Basic Q&A about rebuilding credit?

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SWADE23
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Basic Q&A about rebuilding credit?

Postby SWADE23 » Tue Apr 17, 2012 11:04 am

Hey all,

Ok so my first post here was a nice slap of reality.... Thanks!

And again after being a delinquent for a long time, I'm looking to rebuild my credit properly...

I paid off all former debt... I have 0 debt... It's nice to not owe anyone... lol

I was approved and received a Capital One Platinum Mastercard earlier this month with a $500 limit. Reading this site I learned that it's best to only spend and stay within about 30% of the credit limit which is only 150 bucks. I did that and would like to know if it is wise to pay this off way before its due, or let it sit till the bill is posted online then pay it off... My intention would be to swipe/pay off, swipe/pay off a couple times a month to create a positive history. Is this the way to go??

I was also reading online and came across a article that stated that a person trying to rebuild credit should dilute the negative reports with positive... I was declined for a basic cit card when I applied so I was thinking I'd go for a secured card. Would this be a way to go in order to rebuild positive history??

I would really like to get on the right track but I feel this one little card isn't enough to rebuild and fix a crappy past.

Thanks!


Crashem
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Postby Crashem » Sun Apr 22, 2012 10:00 am

Go pull your credit report and get us some scores fako or otherwise
Amex Centurion, Amex Platinum, Amex BCP 8k->24k (5/23/12), Amex TE 15k, Cap One 1.5% 15k->20k (8/7/13), CSP 25k, Chase Palladium 100k, Citibank AA 35k (AU), Firestone 1.8k->2.2k->2.4k (8/20/12), JFCU Jloc 30k, PenFed Plat Rewards 30k, SF Fire 30k, US Bank Cash+ 25k

DavidNY
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Postby DavidNY » Sun Apr 22, 2012 2:46 pm

Bank of America has a decent secured card for rebuilding credit.

Celestine
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Postby Celestine » Sun Apr 22, 2012 4:05 pm

Secured cards are best to rebuild credit.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

SWADE23
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Postby SWADE23 » Mon Apr 23, 2012 8:33 am

Hey guys,

Thanks for the info... As of this morning Experian says my score is 608...

Even though I was approved for that unsecured Mastercard, is getting a secured card still the way to go?

DavidNY
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Postby DavidNY » Mon Apr 23, 2012 12:48 pm

An unsecured MC is fine, to me it really depends on the fees. If CapOne's fees aren't excessive I would stick with it.

You may want a secured card as well, but that's your call.

SWADE23
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Postby SWADE23 » Mon Apr 23, 2012 1:22 pm

Hey DavidNY thanks for the info...

As per Celestine I clicked the link and checked out the secured cards this site recommends...
I tried the Orchard Bank cards because it pre-approves you for either secured or non-secured...
I got pre-approved for an unsecured Orchard Bank Gold Master Card.

But the fees are nuts!!!

1st year Annual fee is $49... $20dollar application fee then 59 dollar annual fee after the 1st year... 20% apr interest... No rewards at all.

My new Capital One was $39 dollar annual fee 0% interest for the 1st year and 1% cash back on any purchase....

I don't know where to go from here...

DavidNY
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Postby DavidNY » Mon Apr 23, 2012 2:41 pm

The CapOne fees seem reasonable. Don't carry a balance (especially after the first year).

After you build some history on that card you can get another one if you like.



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