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Credit Builder Credit Cards

Blackswizz750
Established Contributor

Credit Builder Credit Cards

Hello folks, I see many posts about sct, synch approvals, cap1, and the infamous credit one, and secure cards. Can some tell me honestly which items are a go now. From the forums on here, the sct and sycn banks are not as flexible anymore. I don't want to keep getting HP if I will not get approved. Maybe I have jitters and on the fence on gardening. My scores are the following: TU 615; EQ 612; and EX 620. I have a few baddies such as recent later with AES. I have gotten those back on track. I recently got approved for a GM buy power card.
Message 1 of 13
12 REPLIES 12
rmduhon
Valued Contributor

Re: Credit Builder Credit Cards

With those scores you should be able to get a Cap1 Platinum or Quicksilver One.
Message 2 of 13
mlc269
New Contributor

Re: Credit Builder Credit Cards

In my opinion, Capital one is very fair to people rebuilding credit. Some of the other lenders take advantage of your situation and strap you with exorbitant fees right off the top. Carefully read the terms of any rebuilder card before accepting it. Some of the ones with the exorbitant fees are still advantageous for some people, but you are essentially paying for them to report, not getting useable credit to build from. 

Message 3 of 13
grillandwinemaster
Valued Contributor

Re: Credit Builder Credit Cards

The above posters have given you excellent advice. Just keep one thing in mind, if you just opened the gm card, cap1 may not approve you for another card until After you have at least 6 months of positive history. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 4 of 13
RandomForumGuy
New Visitor

Re: Credit Builder Credit Cards

I'm in the same general score range you are,(when I got decent util) even a little lower.  I was approved for a CapOne plat with a mid 577, and some baddies(old CO, lots of old SL lates).  Let a high util statement cut, so i had a score drop  but just got approved for a merrick card today(not great but i was thinking about a secured to get two more credit lines, so i look at it as a $120 secured card after fees).  credit one keeps bothering me with emails but having no grace period is kind of crazy to me.

 

try some prequals and see what comes up, but ignore discover.  I got prequaled for it, but the denial letter i got pretty much laughed me out of the building with like 9 reasons lol.

 

Also, the "trick" of the sct is its a soft pull, so dont worry about INQs.

 

 

oh yeah, i think capital one has a one card every 6 months policy now, not sure if the GM card falls under that.  Someone more knowledgeable might know better.

 

good luck.

Message 5 of 13
Blackswizz750
Established Contributor

Re: Credit Builder Credit Cards

Thanks for the advice.The SCT cards can help. I will not go nuts.
Message 6 of 13
rmduhon
Valued Contributor

Re: Credit Builder Credit Cards

I don't think the Buypower card counts in the new 6 month rule. My last Cap1 card was in late March and I got my Buypower card in early August.
Message 7 of 13
tricie17
Frequent Contributor

Re: Credit Builder Credit Cards

When in a stalemate, these credit builders will help however with your history of obtaining a better card, just garden for a while for some history.  You do not have to rush.

Starting Score: 544
Current Score: 661
Goal Score: 700


Take the myFICO Fitness Challenge
Message 8 of 13
Ironbull
Established Member

Re: Credit Builder Credit Cards

IMO the shopping cart trick is just that, a trick. It can do more harm than good in the long run when you're trying to get good cards. If you must, I would suggest picking only one card you would really use for the SCT. There are many stories on here expressing they wished they hadn't gotten all them useless cards.
Message 9 of 13
Blackswizz750
Established Contributor

Re: Credit Builder Credit Cards

Thanks Ironbull. I thought about this last night before settling on Wayfair(I will use this for my home) as we are replacing several large items pretty soon. It gave me 750 SL. I will stop at this one as Sportsman Guide didnt do a pop up. I read stories of folks having over 20 of these cards and having them maxed. To the garden I go. The solf pull is nice and I will have to deal with the AAOA.

Message 10 of 13
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