What Credit Cards can I get approved for with a 580 credit score

[mrjuggalo9er]

If you can afford Internet after having fp for a year please report back

[deanmartini]

So far 1st premier is working great for me. Love it and the customer service. Fees Im not worried about about, I blow $95 in a night lol... I just needed a card. Will probably close it down after 2 years

 

I even paid 2 weeks late and they waive all the fees and everything. Monthly interest is only about $5, I pay the bill in full before statement date.. Is what is is right now, I needed a quick credit card

 

You could have put that $95 per night and $75 fee toward a secured card at a good credit union.

[Brandon1008]

wow... just wow.

 

im glad I got on the "credit cards pay ME, not me pay credit card" bandwagon pretty quick...

 

Im over here a year later counting my MR points, getting free tickets to Nitro Circus (tickmaster/AMEX)... paying off charges with cashback, planning travel... for FREE and so on. Not to mention signup bonus' and the like.

 

I don't understand the 5$ interest per month BUT he PIF before statement cuts?? wouldn't that atleast mean he wouldn't have any interest to pay??? Im still new... but I learn FAST, unlike some. Paying $135 a year for a card insane to me.... but reading some of these posts make me understand HOW the CC companies can give ppl like ME bonuses....

 

Thanks for the lesson, although... it wasn't the one you where preachin! LMAO!!!

[djhall]

Just thought I'd offer another possible option for the OP to look into:

 

In my rebuilding journey, and and also with my fiancee in her post divorce rebuilding, we both took advantage of secured installment loans with a local credit union. We walked in with $550 and opened a savings account. They gave us a $500 low interest installment loan with a hold on the savings account equal to the outstanding balance of the loan. We walked out with $500 cash, a $500 loan, and a $550 savings account with a $50 available balance.

 

After I got home I signed in to online banking and set up recurring monthly transfers to make the scheduled payments from the available savings balance. As each payment posted to the loan it reduced the amount of the hold on the savings account which freed up enough funds to cover the next monthly payment. I tied up $50 in capital, got monthly reporting to all 3 credit bureaus, added installment to revolving in my mix of credit, paid only ~$23 in total interest and fees over the life of the loan, and after the first day setting up the account and the automatic transfers I had a perfect payment history without ever having to do a thing (other than figure out what to do with the $27 savings account after the loan period ended.) I did this trick twice for a total of 3 years of loans with this credit union, and just last week I received a 10.9% interest and no annual fee credit card offer in the mail from them.

 

If you need positive reporting lines and don't want to tie up cash with secured cards then perhaps a local credit union near you might have a similar program you can take advantage of.

[cpugeek]

wow... just wow.

 

im glad I got on the "credit cards pay ME, not me pay credit card" bandwagon pretty quick...

 

Im over here a year later counting my MR points, getting free tickets to Nitro Circus (tickmaster/AMEX)... paying off charges with cashback, planning travel... for FREE and so on. Not to mention signup bonus' and the like.

 

I don't understand the 5$ interest per month BUT he PIF before statement cuts?? wouldn't that atleast mean he wouldn't have any interest to pay??? Im still new... but I learn FAST, unlike some. Paying $135 a year for a card insane to me.... but reading some of these posts make me understand HOW the CC companies can give ppl like ME bonuses....

 

Thanks for the lesson, although... it wasn't the one you where preachin! LMAO!!!

 

I dont pay $135 a year, I wave been only charged $75 this year so far which was taking out my credi tlimit

 

Dont judge me right now it is the best i could do with my credit and the fact i dont have money for a security deposit and needed a card quick

[cpugeek]

Just thought I'd offer another possible option for the OP to look into:

 

In my rebuilding journey, and and also with my fiancee in her post divorce rebuilding, we both took advantage of secured installment loans with a local credit union. We walked in with $550 and opened a savings account. They gave us a $500 low interest installment loan with a hold on the savings account equal to the outstanding balance of the loan. We walked out with $500 cash, a $500 loan, and a $550 savings account with a $50 available balance.

 

After I got home I signed in to online banking and set up recurring monthly transfers to make the scheduled payments from the available savings balance. As each payment posted to the loan it reduced the amount of the hold on the savings account which freed up enough funds to cover the next monthly payment. I tied up $50 in capital, got monthly reporting to all 3 credit bureaus, added installment to revolving in my mix of credit, paid only ~$23 in total interest and fees over the life of the loan, and after the first day setting up the account and the automatic transfers I had a perfect payment history without ever having to do a thing (other than figure out what to do with the $27 savings account after the loan period ended.) I did this trick twice for a total of 3 years of loans with this credit union, and just last week I received a 10.9% interest and no annual fee credit card offer in the mail from them.

