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jw11897
LOVING LIFE
Member since 6/05 1433 total posts
Name:
Jess
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REBUILDING CREDIT HELP
I have paid off all old debts and my credit score is a 640 what credit card can I apply for to get my credit going again and get it to go up.
TIA
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Posted 11/28/07 12:11 PM  |
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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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Re: REBUILDING CREDIT HELP
I would try a Chase card. That's what we have and we love them. They are Visas. Congratulations on working your way out of debt!!!!! 
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| Posted 11/28/07 12:13 PM |
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jw11897
LOVING LIFE
Member since 6/05 1433 total posts
Name:
Jess
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Re: REBUILDING CREDIT HELP
Thank you.
Can I apply for this credit card online?
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| Posted 11/28/07 12:15 PM |
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ChattyKathy
LIF Infant
Member since 8/07 346 total posts
Name:
Lauren
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Re: REBUILDING CREDIT HELP
Try Orchard Bank cc's , I have heard they are good for people who don't have spotless credit card.
Also search on msn.money.com or cnn.money.com they always have lists of cc's and site that list cards that will meet your criteria.
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| Posted 11/28/07 12:18 PM |
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mikeswife06
Drama Momma
Member since 9/06 9947 total posts
Name:
Anne
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Re: REBUILDING CREDIT HELP
Posted by jw11897
Thank you.
Can I apply for this credit card online?
Yes. And a 640 is really not that bad, you should not have a problem.
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| Posted 11/28/07 12:18 PM |
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luckysmom
Yes it is! Going as planned:)
Member since 6/07 5339 total posts
Name:
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Re: REBUILDING CREDIT HELP
You can also try citi card. They usually have 0% APR for the first year or so.
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| Posted 11/28/07 12:25 PM |
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jw11897
LOVING LIFE
Member since 6/05 1433 total posts
Name:
Jess
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Re: REBUILDING CREDIT HELP
Thanks everybody for your help.
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| Posted 11/28/07 12:25 PM |
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pmpkn087
Life is good...
Member since 9/05 18504 total posts
Name:
Stephanie
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Re: REBUILDING CREDIT HELP
Actually, I believe that America Express is the best card to build your credit with. Especially the ones where you are not allowed to hold a balance. They are usually Citi cards.
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| Posted 11/28/07 12:29 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: REBUILDING CREDIT HELP
Posted by pmpkn087
Actually, I believe that America Express is the best card to build your credit with. Especially the ones where you are not allowed to hold a balance. They are usually Citi cards.
American Express is totally separate from Citibank as far as I know... and no one CC is going to help you rebuild credit more than any other. The point is to keep your balance below 1/3 of the available credit and pay on time every month. I agree that having to pay off the balance every month can be a useful tool for people getting back into using CCs, though.
(Except stay away from Capital One!!! They will NOT accurately report your credit account to the credit bureaus...)
Message edited 11/28/2007 12:34:19 PM.
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| Posted 11/28/07 12:31 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: REBUILDING CREDIT HELP
most banks will let you get a secured card - lets say put $500 in an account, they use that as collateral for the credit card.
the idea is to use the card and pay off the balance each month to establish a positive payment history.
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| Posted 11/28/07 12:45 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: REBUILDING CREDIT HELP
With a credit rating of 640, I don't think she'll need to get a secured card. She'll likely qualify for a regular card, though perhaps with a lower limit and higher interest rate at first. With a good history of on-time payments, she'll likely get her limit raised and interest rate reduced.
If you can't get a "regular" credit card, open one through Orchard Bank. I can pretty much guarantee that they will give you one with 640 credit... and yes, you can apply online.
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| Posted 11/28/07 12:49 PM |
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kahlua716
3 Girls for Me!
Member since 8/07 12475 total posts
Name:
Keri
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Re: REBUILDING CREDIT HELP
Posted by Kara
With a credit rating of 640, I don't think she'll need to get a secured card. She'll likely qualify for a regular card, though perhaps with a lower limit and higher interest rate at first. With a good history of on-time payments, she'll likely get her limit raised and interest rate reduced.
If you can't get a "regular" credit card, open one through Orchard Bank. I can pretty much guarantee that they will give you one with 640 credit... and yes, you can apply online.
She definitely will! Mine was about that after I cleared my debt, and I was able to get a CC with a decent, but fairly low, limit ($2750) after a few transactions on that one, I applied for a new one with a $6000 limit and 0% interest on purchases and balance transfers til 2/08.
They are both bank cards and Visas (ie- bank of america Visa). I just racked them up with new furniture 
Amex wouldn't approve me 
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| Posted 11/28/07 12:55 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: REBUILDING CREDIT HELP
Posted by Kara
With a credit rating of 640, I don't think she'll need to get a secured card. She'll likely qualify for a regular card, though perhaps with a lower limit and higher interest rate at first. With a good history of on-time payments, she'll likely get her limit raised and interest rate reduced.
