I haven't had a credit card for a long time and would like to open one up to rebuild my credit. The following are my FICO scores: TU 657 EQUIFAX 694 EXPERIAN 638 The reason they are low is because, I have an outstanding state tax lien that I'm going to pay off the end of the month then dispute. Should I apply for a secured card or a regular credit card? If so, which one? My friend suggested a credit card that gives points or money back. But does my FICO qualify for these? Also, should I wait until I pay off the tax lien and disipute it and then apply for the credit cards? Thanks in advance!
Post BK 7, i think i started with Orchard bank. There CC is usually pretty easy to get. Then i think i got the following CC's. Household bank capital one FNB Marin (creditonebank) Patelco credit union direct merchants bank merrick bank Appliedcard bank Another great way that i used to rebuild credit was to go to my bank. tell them i wanted to purchase a 1000 dollar CD, use it for collateral on a 1000 dollar loan. when you do this, make sure you tell them to make it a lump payment so you dont have to make set payments every month. you can make as little or as much of payment that you want to. so basically you walk into your bank with a 1000 and walk out with a 1000 and have a CD and a loan going at the same time. you can also go to a few more banks at the same time and do this, so you'll have a few loans going at the same time.
Thanks Led764 for the recs Which bank were you able to get the 1K loan? I'm in the San Francisco Bay Area. Can I do this at any bank? Also, out of all of the CC you got which do you like the best in terms of APR, points, annual fee, etc? ontrack, I have been getting offers from Household and Amex. I've just been shredding em up and throwing them away because, I wasn't sure whether I really would qualify for them because of my FICO score.
Just wanted to add a note that my FICO score was in the low 500's a few years ago when I frequented Creditnet and then I just left my accounts alone and let them drop off their 7 year mark. I messed up and filed my state taxes late and got a tax lien this year. Otherwise my FICO would would be higher. Hoping I can dispute it and take it off.
Start tracking the terms in your CC offers, to get an idea what rates you can expect with your FICO scores. Those offers are generated based on promotional inquiries on your credit reports, so they should be consistent with your scores, although if a company sent you an offer based on your highest score, they might still reject you based on info in your application or an actual review of your reports. Also investigate the reliability, customer service quality, and general reputation of any company before you choose to open an account with them. To some degree, you can see if there are complaints on consumer sights, but keep in mind the size of the CC operation, and whether the consumer's complaint is credible.
Lucky, I can't claim to be an expert, but I would think that you shouldn't have much trouble getting a card with those scores. Even your worst score is 638, which isn't great, but isn't the worst ever. What I can share is my experience. . . About a year or so ago, my FAKO scores were in the mid to upper 500s, and I did a little work. I really don't know what my fico scores are now (hence my post about the best way to obtain all 3 scores), but I do believe that my fako scores went to 610-640, and I got a card from Household Bank with a $69 annual fee (that I'm sure they won't charge me again with a well timed phone call next Spring). It offered 0% APR for a full 12 months, and then goes to a much higher rate, perhaps 19% or so (although I suspect that they will also be open to lowering that rate, considering that I am paying way above my minimum payment right now, and the other, better offers I am receiving). Right now, Washington Mutual has been sending me a preapproved offer at least once a week, but more like six times a month. No fees to get the card, 0% until May 2007, and then 9.99%, and some relatively decent benefits with the card. I should also say that before the Household card, I hadn't had any card at all in about five or six years, and after being approved for that, I went out and also got a Gap card and an ExxonMobil card. I pay both of these in full every month, on the day the bill is in my mailbox. I also applied and received a Macy's card that I have yet to use. Other gas cards rejected me though (too bad for them, since I spent $152 exclussively at ExxonMobil in the past month, and just paid them in full a few minutes ago). So, there's that. Hope that helps.
I have no public records, but my scores are lower than yours and I've been approved for: Amex One (which I love) Capital One HSBC Union Plus Juniper US Airways (gah the annual fee sucks, I shouldn't have gotten it) So, just a few suggestions.
Lucky888, you can go to any bank and do that type of a loan. And since you are in that area, i would definitely try Patelco credit union for a credit card.
Heck, I think I have the same household bank card as you with the annual fee of $69 dollars. How do you intend to not pay the annual fee next year? - Does anyone else also know ways to increase their limit? My limits are low and my balance is low but it won't go up. Is there a waiting period? Or do I need to chew someone out? What is the process? Anything will help. Thanks
I wait for at least six months after i get a card, then i ask for limit increases about every 3 months after. i usually get 100 to 300 dollar increases. as far as annual fees, when it comes that time i usually call them and ask them to waive the fee, most of the time they do. if they don't, i'll call back a few days later and tell them i want to close my account and they ask why and i tell them i cant afford the annual fee. usually works.
I just applied for the Orchard Card with the $69 fee and got a "response will be mailed within 7-10 business days" has anyone else gotten this message and gotten a card? or does it mean my FICO of 535 was too low to qualify? I dont have any open revolving lines and so I thought if I opened one and kept the balance paid,it would help boost my scores as time went on... Signed up for ExxonMobil and got the same response 7-10 days....