 

If you need positive reporting lines and don't want to tie up cash with secured cards then perhaps a local credit union near you might have a similar program you can take advantage of.

 

 

Thanks I will try that next with a local credit union. Can it be any credit union I'm not a meber of or any bank?

 

Also what were your monthly payments and how long did it take to pay back the loan?

 

Im going to close the premier soon probably within 2 years

[tweak]

 

Just thought I'd offer another possible option for the OP to look into:

 

In my rebuilding journey, and and also with my fiancee in her post divorce rebuilding, we both took advantage of secured installment loans with a local credit union. We walked in with $550 and opened a savings account. They gave us a $500 low interest installment loan with a hold on the savings account equal to the outstanding balance of the loan. We walked out with $500 cash, a $500 loan, and a $550 savings account with a $50 available balance.

 

After I got home I signed in to online banking and set up recurring monthly transfers to make the scheduled payments from the available savings balance. As each payment posted to the loan it reduced the amount of the hold on the savings account which freed up enough funds to cover the next monthly payment. I tied up $50 in capital, got monthly reporting to all 3 credit bureaus, added installment to revolving in my mix of credit, paid only ~$23 in total interest and fees over the life of the loan, and after the first day setting up the account and the automatic transfers I had a perfect payment history without ever having to do a thing (other than figure out what to do with the $27 savings account after the loan period ended.) I did this trick twice for a total of 3 years of loans with this credit union, and just last week I received a 10.9% interest and no annual fee credit card offer in the mail from them.

 

If you need positive reporting lines and don't want to tie up cash with secured cards then perhaps a local credit union near you might have a similar program you can take advantage of.

 

 

Thanks I will try that next with a local credit union. Can it be any credit union I'm not a meber of or any bank?

 

Also what were your monthly payments and how long did it take to pay back the loan?

 

Im going to close the premier soon probably within 2 years

 

 

Secured loans are okay -- and can help if you have no open accounts.

After you have even one credit card, a secured loan will not help you much.

 

Revolving accounts (credit cards) will help much more to rebuild your credit profile and your FICO score.

 

Secured credit cards are generally a better option than secured loans for rebuilding.

[djhall]

 

Just thought I'd offer another possible option for the OP to look into:

 

In my rebuilding journey, and and also with my fiancee in her post divorce rebuilding, we both took advantage of secured installment loans with a local credit union. We walked in with $550 and opened a savings account. They gave us a $500 low interest installment loan with a hold on the savings account equal to the outstanding balance of the loan. We walked out with $500 cash, a $500 loan, and a $550 savings account with a $50 available balance.

 

After I got home I signed in to online banking and set up recurring monthly transfers to make the scheduled payments from the available savings balance. As each payment posted to the loan it reduced the amount of the hold on the savings account which freed up enough funds to cover the next monthly payment. I tied up $50 in capital, got monthly reporting to all 3 credit bureaus, added installment to revolving in my mix of credit, paid only ~$23 in total interest and fees over the life of the loan, and after the first day setting up the account and the automatic transfers I had a perfect payment history without ever having to do a thing (other than figure out what to do with the $27 savings account after the loan period ended.) I did this trick twice for a total of 3 years of loans with this credit union, and just last week I received a 10.9% interest and no annual fee credit card offer in the mail from them.

 

If you need positive reporting lines and don't want to tie up cash with secured cards then perhaps a local credit union near you might have a similar program you can take advantage of.

 

 

Thanks I will try that next with a local credit union. Can it be any credit union I'm not a meber of or any bank?

 

Also what were your monthly payments and how long did it take to pay back the loan?

 

Im going to close the premier soon probably within 2 years

 

 

I wasn't a member of the credit union before that and only set up the savings account / loan combo with them. I used Golden1 Credit Union, but they said many credit unions and perhaps some banks have a similar option.

 

My loan was $500 with 24 months at $22/month. When we set up my fiancee they said they hand changed the terms and would only do one year for $500, so hers was 12 months at $44/month.

 

They seemed to give us a decent boost, but I can't be sure how much our scores would have increased without it. We were both in the situation where we wanted to get 3 to 5 accounts reporting every month but couldn't qualify for 3+ unsecured cards with reasonable terms.

[cpugeek]

 

 

Just thought I'd offer another possible option for the OP to look into:

 

In my rebuilding journey, and and also with my fiancee in her post divorce rebuilding, we both took advantage of secured installment loans with a local credit union. We walked in with $550 and opened a savings account. They gave us a $500 low interest installment loan with a hold on the savings account equal to the outstanding balance of the loan. We walked out with $500 cash, a $500 loan, and a $550 savings account with a $50 available balance.

