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Which card if any?

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Which card if any?

Hey new to the forum and I'm currently trying to build my credit. My scores right now are Tu 614 Ex 603 and Eq 575 currently have 3 accounts in collections totaling less than 1000 dollars I have an auto loan being paid on time for 1 1/2 year and 0% Uti from a Walmart card just opened last month. I have an average of 12 hp on the three reports but most are from me searching for an auto loan recently. I'm looking for suggestions on what card would be obtainable with my scores and what suggestions you may have on raising my scores. Thanks in advance!!
21 REPLIES 21
Valued Contributor

Re: Which card if any?

The old go to Capital One comes to mind in your case. Check their site for any pre qualified offers on a platinum or a QS1. The pickings are slim with your scores at the moment so besides the bottom of the barrel fee loaded sub primes, you may not have a lot of options.

One thing you may want to consider is addressing the collections you have. A paid collection is always better than an unpaid one especially if you have to go the recon route. Check out the rebuilding section and look into possible PFD's on those collections.

In the meantime, continue what your doing and that's pay on time and build a good solid history. Use that Walmart card and pay it off, synchrony will treat you right if you do the same with them. With a little time and patience you'll achieve great things, good luck.
Message 2 of 22

Re: Which card if any?

Thank you for the advice, really appreciate it.
Message 3 of 22
Member

Re: Which card if any?

I would have to concur with just about everything credit guy mentioned. 

If you're looking for cards try the Capital One Quicksilver. The lower tier has an annual fee ($49), but it gives you 1.5% cashback on all purchases, 0% APR for the first year, and they up your limit after 6 months of positive credit behavior and no late payments. I started with this card over a year ago when I was rebuilding. My credit was around 620 and I was approved for $1000. Several months later they automatically increased the limit to $5000. To be honest this is the very best that I can think of with your score. It will give you the best versatility and perks with fair credit. If there's a store you enjoy shopping at you can apply for one of their cards, but they usually have lower limits.

 

Honestly, if you already have a card already try opening just one more, then maintaining them both. Credit utilization and on time payments can make an incredibly positive impact even in just a few months. Trying to open a bunch of cards at one time can be seen as you being desperate for credit by lenders, and they can refuse approval specifically for this reason. Barclay, for exampl, is notorious for this. With an outstanding balance in collections it would make things look even worse.

 

Remember there's no quick remedy to fixing the negatives on your credit report. The only thing that can fix bad scores is time and consistent positive behaviors. Always be honest with lenders, pay on time, keep utilization low and don't go too crazy on inquiries and I bet within the next year you'll see a huge increase in your score. 

 

If you try that Quicksilver card (or any other options) let us know how it goes.

Message 4 of 22

Re: Which card if any?

Thanks, I'm not trying to go crazy with the cards. Just looking to get one actual credit card to help build my history. I actually applied for a capital one card and was denied. Haven't received the letter yet so not sure of reason.
Message 5 of 22
Member

Re: Which card if any?

You can always call their recon number (1-800-903-9177)

Message 6 of 22

Re: Which card if any?

Thanks I called the number and was told to wait for the letter is that normally the process or are they just trying to get me off the phone?
Message 7 of 22
Member

Re: Which card if any?

Might just be trying to get you off the phone. There are people who have called within minutes of not seeing an instant approval and ended up getting approved by the time they got off the phone. Call them again after you get the letter if it's not approved. Just make sure you don't call a bunch of times. I know a few people have mentioned that they keep notes.

Message 8 of 22
Super Contributor

Re: Which card if any?

OP, which capitalone one card were you declined for? I agree to wait and get the letter and see what it says, then try a recon. 

 

you might want to consider going the secure card route. Do you have a banking relationship with bank of america, us bank etc? or if you have a credit union that you belong too, their are some good secured card options. 

 

Even the secured Discover It could be a good possibility as they even have a lower $200 dollar initial limit min. And after 1 month you can add more funds to the card. Its hard when you are starting out to rebuild. Usually capitalone is very forgiving though, so im surprised you got declined with them if you applied for one of their rebuilder cards. 

Message 9 of 22
Valued Contributor

Re: Which card if any?

Good suggestion ddemarie. If it was not a secired card you apped for, I would go for that, going by where your scores are. Great for building credit.
                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 10 of 22
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