What is the "best" debit card credit builder to help my FICO score?

[MissRose]

I'm sorry if this is the wrong place - I just made an account and am only now learning about what a FICO score is, and trying to figure out how to build my credit. (I have terrible credit due to bad decisions in the past - several unpaid credit cards that went to collections).

Anyway- I've been trying to research debit card credit builders. I don't trust myself with another credit card, whether or not I qualify (my score is above 600...barely).

I'm talking about: Extra, Sequin, and Zoro. There might be others. Will any of those actually help my FICO score? Is it worth trying to use them? Is there anything else I can do other than get a credit card (that I don't want)?

[GZG]

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@MissRose wrote:

trying to figure out how to build my credit. (I have terrible credit due to bad decisions in the past - several unpaid credit cards that went to collections).

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To help with the goal of building your credit, I think starting with the bad decisions in the past is probably a more important first step than trying to stack credit-building debt cards on top of unpaid debt. 

How much do you owe, who do you owe it to and are you in a financial position to settle and pay off the people you owe? 

You can pull your report from here: https://www.annualcreditreport.com/

[OmarGB9]

Also I'm not sure that these debit cards would even report to the bureaus. 

[tnhomestead]

I understand the I don't trust myself, but the only way to improve your credit is to use it responsibly. 

Try for a small secured credit card, 2 or 300 dollars. Pay off the bad debts, do pay for delete if possible. Buy a candy bar/beer/milk/carrot once a month and pay it off. Then let your credit build slowly, when you feel better get a second card. You don't have to use them much, 10 bucks a month and pay until your in the habit of paying.

Worked for me, bet it will work for you.

[FireMedic1]

Put all the seeking ways to build credit to the wayside. List out your debts and lets see what we can do for you.

Creditor Name/ Credit Line/ Balance? Charge Off?

Collection Agency Name/Amount

Some CA's PFD

Best way to build credit is get the past in the past. Goodies dont outweigh the baddies.

[Suzette2]

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@MissRose wrote:

I'm sorry if this is the wrong place - I just made an account and am only now learning about what a FICO score is, and trying to figure out how to build my credit. (I have terrible credit due to bad decisions in the past - several unpaid credit cards that went to collections).

Anyway- I've been trying to research debit card credit builders. I don't trust myself with another credit card, whether or not I qualify (my score is above 600...barely).

I'm talking about: Extra, Sequin, and Zoro. There might be others. Will any of those actually help my FICO score? Is it worth trying to use them? Is there anything else I can do other than get a credit card (that I don't want)?

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As I just posted, I used self.  You secure with them.  They report to all 3 bureaus.  
They give you a 'loan' against the secured amount.  As you pay, they give you a visa against what you've paid.  Then you have a 'mix.'  I still have the card for aging 

[MissRose]

@GZG @FireMedic1 

OK I pulled the reports. EDIT: My current credit score is around 605 if it matters.

Anyway, this is embarrassing but hopefully this is what you're asking for? And just want to say in advance yes these are all true and are from me. It's a summary of all 3 reports. I'm not really in a position to pay off any of the accounts. We live paycheck to paycheck and I have 2 children under 2. Maybe the $266 one, but that's a collection, so would it even do anything? But that's why I was seeking another way to build credit, because I can't afford $1,000+.

Accounts and Balances Due

*Capital One (Credit Card - Revolving Account - Closed 6/18/20): $1,245 "charged off"

*JPMCB (Credit Card - Revolving Account - Closed 1/9/20): $1,399 "charged off"

*Wells Fargo (Credit Card - Revolving Account - Closed 2/5/20): $3,416 "charged off"

*Credit Collection Services - original creditor Laboratory Medicine (Collection Agency/Attorney - Open Account) Status; Collection: $266 10/16/20

*Resurgent Receivables LLC - original creditor Credit One (Factoring Company Account - Open Account) Status; Collection: $1,131. Delinquency first reported 11/1/20

*RevCo Solutions - original creditor (a hospital) Status; Collection: $2,594 Delinquency reported 4/16/20

Closed Cards (that didn't have a balance):

SYNBC/Care Credit closed 2/1/20

Macys/Citibank closed 4/1/17

SYNBC/Care Credit (a different one apparently) closed 4/1/16

CarMax Auto Finance closed 12/1/19

No hard inquiries.

Then I have about $35k in student loans that are like 8 different accounts, of which I have paid off very little. But they are all deferred right now. My debt-to-credit ratio is 91%. (Yikes).

I thought that paying off these types of things won't help my credit score? Or will they? I guess that's why I'm here. I have no idea about any of this.

[FireMedic1]

Getting credit as of now isnt going to make that past better. Its debt mode for now. Is there anyway that one of you or both can find part time work for extra income? Many easy jobs out there paying 15-17 an hr. $10,051 really isnt a lot of debt. So BK is out of the equation. If you can bring home $200.00 extra a week. In a year it can be paid off. Then scores go up and then you can seek cards then. Right now scores will follow as you pay down the debts. As my grandpa said. You got yourself into it. You can get yourself out of it. Just takes some discipline. It can be done.

[MissRose]

Right now my partner works 40-50 hours a week and I work 20-30 (online), I'm also the stay at home parent. We are saving up for a move across country right now, which is actually what made me start looking into credit scores. I think our next step is to check his out to see if it's any more manageable than mine. We are not married. So if his is better we will focus on his to raise it more. Thank you for the advice. 

[tnhomestead]

I think for a month or 2 you need more work. Almost anywhere I go, plants are hiring. If you worked part time at night or even better full time, in 2 to 3 months you get most of this off your back!

Around here, bs jobs are paying 16 to 20 an hour. 3 months would just about dig you out of the hole your in. The 2 of you work about what I do in a week. Add 300 to 600 a week, and you can clear this up! Good luck!