Bottom Feeder Cards?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Deighton
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Bottom Feeder Cards?

Postby Deighton » Tue Jul 17, 2012 10:04 am

Hello Everyone,

I have a 627 score with exp and trans. With Equi, its 600. I Have a few bottom feeder cards with no real CL. i have a high debt to credit ratio. Ultimately, I want an AMEX. But also looking for a good or decent Visa card, I should set my goal for. Please inform me whats good for me. I have Cap One $300 CL, Credit One Bank $950 CL, and some other BS cards.

I know I have to lower my debt at least to 30% debt.


MemberSince99
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Postby MemberSince99 » Tue Jul 17, 2012 10:31 am

Unfortunately with scores like that, the cards you have are about as good as you are going to get. You could try your local credit union, or get a secured card and put some real money down as a deposit, those are the only things I can think of, other than getting your debt lower on what you have and letting time raise your score.

Those are likely not FICO scores, but once you get to about a 650 FICO or higher, with under 10% utilization and at least a year of reporting use of the cards and no baddies, you can start applying for Zync.

lucasoil4u
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Postby lucasoil4u » Tue Jul 17, 2012 11:15 am

I would work on paying down your cards before you spend more money that you dont have. Cut back spending and pay some off or atleast down. Then after a few months try to get a local card with your bank or credit union. Do not ever max out a card. Pay the ones you have down and that will help your score.

CC Deville
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Postby CC Deville » Tue Jul 17, 2012 2:57 pm

Unfortunately you will need to give it some more time. You will want to have at least a 650 with no baddies for 24 months in order to be considered for higher end cards; ideally you want to be at a 675+.

I would suggest a secured card from a reputable bank. Citibank offers a secured MasterCard: it is secured for 18 months but you earn interest on your desposit. BofA is one of the best secured cards on the market because they almost always unsecure at 12 months and these days they are offering the Cash Rewards (3-2-1 gas-groceries-everything else) on their secured card. This will get your foot in the door with a reputable bank whilst earning rewards. Obviously if you have burned either bank previously this will not be an option.

Like everybody else here has also said, you may want to get those balances paid down. If I recall correctly, that horrible Credit One card does not have a grace period so that would be one I'd pay off as soon as possible. Within 6 months to a year with a secured card and your other balances paid down, you may try to see if you can be pre approved for an Amex ZYNC on their website. That will get you in with Amex until you can ultimately be approved for one of their credit cards. With backdating this wont be an issue.

Try to avoid going out and opening GECRB backed retail cards to pad your credit lines. These are ultimately worthless and will do very little for you long term.

Deighton
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Postby Deighton » Wed Jul 18, 2012 7:40 am

I have a USAA AMEX Secured Card..

Crashem
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Postby Crashem » Wed Jul 18, 2012 1:17 pm

Get your reported utilization down to sub 10% and see where your score is at. You might be surprised. No one you want is going to want to offer more credit to someone with checkered credit past and high utilization on their existing crappy cards. What's that old saying? I don't want in on any clubs that will let me in.
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

MemberSince99
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Postby MemberSince99 » Wed Jul 18, 2012 1:19 pm

You know Crash that's a good point. I don't think I'd wanna join any club that would let me in either!

Money card
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Postby Money card » Fri Jul 20, 2012 12:08 am

Deighton Capital1 and credit 1 bank don't sound like bottom feeders to me. Now if you said you have TD Bank, Key Bank, citizens trust, M&T bank or providence credit card this is what I would say is a bottom feeder.

have you thought about any of these cards? what about that Orchard credit card, for people just starting out or rebuilding there credit?

Elmont New York does your area have any local banks? If I were you I would go down to those branches and talk to somebody about there cards and if they think any of them are appropriate for you.



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