Can anyone suggest a secured or unsecured credit card to help me start building credit. I have a few charge-offs, and 1 judgement. They will (if all goes well) be going off my credit report in the next couple of years so I want to work on rebuilding my credit in the meantime. I just got a secured Visa from Wells Fargo. Should I try to get at least one more card. I will pay this card off monthly and just use it to build credit. thanks! By the way, my FICO scores are in the mid-600s.
I started with Capital One, they're great for rebuilding, my scores were in the low 500's and I got a $200 limit.....good luck!
Thanks. Is it secured or unsecured? Also, do you know what sort of annual fees, etc. you paid? Does anyone else know if I might be eligible for a better card with mid-600s fico.
Capital One has both secured and Non-secured, mine was a no security deposit and if you call and ask, they actually waive the anually fee, they did for me, it's now my oldest line of credit from 1999 and I got it to a $2000 limit within 2 years......via pfb If you have derogs on your report, don't waste inquiries trying for better, it'll just knock your score, trust me I know.........Capital 1 was my only card for over a year, then I got another Capital 1 card and combined the limits, $400, then asked for in creases....now I have citibank, amex and many stores cards, autoloan and mortgage....I used to have sh!t, it takes time, just take it slow and within in a couple of years, you'll be back on track.......
Thanks. What is pfb? Sorry, I'm just starting this process. So you got an unsecured card with your FICO in the 500s?
Also, I was just looking for the card online that you mentioned (Capital one) and only see one for "excellent" credit. Could you direct me to the one you have suggested? Thank you for helping me out. I truly appreciate it.
If you apply for the one for "excellent credit", you'll likely get denied, but it'll immediately come back(in most cases) and say "however, we'll approve you for this card, do you accept"? Just click yes and it's guaranteed.
Thanks. So, I just want to be clear. Is it in my advantage to have more than the secured VISA that I just got ($300 credit limit)? Would also having a secured Capital One Visa add more points to my FICO in the long run, assuming that's it's paid off monthly. Or is my existing secured credit card going to improve it as much anyway?
You WILL need more than one bank card to rebuild your credit. Cap One plus a secured card sounds good. I would also suggest a gas card. If you're in the mid-600's, you can probably get one. You don't want to apply for too much credit, or the inquiries alone will make it self-defeating. On the other hand, credit reports were meant to be used. It won't hurt you to apply a few times a year. When your derogs drop off in a couple of years, it will make a difference what you've been doing in the meantime. If you have several aged tradelines by then, it will just be that much easier to get prime credit. Wishing you credit success,
Re: Re: Suggestions to rebuild cred As far as gas cards go might I suggest a Chevron card (assuming there is a Chevron anywhere near where you live / work). You apply online, and in 7-10 days get either a card in the mail, or a denial with the offer to take their "Credit Rebuilder" card. I got mine with a $200 limit, non secured, no annual fees. They will freeze the account if you don't make the monthly minimum payment on time, but it will be a reported tradeline, and after a few years of excellent history with them you can easily have it upgraded to the full access card. I agree with the other poster, a secured card, plus a Capital One (or Providian) unsecured card and a gas card is about all you need for rebuilding. Keep that, and then in 1-2 years or so, once you've built good history with them and much of your bad notations have fallen off your credit report, contact the secured card to request it be un-secured. If they refuse, cancel them plain and simple. With most of your baddies fallen off, and 2 years of recent good history with an unsecured card (if you did get Cap One, your limit by then should be 1500 - 2000) you should have no problem replacing the secured card with an unsecured. The thought of trying to get the secured card un-secured by the provider, is that it should then show the original date that you opened the secured card, so the tradeline will have aged. Good luck! ChrisB
If you are looking for an additional secured card, I would suggest getting one at Bank of America. You can open for as low as $250 security deposit. You can print their application form from their website.
Wow. Thank you so much for taking the time to help me out with your all of your information. It has proven so far to be invaluable. In just one week, I have done more for my credit than I have done in years because I was ignorant and scared. I got all three of my credit reports, sent two CAs validation letters CRRR yesterday, got a secured card, and applied for a Capital One card. It feels good to be one the right track now. Cheers!
American Pacific Bank has a great secured card.They also do not report it as being secured. Go to: apbank.com
Re: Re: Suggestions to rebuild cred Hmmm, I took your suggestion and applied for a chevron account. They turned me down and didn't write anything about a secured card. Do you know if they are still offering secured cards? thanks. boo.
Re: Suggestions to Rebuild Credit Lisa, Actually, we've got that one covered. You can: (A) Call Chevron and ask them about the Credit Builder card, which as far as I know requires no deposit but does involve an annual fee; or (B) Wait a while and apply for a different gas card like Shell, Citgo, 76, Sunoco, etc. The first three are Citibank gas cards, and may be easier to get at an early stage than Chevron is. Sunoco used to be famous as one of the easiest to get. Just to be safe, my definition of "a while" is at least 90 days. Wishing you credit success,
Re: Suggestions to Rebuild Credit thanks for your feedback. Chevron didn't offer me a secured card in their letter decling my app, but I'll look into secured anyway.
Re: Suggestions to Rebuild Credit Got it with a $300 limit. It's cool to see my FICO raise! thanks for your advice.
