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Card Recomendations


H20eng
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So in the past month I'm managed to get my scores up quite a bit.  Experian went from 563 to 683, Transunion from 524 to 628 & Equifax from 524 to 625.  Transunion and Equifax still have 2 listed medical collections (paid and under dispute) listed, Experian has no baddies.  Other than a secured Discover card ($500 limit) I got in late Aug I literally have nothing else on my reports.  I'm looking to pick up another credit card from a reputable bank to help up my scores.  I'm looking for one that can grow with my scores, preferably an unsecured card.  Any suggestions?  As a side note, I'm working on getting an membership / checking account set up with NFCU.  For some reason the membership app was denied so that is being reviewed now.  I plan on picking up one their cards as well.          

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Firstly, I think it's excellent news that your Experian is clean. A LOT of people pull them now, so it will open quite a few doors for you. I would freeze Equifax and TransUnion until they are clean. If you are newer to credit, then there are a few different paths you can take. If you have positive history on Experian, other than your secured Discover card, then you might try the AmEx Prequalifed Offers page and see if they have any offers. They seem to be pretty friendly to people who are newer to credit, but have clean files otherwise. You could also try capital Ones pre-approval checker. They might be more friendly to your negative items, but they will pull all three credit reports. BB&T also has a pre-approval checker that pulls Equifax. They actually approved my spouse with a similar score and some charge-offs reporting, so it can't hurt to try them. They approved him for $2,500, which was pretty insane considering his profile at the time. Merrick Bank also offers a Double Your Line Visa that is unsecured with no annual fee. They have a soft pull checker for that one too that I believe pulls TransUnion.

 

If you just want to apply for a secured card while you build more credit and wait to try out these other lenders, then I think the Bank of America secured card is worth getting. It can graduate after 12 months and it comes with rewards right off the bat. They are more stringent on approvals though. They pull either TransUnion or Experian.

 

I will say that if you can get into Navy Federal, then they are your best bet. They will be more generous with graduating your secured card and unsecured limits as well. But the ones above I mentioned (besides BofA) are all soft pulls to check and see if they will give you anything).

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19 hours ago, H20eng said:

Picked up a Capitol One Quick Silver card this morning.  $1000 limit but it's a start.  Figure I'll wait until the CapOne hits the reports then I'll apply for 1 more.  Thoughts?  

 

That’s a great start! Did you get the version without an annual fee? I’d give it a few months and get those other negative items deleted. They will hold you back from getting better cards and medical collections are some of the easier items to get removed. I’d say wait 6 months and get those collections deleted, then apply for something else, obviously making use of the soft pull pre approval checkers. Cap1 will likely give you a Credit Steps increase in your card or they will allow you to request one after 3-4 months, depending on the card you got.

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No, it has a $49 annual fee.  I was approved for their standard card with no annual fee but figured if I put $600 a year on the card it covers the annual fee with the cash back; after that it's money in the bank so to speak.  I was surprised to see about an 18 point drop on all 3 reports from the Cap1 hard pull.  Anyway, I received the response back from the disputes with Transunion yesterday,  the last 2 are being deleted (file hasn't updated yet though).  Equifax is taking their sweet time, everything is still under review from those disputes.  

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8 hours ago, H20eng said:

No, it has a $49 annual fee.  I was approved for their standard card with no annual fee but figured if I put $600 a year on the card it covers the annual fee with the cash back; after that it's money in the bank so to speak.  I was surprised to see about an 18 point drop on all 3 reports from the Cap1 hard pull.  Anyway, I received the response back from the disputes with Transunion yesterday,  the last 2 are being deleted (file hasn't updated yet though).  Equifax is taking their sweet time, everything is still under review from those disputes.  

Awesome. That means Equifax will likely delete them as well, especially if this is your first time disputing them and both got deleted. I say follow up with NFCU and see if they let you in. They too have a soft pull checker for credit cards once you are a member. You may be able to skip getting a secured card.

 

Also, I would periodically keep checking the soft pull checkers at AmEx and Discover. If they didn't turn up anything now, then you may just have to wait to build up some more history with your new Cap1 card for a few months. If you manage your utilization right, your score can go up pretty quickly if you don't have any negative items weighing it down.

 

I would say that you may not want to keep the Cap1 card long term, because they are known for bucketing and not giving CLIs past a certain point. It's just how they run their business with more subprime cards, so don't take it personally. Between that and the annual fee, I would say it may not be worth keeping for more than 2 years after you've gotten some better options. I will say that Cap1 seems to like giving out higher CLs on a second card after you've built up some history with them, so you might try their soft pull checker again after 6 months. I have and really like the Savor One card for 3% back on dining, groceries, and entertainment. They gave my grandmother a $10k limit about a year after her chapter 7 BK was discharged, so they can be pretty generous. But she built up some history with them first with the Walmart MasterCard, which they started at $2k.

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On 9/23/2021 at 2:24 AM, H20eng said:

Picked up a Capitol One Quick Silver card this morning.  $1000 limit but it's a start.  Figure I'll wait until the CapOne hits the reports then I'll apply for 1 more.  Thoughts?  

 

Congrats on the new CapOne CC! I found it to be a great starter card. I also added a secured Discover card that is now unsecured. (CL on the Discover card is still only $2,000 but I signed up for the 5% cash back for the next 60 days so w/be nice to get paid while using the card :) .)

 

RE: CapOne
Now have 3 cards w/them:  use the SavorOne almost exclusively as I like the cash back. Using the Venture card some; need to use more as I want to take the family on a trip next year.
My CL is up to $2,400 on the original card; $3,000 w/Savor and $4,500 w/Venture. Not asking for any CLI's as I don't want any hard pulls, so have found CapOne very helpful in my rebuilding process.

 

Good luck!

 

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On 9/25/2021 at 4:03 AM, H20eng said:

No, it has a $49 annual fee.  I was approved for their standard card with no annual fee but figured if I put $600 a year on the card it covers the annual fee with the cash back; after that it's money in the bank so to speak.  I was surprised to see about an 18 point drop on all 3 reports from the Cap1 hard pull.  Anyway, I received the response back from the disputes with Transunion yesterday,  the last 2 are being deleted (file hasn't updated yet though).  Equifax is taking their sweet time, everything is still under review from those disputes.  

 

After 12 months you will likely have the opportunity to do a product change to a no-AF card.

 

Capital One unsecured is a decent place to start.  

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On 9/29/2021 at 8:02 AM, cv91915 said:

 

After 12 months you will likely have the opportunity to do a product change to a no-AF card.

 

Capital One unsecured is a decent place to start.  


QS1 from Cap One was my first card while rebuilding. Same annual fee and was in their credit steps program apparently, as I received two CLIs over time that tripled my CL
 

I later product changed it to a regular QS without the annual fee (though I really should have done it sooner). It’s a good card to keep active for me even now. Since I don’t have a 2% card right now, it fills the gaps from my higher rewards cards and it’s also my oldest open card. 

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