I tried searching for awhile for these answers in the posts, and they're either buried pretty deep or I just accidently skipped right past them (I honestly did look, if they're there please let me know where I am missing them) I am rebuilding my credit, I only have 6 accounts on my report, all negative in some way or other, my current scores are 583 583 and 640, although I hope they'll all be 640 soon since the only difference between 583's and 640 is an account that will soon be deleted. I was thinking of waiting until I get it to 640, then applying for a credit card since I have no open active accounts at all. So my two questions are: 1.) Is there a best credit card to restart my credit history with? (only want it for building credit, only going to use it for that purpose-lessons learned!) 2.) Is there a minimum FICO for each card to qualify? 3.) How will getting a new card affect my FICO immediately- will I take a significant hit for a brief period due to the hard inquiry, and for how long? I am hoping to get my credit up asap to begin getting in on the investor level of houseflipping with my friends who are very successful at it. Thank you in advance for your input, and for all the helpful info. on this site
Don't even bother trying to use credit cards as a means of building your credit. Using credit cards to do that is usually nothing more than a horribly costly process with banks who will do nothing but rip you off with high interest, low credit limits and high fees for everything. The way to rebuild your credit is to use the old 3 banks trick which you can find by clicking on my google docs link below. You will spend less than $100 and get excellent credit in the process. If you go through the process a couple of times it will still only take you about 6 months to build excellent credit. >br/> Why mess with junk cards when you can do it the right way for a lot less money? Then once you have used the 3 banks trick then apply for a couple of cards and you will be well on your way to a great credit score.
