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Help me pick a card.

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Fixin_to
Established Member

Help me pick a card.

I have been using tools here to rehab my profile. I paid and settled, disputed, and removed medical collections. I have raised scores 70-80 points in 3 months. I am 659 Eq 648 TU 646 Exp. I settled with Discover that will fall off anyway 6/23 I believe. Where do I start? Not a fan of credit one. TIA 

Message 1 of 11
10 REPLIES 10
GatoradeZeroGuy
Valued Contributor

Re: Help me pick a card.


@Fixin_to wrote:

I have been using tools here to rehab my profile. I paid and settled, disputed, and removed medical collections. I have raised scores 70-80 points in 3 months. I am 659 Eq 648 TU 646 Exp. I settled with Discover that will fall off anyway 6/23 I believe. Where do I start? Not a fan of credit one. TIA 


have you paid down all of your outstanding balances to $0? 

I would try Capital One get the Platnium over the QS1 if they offer you both, see if Mission Lane will offer $0 AF and perhaps Petal 1

Starting FICO 8:

Current FICO 8:

3/6, 5/12, 14/24

Message 2 of 11
FLLGuy
Frequent Contributor

Re: Help me pick a card.

If possible, any military members in your family, if so then go for NFCU (Navy Federal Credit Union) start with the secured card deposit $200 (minimum) and it will grow exponentially with careful management.  All you need is 3x revolving credit cards for AZEO despite prime or subprime you don't need super high limits at least for now until your scores grow over the next 6mos to 1yr. 




Message 3 of 11
MileHigh96
Frequent Contributor

Re: Help me pick a card.

PenFed is a nice option to try out. Establish a relationship with them by opening a savings account and then maybe give it 30 days and then apply for one of their cards.

Also, have you set up an account with Credit Karma? They aren't good for scores, but they are very good for getting alerts about changes to your credit reports (TU and EQ) in pretty much real time. Plus, they can have invitations to apply for cards that you can't apply for without an invitation. That's how I got my invitation to apply for my Ollo rewards card as well as my Mercury and Best Egg cards. If you can get an invite to apply for the Ollo rewards with no AF, it's a pretty decent card.
BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Closed accounts:
Message 4 of 11
Fixin_to
Established Member

Re: Help me pick a card.


@GatoradeZeroGuy wrote:

@Fixin_to wrote:

I have been using tools here to rehab my profile. I paid and settled, disputed, and removed medical collections. I have raised scores 70-80 points in 3 months. I am 659 Eq 648 TU 646 Exp. I settled with Discover that will fall off anyway 6/23 I believe. Where do I start? Not a fan of credit one. TIA 


have you paid down all of your outstanding balances to $0? 

I would try Capital One get the Platnium over the QS1 if they offer you both, see if Mission Lane will offer $0 AF and perhaps Petal 1



Thanks for your time. I have 0 balances/ utilization. Discover reported as I9 a lender told me from settlement. Reporting as a charge off and paid less. Cant wait for it to fall off lol. Anywho, only things open are car loan, mortgage, and student loans. Simulator says 30 pt increase if I get a CC. Cap one or NCFU in your opinion? Do I apply for both now at same time? I also need to refi my high rate car loan. Can I do all at same time?

Thanks so much

Message 5 of 11
Fixin_to
Established Member

Re: Help me pick a card.


@FLLGuy wrote:

If possible, any military members in your family, if so then go for NFCU (Navy Federal Credit Union) start with the secured card deposit $200 (minimum) and it will grow exponentially with careful management.  All you need is 3x revolving credit cards for AZEO despite prime or subprime you don't need super high limits at least for now until your scores grow over the next 6mos to 1yr. 



Thanks for advice, I think I can get in because of living near military base. I will pull it up and check. Thanks for the suggestion.

Message 6 of 11
Fixin_to
Established Member

Re: Help me pick a card.


@MileHigh96 wrote:
PenFed is a nice option to try out. Establish a relationship with them by opening a savings account and then maybe give it 30 days and then apply for one of their cards.

Also, have you set up an account with Credit Karma? They aren't good for scores, but they are very good for getting alerts about changes to your credit reports (TU and EQ) in pretty much real time. Plus, they can have invitations to apply for cards that you can't apply for without an invitation. That's how I got my invitation to apply for my Ollo rewards card as well as my Mercury and Best Egg cards. If you can get an invite to apply for the Ollo rewards with no AF, it's a pretty decent card.

I am on CK. I am pretty sure I have Ollo listed, I had never heard of them. Glad to hear you like them so far. Are limits pretty decent? 

Message 7 of 11
Fixin_to
Established Member

Re: Help me pick a card.

@MileHigh96 @FLLGuy @GatoradeZeroGuy 

 

Is Ally and Ollo same now? 

 

I am preapproved for-

Credit one Wander, American Express, 

Ally 

Upgrade

Mission

 

Can yall advise me on what constitues a "good" card? No AF, cash back percents, etc And should I go on app spree for refi car loan and 3 cc all at same time?

Message 8 of 11
MileHigh96
Frequent Contributor

Re: Help me pick a card.


@Fixin_to wrote:

@MileHigh96 @FLLGuy @GatoradeZeroGuy 

 

Is Ally and Ollo same now? 

 

I am preapproved for-

Credit one Wander, American Express, 

Ally 

Upgrade

Mission

 

Can yall advise me on what constitues a "good" card? No AF, cash back percents, etc And should I go on app spree for refi car loan and 3 cc all at same time?


Yes, Ally bought Ollo, so they are the same thing now.  When I first got my Ollo card right after my BK7 was discharged, I started with a $1500 limit.  About 6 months later they bumped it automatically to $2200 and then another 6 months later it got auto raised to $3700.  Interest rate varies on your credit, but so long as you don't carry a large balance often, it works great.  Plus the one I got has no AF and the cash back.  They also recently offered a 0% balance transfer that I took advantage of, so far I've been really happy with it.

 

I have two Upgrade cards and those are lines of credit and not traditional revolving cards.  And I also have a Mission Lane, but the one I got has an AF and high interest rates (I pay it in full when I use it though, so the interest rate doesn't matter) but they have only bumped my credit limit once and only by $100 ($1000 to $1100) and it's my lowest limit card.  I will probably be closing it next year before the AF hits again.

 

If you can get cards with no AF (or other fees), that is the ideal situation, you just have to check.  As for the interest rate, that depends on how you plan on using the card.  Of course when rebuilding credit, you don't have a LOT of choice on low interest cards, so you are kind of stuck with what is offered.  But if you plan on paying off your balance every month when you use it, then the interest brate could be 40% and it wouldn't even matter.  It all depends what you want out of a card.

 

You can also go to the CapOne prequalify page and see if they will offer you a card.  I burned them in my BK7 so it took awhile before they let me back in at 10 months post discharge.  But now I have 3 of their cards and they are all cash back rewards cards.  So even if they don't have an offer for you, you can check back with them every few weeks to see if it has changed.

BK7 discharged - 06JUL2021
Loans:

Revolving Accounts (in the order they were opened):

Closed accounts:
Message 9 of 11
FLLGuy
Frequent Contributor

Re: Help me pick a card.

I'd vote for the OLLO card since there's no AF, had it myself and just recently retired it.  Also, Mission Lane has also treated other folks fairly during rebuild.




Message 10 of 11
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