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Tradelines for Rebuilding Credit!

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Contributor

Re: Tradelines for Rebuilding Credit!

$84 a year for a subprime card is quite a bit. Especially when it only reports to one bureau. Yes, it will do you a little good, but at a pretty high cost in the long run. The CL isn't important at this stage (as long as you keep your UTIL down). It's simply a matter of building up a track record of on-time payments that increases your score.

 

I admit that I have an OpenSky secured card with a $300 limit and an annual fee of $35, which isn't very good. A year ago my scores were in the high 500s and that card helped quite a bit so I understand where you're coming from. It's just that there are better options out there for rebuilders.

Message 11 of 16
Senior Contributor

Re: Tradelines for Rebuilding Credit!


@AboveAvgJoe wrote:

$84 a year for a subprime card is quite a bit. Especially when it only reports to one bureau. Yes, it will do you a little good, but at a pretty high cost in the long run. The CL isn't important at this stage (as long as you keep your UTIL down). It's simply a matter of building up a track record of on-time payments that increases your score.

 

I admit that I have an OpenSky secured card with a $300 limit and an annual fee of $35, which isn't very good. A year ago my scores were in the high 500s and that card helped quite a bit so I understand where you're coming from. It's just that there are better options out there for rebuilders.


x2

Starting Scores FICO 8 (Feb '18):
EX- 519, TU- 530, EQ- 545

Current Scores



Message 12 of 16
New Visitor

Re: Tradelines for Rebuilding Credit!

ADD:
New Coast Direct= 5k
DSX Design= 5k
Same deal as My Jewelers Club, you have to pay but it's so worth it to help keep utilization down😊
Happy Building Everyone!
Message 13 of 16
New Visitor

Re: Tradelines for Rebuilding Credit!

Similar to My Jewelers Club:
DSX Design 5k
New Coast Direct 5k
Happy Building Everyone!!
Message 14 of 16
New Visitor

Re: Tradelines for Rebuilding Credit!

I really get annoyed when someone makes a statement that lenders never use EQ, EXP or TU. Whomever gives merchant best deal is who they use as their goto.
Message 15 of 16

Re: Tradelines for Rebuilding Credit!


@OnMyWay2020 wrote:
ADD:
New Coast Direct= 5k
DSX Design= 5k
Same deal as My Jewelers Club, you have to pay but it's so worth it to help keep utilization down😊
Happy Building Everyone!

Thanks for the info OP for the info on so many cards i didnt hear about !!! Smiley Happy
Here is my experience...
DSX is Practiclly out of Business, they are no longer reporting and seems they had their credentials revoked. (lost more than $100 here).
Horizon Gold Card $30/mo fee seems to be huge and i feel there are other revolving cards out there

I got My Jewelers and got $5k but the starting cost is $200+ and report to all 3

I got Fingerhut for $0 and got $2.5K and report to all 3

I got Shopsimplio for $69/yr and got $3.5K and report to TU & EQ

Heard about NEW coast... But seems like another MyJewelers kind of $200+ to get started - Worth it?

Message 16 of 16
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