Credit Cards to Re-establish

Merrickbank, Juniper Bank, possibly Washington Mutual, Capital One.
Or go to a site which advertises cards for people with lousy/no credit. But read the terms carefully - most have ridiculously high annual fees and so-called "participation" fees. And of couse loanshark level interest rates.

 

Does your husband have some good credit card accounts? If so, he should make you an authorized user on them.

You might try a secured card from Bank of America. I think they unsecure after a period of time.

 

Don't think the "authorized user" status will be reported/scored anymore in the near future. Somewhere I read that beginning next year, only about 6 weeks from now, creditors will not report authorized users anymore.

 

That's what a lot of people are saying. However, it is illegal for them not to consider the account of a spouse.

Read here a lot more and you will see the discussion of FICO 08. Doesn't look like it will be anytime soon, if at all.

Since this is a spouse, they will HAVE to consider AU accounts.

 

What you read is completely wrong. Moreover, creditors will report anything they wish. It is Fair Isaac which suggested a change in their scoring model that probably won't happen and if it does, will likely be shot down quickly.

To the OP, you can "purchase" these types of services but, I'll probably get flamed for saying it. I'm going to suggest it anyway because you can't get anything with your scores (unfortunately). I think even First Premier requires a few good "open" accounts. Going the secured card route (if you can get one through National City) will take some time.

 

You might want to check into Crown Jewelers, they have crappy jewelry but do report to the CRA's. Easy approval for even the worst credit. I think they stopped reporting to Equifax but they still report to TU & Exp on mine. I think you buy a crappy pair of earrings, pay it off then they report.

They are really only good with the credit challenged who have trouble getting approvals.

Merrick for the Hooters card is a possiblity, I was denied by them starting out but alot of other credit challenged peeps got it. I got Target Red card however & others didn't. So your mileage may vary. Juniper/Barclay's is crazy, I don't recommend them but others like them well, they recently dropped my CL from 1500 to 500 for no reason on a perfectly managed, 0 balance, never late account. If your into banks with psychosis then Barclay's is for you, lol.

I started with the Orchard card. If the selector is only showing the secured maybye you could call them? I got a unsecured with a 49 annual fee & a 300 CL.

It's almost a year old so I will be asking for the AF to be waived or close it.

Just be very selective what you app for, the inquiries will stay for 2 years.

Just start with what you can get, it will build from there. It takes time.

A word of advice? Don't get app happy, I am currently serving time for too many apps in my quest for a cash rewards card. Just get some approvals, use them wisely & let them age for at least 6 months or so, then you can evaluate trying for some better ones.

Best of Luck
Tegleg

 

Newspapers, TV reports, have conflicting info on the FICO 08 proposal. Creditors might continue to report authorized users' activity, but won't be scored under FI anymore.
My personal opinion about this: It's a conspiracy between creditors and whoever/whatever to rid the world of authorized users and force authorized users into becoming joint users. You have to remember, creditors and their collection goons can now go only after the original applicant and card holder, but not againat the authorized user.

 

Any scoring model which doesn't calculate an account which an applicant is permitted to use is illegal pursuant to the ECOA. More importantly, any entity which uses such a model is liable thereunder. That is why FICO 08' won't happen but, if it does, no one will use it or use it very long after a good stream of class litigation.

There is nothing conflicting about that. It is common sense.

 

Apex is correct. I include my wife on all my cards and she does the same for me.I consider it a added benefit since we are in a community property state. Fico will be hammered if they or anyone refuses to include au accounts of spouses.

 

The way I read the whole issue is that AUs will still be reported, but NOT scored, as/like the primary cardholder is

 

But what Apex and others are trying to tell you is that the ECOA makes it ILLEGAL to not consider the credit in scoring if you are an authorized user on a spouse's account.

That's why it will probably never happen. Every spouse who has an AU account will have a cause of action against whoever uses scoring that excludes the AU account. So they may say they're going to do it, but if they do they will quickly be sued.

 

credit cards

Any credit cards for credit score in low 500's ?

 

Secured, First Premier, Orchard, and some others that are less than desirable.

 

There are links here on this board for establishing or reestablishing credit. While they may not be the best deals in the world, it's a place to start.

Make sure you understand the fees, keep your balance below the credit limit, and pay on time every month.