If you can't get a "regular" credit card, open one through Orchard Bank. I can pretty much guarantee that they will give you one with 640 credit... and yes, you can apply online.
It was just another option to give her. The interest rate will be lower on a secured card (well it should be anyway)
and if she goes and applies to a bunch of cards, it will make her score go down with the inquiries.
and it also matters why the score is a 640 - is it just slow payment history, or are there judgments or chargeoffs? Having chargeoffs or collection accounts will make someone not want to approve you - if its slow payment history it will be easier to get approve.d
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| Posted 11/28/07 12:59 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: REBUILDING CREDIT HELP
Posted by kahlua716
Amex wouldn't approve me
That's not surprising -- they are usually the toughest to get. (I'm sure you'd get one now!) The Amex cards that you must pay off every month have no limit, so they are pretty selective about whom they approve. Their regular CCs are also tougher to get on average, I think...
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| Posted 11/28/07 1:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: REBUILDING CREDIT HELP
Posted by Kara
The Amex cards that you must pay off every month have no limit, so they are pretty selective about whom they approve. ...
the green one normally has a limit
and they also cost $$$
and even they say no limited- I was cut off a few times when I charged alot- mostly b/c they still had my salary from when I started working
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| Posted 11/28/07 2:07 PM |
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kabo0831
Baby # 2 on the way
Member since 5/07 2244 total posts
Name:
Keri
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Re: REBUILDING CREDIT HELP
i know this sounds funny but a gas card is that best way to get your credit up
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| Posted 11/28/07 2:09 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: REBUILDING CREDIT HELP
I never realized that one credit card was better then another?/ anyone have an articles on this b/c I am curious now
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| Posted 11/28/07 2:11 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: REBUILDING CREDIT HELP
Posted by Beth1210
I never realized that one credit card was better then another?/ anyone have an articles on this b/c I am curious now
I don't think one is better than another, absent things like your limit, interest rate, and accurate reporting to the credit bureaus. I know first hand that Capital One does NOT accurately report your credit limit to the credit bureaus, so they make you look like you are maxed out all the time even though you really have a big cushion of available credit.
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| Posted 11/28/07 2:20 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: REBUILDING CREDIT HELP
Posted by Beth1210
Posted by Kara
The Amex cards that you must pay off every month have no limit, so they are pretty selective about whom they approve. ...
the green one normally has a limit
and they also cost $$$
and even they say no limited- I was cut off a few times when I charged alot- mostly b/c they still had my salary from when I started working
I have a green amex and a green amex corporate card. Neither has a limit, though the non-corporate may have a single purchase or day limit like many cards do.
My corporate one has no limits that I've found (but I'm assuming b/c it's my business card). When I was making travel arrangements for an overseas business trip, I charged over $20,000 in one day. Let's hope for Amex's sake no one ever steals my corporate card! 
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| Posted 11/28/07 2:22 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: REBUILDING CREDIT HELP
Posted by Kara
Posted by Beth1210
I never realized that one credit card was better then another?/ anyone have an articles on this b/c I am curious now
I don't think one is better than another, absent things like your limit, interest rate, and accurate reporting to the credit bureaus. I know first hand that Capital One does NOT accurately report your credit limit to the credit bureaus, so they make you look like you are maxed out all the time even though you really have a big cushion of available credit.
Amex doesn't either- (report to the credit bureaus) I know I read that some where-
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| Posted 11/28/07 2:30 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: REBUILDING CREDIT HELP
Posted by Kara
Posted by Beth1210
I never realized that one credit card was better then another?/ anyone have an articles on this b/c I am curious now
I don't think one is better than another, absent things like your limit, interest rate, and accurate reporting to the credit bureaus. I know first hand that Capital One does NOT accurately report your credit limit to the credit bureaus, so they make you look like you are maxed out all the time even though you really have a big cushion of available credit.
They report me correctly. I check my credit report at least once a month. Hmmm.
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| Posted 11/28/07 9:16 PM |
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Re: REBUILDING CREDIT HELP
well, I'm presuming your asking becuase you currently have no credit cards? If so, good for you! Yep, just pick up one or 2 cards.... a visa / mastercard / discover and pay in full and on time every month, and you'll be fine 
I like discover becuase of the cashback feature. I use it for all the monthly bills, so it racks up quickly... at least $300 / year
don't exceed 2 cards, though... and definitely avoid store cards. If you DO have a card for a long time, it is best to keep it... consistency and reliability are key for building credit 
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| Posted 11/28/07 9:22 PM |
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