Re-establishing Credit

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Re-establishing Credit

Postby Oliver2013 » Fri Aug 02, 2013 12:29 am

I recently finalized my divorce. I have a good credit score.

What are the best cards to open to establish credit?

I have zero debt and high income.


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Postby MemberSince99 » Sat Aug 03, 2013 8:57 am

You say you have a good score. So you don't have any cards right now?

I would try Discover, or Cap One. Other lenders will maybe get picky about having credit cards already.

I would say try Discover first, if that fails, try Cap One they suck but 6 months with it will open doors to better then you can dump them before the annual fee hits and while it's still new enough you won't agonize over closing that 500 limit card that will never increase like some do.

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Postby Daniel » Mon Aug 05, 2013 11:08 am

Because we don't really have any information on your credit profile, I think member has covered the better options, as I also would suggest trying Discover and some of the Aspiring Prime cards before considering what is written below.

Another option for someone with higher income/assets, the Bank of America Secured Card and Wells Fargo Secured Card allow limits up to somewhere around 10k, assuming you can afford to have them hold up to 10k for 12 months until they unsecure the line. I know this sounds crazy, but if your goal is to eventually get one of the prime or superprime cards, it is my understanding they often look to see what your highest limit on existing cards is and use that to help determine what limit to give you and whether or not to approve you. Doing this, if you are declined for the Aspiring Prime to Prime credit cards like Discover, CapOne, Barclays or Chase Cards, should allow you to skip over the CapOne $500 limit cards. It would cost you 29-49 annual fee for the card, if you use it right they will unsecure the line to a no annual fee line, and you lose your marginal investment return on that 10k for the 12 months (<= $500).

I know it is crazy, but it is what I did a few years ago, just not with 10k.

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