 

After I got home I signed in to online banking and set up recurring monthly transfers to make the scheduled payments from the available savings balance. As each payment posted to the loan it reduced the amount of the hold on the savings account which freed up enough funds to cover the next monthly payment. I tied up $50 in capital, got monthly reporting to all 3 credit bureaus, added installment to revolving in my mix of credit, paid only ~$23 in total interest and fees over the life of the loan, and after the first day setting up the account and the automatic transfers I had a perfect payment history without ever having to do a thing (other than figure out what to do with the $27 savings account after the loan period ended.) I did this trick twice for a total of 3 years of loans with this credit union, and just last week I received a 10.9% interest and no annual fee credit card offer in the mail from them.

 

If you need positive reporting lines and don't want to tie up cash with secured cards then perhaps a local credit union near you might have a similar program you can take advantage of.

 

 

Thanks I will try that next with a local credit union. Can it be any credit union I'm not a meber of or any bank?

 

Also what were your monthly payments and how long did it take to pay back the loan?

 

Im going to close the premier soon probably within 2 years

 

 

I wasn't a member of the credit union before that and only set up the savings account / loan combo with them. I used Golden1 Credit Union, but they said many credit unions and perhaps some banks have a similar option.

 

My loan was $500 with 24 months at $22/month. When we set up my fiancee they said they hand changed the terms and would only do one year for $500, so hers was 12 months at $44/month.

 

They seemed to give us a decent boost, but I can't be sure how much our scores would have increased without it. We were both in the situation where we wanted to get 3 to 5 accounts reporting every month but couldn't qualify for 3+ unsecured cards with reasonable terms.

 

 

Thanks I plan to try this out tommorow at my local credit union!

[tweak]

After you have even one credit card, a secured loan will not help you much.

 

Revolving accounts (credit cards) will help much more to rebuild your credit profile and your FICO score.

 

Secured credit cards are generally a better option than secured loans for rebuilding.

 

Why pay interest to borrow money from yourself?

[cpugeek]

Welp I went to my local credit union and took out a secured loan. The loan lady /rep was a little too nosey. First she said it won't do anything for my credit then she proceeds to name off everything on my credit asking game personal questions. maybe it was apart of the loan process but i thought she was getting a little to personal

 

The loan is $500 for 2 years

Edited May 29, 2015 by cpugeek

[mendelssohn]

It won't do anything for your credit. Why pay interest?

 

As soon as you have 1 CC reporting, FICO ignores installment loans unless they're negative.

[mfarmer]

It won't do anything for your credit. Why pay interest?

 

As soon as you have 1 CC reporting, FICO ignores installment loans unless they're negative.

 

Has this been tested?

 

Because, for me, the same type of installment loan was my 1st step back to good credit many years ago. I have no idea what it did / didn't do to my FICO... but it's a dividend that continues to pay off as one of my longest listed positive trade lines that was mentioned as a positive now during 2 recon calls. If it didn't bump by FICO, it does appear to have a positive effect during manual reviews.

Edited May 29, 2015 by mfarmer

[mendelssohn]

 

 

It won't do anything for your credit. Why pay interest?

 

As soon as you have 1 CC reporting, FICO ignores installment loans unless they're negative.

Has this been tested?

 

Because, for me, the same type of installment loan was my 1st step back to good credit many years ago. I have no idea what it did / didn't do to my FICO... but it's a dividend that continues to pay off as one of my longest listed positive trade lines that was mentioned as a positive now during 2 recon calls. If it didn't bump by FICO, it does appear to have a positive effect during manual reviews.

Yes, it's been tested.

 

I'd imagine that a $500 loan over 24 months looks silly on manual review.

[mfarmer]

 

 

I'd imagine that a $500 loan over 24 months looks silly on manual review.

 

Dunno. But a +7 year old $1000 loan over a year has been twice now mentioned as a positive factor in successful reconsideration calls, for me.

[muntja]

It won't do anything for your credit. Why pay interest?

 

As soon as you have 1 CC reporting, FICO ignores installment loans unless they're negative.

can anyone else confirm this... this sounds wrong to me...

[mendelssohn]

 

 

It won't do anything for your credit. Why pay interest?

 

As soon as you have 1 CC reporting, FICO ignores installment loans unless they're negative.

can anyone else confirm this... this sounds wrong to me...

It's not wrong.

 

I wish BobWang was still here.

[tweak]

 

It won't do anything for your credit. Why pay interest?

 

As soon as you have 1 CC reporting, FICO ignores installment loans unless they're negative.

can anyone else confirm this... this sounds wrong to me...

