Rebuilding credit

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4 posts
Shellie77
 
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Location: Nj

Rebuilding credit

Postby Shellie77 » Sat Apr 27, 2013 10:05 am

Has anyone had to rebuild credit? If so, what credit card did you choose?


MemberSince99
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Location: WI

Postby MemberSince99 » Sat May 18, 2013 10:01 am

My choice today would be Cap One. Or a secured card with BofA. If you can't get those, and you absolutely have to stoop to this, there is First Premeire and Credit One who will give you a tiny credit line and fee you to death - excpect to pay about your credit line in fees every year with these vulture companies. As soon as you can get better, run don't walk away and never look back.

im_mr_awesome
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Postby im_mr_awesome » Sat May 18, 2013 1:58 pm

Agreed. My dad has awful credit and had to get a card with CreditOne. They gave a really low limit (less than $500) and the fee is $100/year, billed monthly at $8.25 and the first year they give you a "break" at $75. The interest rate is 25%. Luckily, this isn't a secured card, but that's the only thing it has going for it.

I'd recommend Capital One's Newcomers card. It has a 24.9% APR, but it also has 1% unlimited rewards, so at least you get something. No annual fee. It was my first normal card. Unfortunately, I only got one CLI, and that was an automatic one for accounts enrolled in their "credit steps program".

Once your credit is on the mend for 6-9 months, I'd recommend Discover it (for rewards), Amex Green (for status and even emergencies, since you could get NPSL), and for everyday spending I'd recommend a card with decent non-rotating rewards like a BofA 1-2-3 or Amex BCE. You also can't go wrong with Chase Freedom--it's also available as a Visa Signature Card, so you could have a high limit and nice perks.
Scores on the mend...
FICO: 650 (Discover/TU, 6/23/2016)
Cards I Use Citi Double Cash, Chase Amazon, Capital One QuickSilver
Sock Drawer Discover IT, Citi Diamond Preferred, AE Visa, QuickSilver One, Walmart CC, CareCredit, CreditOne (keeping for history for now)
Short Goal Reach 680

MemberSince99
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Postby MemberSince99 » Sat May 18, 2013 4:11 pm

Mostly agree Mr Awesome but when you are rebuilding status isn't that great a reason to get a card. And since it won't report a limit, might not be the best when you are in the rebuilding stage. Once you aren't, then it's a lot better.

The plus side to it, though, is the charge will be easier to get than a revolver and it will backdate (unless they get rid of that at some point). So maybe I could see it IF you have other cards like IT in the mix.



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