all?

[shawnette]

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kvdss wrote:

yeah I have my dads credit report not my moms put they should be pretty similar.  Besides my line of credit on my moms credit and the auto loan on both of theirs there are no other positive trade lines.

Do you think places like capital one or homedepot or something will approve them at all?

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Capital 1 might, but make sure you app for the "needs improvement or no credit" cards.  Home Depot probably will not.  Try Target or Walmart.

With pretty much no positive credit, I would say the secured card route is a definite way to go.  Is she a member of your CU where the LOC is?  I would suggest speaking with them (the CU), since the LOC has such a good history..

Message Edited by shawnette on 04-24-2008 05:45 PM

[Anonymous]

no not anymore bad history there also but they paid all of that off in payments last year and they told me that since they no longer owe anything at the cu they should be able to reapply there

[Anonymous]

So we applied for my mom for cap 1 and she got online approval thinking about doing the same thing for my dad...

Anyone any other card suggestions?