 

 

BobWang's FICO Score Effects v7.xlsx

 

Look at the "age" tab.

All the cc entries are the same with or without a loan.

Even one cc gives a much higher FICO boost than a single loan.

[mendelssohn]

And as Bob said, FICO ignores positive installment loans after 1 CC is reporting.

[mfarmer]

 

I wish BobWang was still here.

 

Me too.

 

Thanks, Tweak, for posting Bob's spreadsheet. And look, I'll be the first to admit that I have no inside knowledge on whether loans do or don't affect FICO and perhaps I'm reading the spreadsheet incorrectly... but it appears to me that Bob's spreadsheet does, indeed, show that loans help. Yes, CCs help more. But the numbers appear to say loans help.

 

If you gotta, sure: focus on CC - even a secured CC. But if you have $ to play with - even $500 - why not open a secured loan; then use the $500 loan on a secured CC?

 

As to why pay interest to borrow $ from yourself... for the same analogous reasoning people are willing to pay fees for M$: it's worth the cost for the benefit they perceive. $27 in interest for a 10pt. FICO bump is less than some people were paying back in the day of bumpage; is less than people pay to monitor their FICOs. And, if it's a start, seems well worth it to me.

 

But I'm all ears for opposing facts.

Edited May 29, 2015 by mfarmer

[mendelssohn]

Search his posts and you'll find that I'm not misquoting him.

[mfarmer]

 

BobWang's FICO Score Effects v7.xlsx

Look at the "age" tab.

All the cc entries are the same with or without a loan.

Even one cc gives a much higher FICO boost than a single loan.

 

 

Ah... interesting. I see what you're saying.

 

So, in some sense to me, this echoes some of the discussion in the "What's the animosity against CK" thread and the discussion re: whether FICO is the end all and be all of being granted credit. Asked there was the question about whether any other factors matters. A few people told their stories, offering that even non-FICO feedback was helpful in their journey. Also opined there was that creditors decide their own factors for granting credit and - even if a FICO score is cited - it's possible that non-FICO factors influence the decision.

 

I'd offer that FICO only, only matters if the decision to grant credit is being made by a computer algorithm or a person solely relying on a computer algorithm. Otherwise other factors do matter, after all, we all are only human.

 

In my credit repair relationships have mattered (a credit union granted me the loan I mentioned above, absent any credit pull, because of my relationship to the loan officer). Now, years later, UWs have mentioned that very loan as a positive factor in successful recon outcomes for me.

 

For me? That's worth $27.

 

 

Edited May 29, 2015 by mfarmer

[djhall]

 

 

BobWang's FICO Score Effects v7.xlsx

Look at the "age" tab.

All the cc entries are the same with or without a loan.

Even one cc gives a much higher FICO boost than a single loan.

 

 

Ah... interesting. I see what you're saying.

 

So, in some sense to me, this echoes some of the discussion in the "What's the animosity against CK" thread and the discussion re: whether FICO is the end all and be all of being granted credit. Asked there was the question about whether any other factors matters. A few people told their stories, offering that even non-FICO feedback was helpful in their journey. Also opined there was that creditors decide their own factors for granting credit and - even if a FICO score is cited - it's possible that non-FICO factors influence the decision.

 

I'd offer that FICO only, only matters if the decision to grant credit is being made by a computer algorithm or a person solely relying on a computer algorithm. Otherwise other factors do matter, after all, we all are only human.

 

In my credit repair relationships have mattered (a credit union granted me the loan I mentioned above, absent any credit pull, because of my relationship to the loan officer). Now, years later, UWs have mentioned that very loan as a positive factor in successful recon outcomes for me.

 

For me? That's worth $27.

 

 

There is also perhaps a small psychological benefit to being able to act on the desire to do something and start building positive relationships even if it isn't very effective at boosting your FICO. The number of people who have had Orchard Bank and similar cards is a testament to how desperate people get to DO SOMETHING when they first start trying to rebuild.

 

Two years later the CU that did mine has started sending me offers for 10.9% credit cards and auto financing info when no one else in town is. I assume that is because they are soft pulling me and considering my perfect payment history on their loan. That isn't much for FICO building, but it a very nice ego boost after years of being unworthy of credit offer junk mail.

Edited May 30, 2015 by djhall

[djhall]

Accidental double post.

Edited May 30, 2015 by djhall

[mendelssohn]

Once you have one credit card,

 

the FICO Estimator doesn't care

 

if there are loans or not.

 

The score is the same

 

with or without any loans

 

https://creditboards.com/forums/index.php?showtopic=527614&p=5206771