pclonghi Posted November 2, 2008 Report Share Posted November 2, 2008 Im about a 590 credit score BK7 10 years ago. 4 outstanding judgments. No lates but all I have have is a car loan 4 years old and perfect. Should I try Sears or JC Penny before I get A Mastercard or Visa ?? Link to comment Share on other sites More sharing options...
cap1kid Posted November 2, 2008 Report Share Posted November 2, 2008 I'm gonna suggest you go join a local credit union- deposit 100 bucks a month until you get $500 and then apply for a credit card- if they turn you down request a secured card. Usually at a credit union you can get an unsecured card with no fees. With your scores you may be able to get a Crap1 card with a 300 limit- 79 dollar joiner fee- 5 dollars a month service fee 49 dollar annual fee etc. etc. by the time its all said and done your paying 29% interest on a card that is almost maxed out. The reason I suggest going the credit union way, is that by saving and depositing every month it creates good habits- and remember no matter how much your interest rate is- if you pay in full you pay no interest- I just say stay away from the fee cards. Link to comment Share on other sites More sharing options...
lp1967 Posted November 2, 2008 Report Share Posted November 2, 2008 no dont try sears . they are very strict orchard bank is the best for youre scores yes try to get with a good cu or boa secured cc Link to comment Share on other sites More sharing options...
isislc Posted November 2, 2008 Report Share Posted November 2, 2008 Orchard is a crappy card to start with, don't get them. They are also Household bank and are very popular for giving you CLs that never get CLIs. You would be better with joining a CU and getting a secured card like it has been mentioned and try Cap1. If you have burnt them in BK, they don't blacklist you if you apply with them again. Link to comment Share on other sites More sharing options...
lp1967 Posted November 2, 2008 Report Share Posted November 2, 2008 sorry but i havent had any problems with orchard. knock on woodsecured isnt easy anymore most cu want your life storyhope the op finds what they need Link to comment Share on other sites More sharing options...
pclonghi Posted November 2, 2008 Author Report Share Posted November 2, 2008 The only reason I want a card is for the TL on my CR. I pay cash for everything but a mortgage guy told me I need more TLs on my CR. I have like $10,000 in a savings account where i do my banking I never thought to ask them for a secured card, will most banks do that or do I need a CU?? Im a little skeptical about the whole TL thing but im at his mercy now because I know so little about it. Link to comment Share on other sites More sharing options...
lp1967 Posted November 3, 2008 Report Share Posted November 3, 2008 boa has a great secured card but alot of people have been denied for it. if approved it may go unsecured in 9 to 12 months of great payment history Link to comment Share on other sites More sharing options...
dazedandconfusedincali Posted November 5, 2008 Report Share Posted November 5, 2008 With your $10,000 behind you, you can get a secured card with a good bank. Even $1000.00 for a year then its yours again. Its in savings just no interest. But when its unsecured you'll have a good tradeline. Link to comment Share on other sites More sharing options...
cap1kid Posted November 5, 2008 Report Share Posted November 5, 2008 You do not have to go to a Credit Union for the secured Visa card- I just recommended it because it worked for me. I put $800 down as secured and then a few months later I increased it to $1000. So now I have a $1000 credit card showing up on my report- and my $1000 is still earning interest- After a year it will convert to a regular card. Since I got the credit card 6 months ago I was able to re-finance a loan with them, and got a reporting line of credit for $2000 on my checking account (kinda like overdraft- but you can make yourself a loan up to $2000). So my plan, after my year is up- I will apply for the Master Card- and if I'm denied I will use my $1000 to secure it. You have to be careful with those low limit "starter cards" you get a 300 card and right away get 90 in fees , then you use it for a few tanks of gas and now your credit utilization has tanked and so will your score. Link to comment Share on other sites More sharing options...
norbert Posted November 7, 2008 Report Share Posted November 7, 2008 Before applying for any credit card confirm that your choosing the right one that matches your usage requirements to determine the one that provides the lowest cost of ownership - accounting for introductory rates, regular interest rates, service fees, penalty rates, etc. As a result, you can see exactly how much it will cost you to carry any specific card and therefore save money by choosing the lowest-cost card. Link to comment Share on other sites More sharing options...
pclonghi Posted November 9, 2008 Author Report Share Posted November 9, 2008 I really dont need a CC. Is there a faster way to raise my scores so I can get a good rate on a mortgage?? I was also told that if I apply for a card and get denied my score will tank Link to comment Share on other sites More sharing options...
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