Okay, I made mistakes in college and am in the rebuilding process. I even messed up with Orchard and First Premier and both of those were charged off (and paid in full) and closed. I've had a WaMu, and Cap1, and First Financial Bank, my horrible record with them is still fresh and clear in their minds too. My scores are in my siggy - would my best bet to try to re-establish a positive revolving line be with a secured card?
Message Edited by Helena_313 on 09-24-200807:35 AM
Secured is the way to go to start rebuilding. I have a secured card and it reports to all three CRA's. Since I have only had the card four months now, I still am not qualifying for any unsecured cards. But hopefully once I get a real FICO score it will be good enough to get a few unsecured cards.
Orchard. Their customer service isn't the best, but they report to all three CRA"s and to me that was a deciding factor. They also report as a credit card, not a "secured" credit card on the reports. (Some banks report a secured credit card as a "secured credit card" on the reports.)
laz98 wrote: how does it look to creditors to have "secured" on your report?
a bit risky, i'd imagine...
but there are many other things they'll look at that may weigh more heavily, on it's own prolly not a deal breaker, but it depends... also, if the card 'graduates', this notation is likely updated to reflect 'cc' instead of 'secured cc'
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2 EX 08: AFCU, Amex, Chase, PSECU EX 98(?) TU 08: Barclays, Discover