Credit cards for bad credit?

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Sparkkconnection
 
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Credit cards for bad credit?

Postby Sparkkconnection » Thu Aug 07, 2014 8:44 pm

So I've been doing some reading trying to find out which credit cards are good for bad credit. My credit score is mid 500's and I'm working towards paying off and having negative information removed to improve it and I'm wondering if getting a credit card during this process is a good idea or not. I have already burned my bridge with capital one I think. When I was younger I had a card charged off with them but has since then been settled out. I applied for a secured card with them about a year ago and was denied? Is there another route to take? Or is it best to wait a while until the rest of the negative info has een removed and wait for the score to slowly go back up? I have barely anything on my report but what is on there is negative so I have the problem of having minimal info to go off of as well. Anyway, any input would be appreciated as I don't want to apply for things anymore unless I know I'll be approved cause it just hurts my credit even more.


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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Aug 07, 2014 11:02 pm

If you've been turned down for a CO secured card, then your options are extremely limited. Maybe you could get a First Premier card, but the fees there are so high you'd be better off to just use a debit card or cash.

How many years ago was the first CO card charged off? CO is more forgiving about being burned, from what I've heard. CO unsecured Platinum cards are often available (or, at least, once were) to people who had recently declared bankruptcy - so being declined for a secured one is definitely bad news. If you can't get a secured card from CO, there is definitely not much I can think of worth getting right now.

Are the bad marks on your account legitimate? Or you have a reasonable case to have them taken off? I'm a little worried you might have been persuaded to pay someone to dispute everything blindly. Giving it time for the bad marks to get older and fade in importance may be the best solution.

What do others think about a secured credit builder loan from a credit union?
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jpitsy088
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Postby jpitsy088 » Fri Aug 08, 2014 6:26 pm

Forget Cap 1, I have similar issues with them. If paying off any negatives make sure you get a delete contract. You know you pay on the settled amount and they delete the whole negative. I am using secured cards to rebuild and going well. Easy approval Bank Secured Card US Bank visa $300 deposit. PNC bank secured visa, apply at branch only Minim $ 500 Cards that get great reviews Blue Sky Secured visa $200 deposit. I am waiting for confirmation on my new secured First National Bank Omaha Secured Kickstart Visa. I think they only require $2oo dollar deposit, They took my $500 out of my checking acct. Do not recommend BOA Secured visa with a 500 score. I am waiting till all 3 scores around 700 before I apply unsecured. Us bank Harley Davidson Visa Secured card gets very high reviews. I opened a checking at us bank, they are showing pre approval on a us bank visa for me but I am waiting till my score is higher to apply. Stay away from First Premier Bank There Fees are killer but they will probably approve you. They report to all 3 agencies. All the secured cards I gave report to all 3 monthly. Milestone Mastercard, will probably approve they offer a unsecured $300 dollars and they will pre approve no pull. I have 1 card open with Cap One 1 NEVER LATE, low balance they will not even give me a credit limit increase. Great Bank when you first start rebuilding, then they really suck. Hope This helps. Been where you are, still feel the pain.

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CarefulBuilder14
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Postby CarefulBuilder14 » Fri Aug 08, 2014 7:53 pm

jpitsy088 wrote:Do not recommend BOA Secured visa with a 500 score.


Agreed - BofA has a reputation of declining people with a bad credit history - or at least an actual bankruptcy in their past - for even secured cards. I'm not sure of the motivation - maybe they think higher credit risks will suck up the customer service staff's time and not generate much revenue.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

marlonbishop
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Postby marlonbishop » Sat Aug 09, 2014 2:21 pm

capital one secured credit card is the way. IMO
BoA Cash Rewards $4000
Macy's $1000
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Chase Sapphire Preferred $5000
Chase Freedom $2000
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CarefulBuilder14
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Postby CarefulBuilder14 » Sat Aug 09, 2014 5:44 pm

Does anyone know how strict credit standards are when it comes to all the secured cards jpitsy088 mentioned?

All I know is that BofA hates prior bankruptcies and Capital One will occasionally turn down people with a bad enough credit history. I'm not sure how picky the other banks are.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

supercoolman
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Postby supercoolman » Mon Aug 11, 2014 1:45 am

maybe credit one? the other CCC that target low score individuals



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