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CaidensMommy
My 3 Miracles!
Member since 5/05 5777 total posts
Name:
Melissa
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What is the best cc to get to rebuild credit?
Need some suggestions on the best credit cards out there to be able to rebuild credit? Thanks!
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Posted 3/7/11 8:35 AM  |
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canwhit
LIF Infant
Member since 12/10 79 total posts
Name:
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Re: What is the best cc to get to rebuild credit?
Capital One has a secured credit card. My husband just got one because he has NO credit therefore he wasn't getting approved for anything. He also didn't get a job he really wanted because of having NO credit, but thats another story. He applied for the Capital One secured card. He put $49 towards it and his credit limit is $200. They report to all 3 credit bureaus. As time goes on they will increase the limit and the $49 can eventually be refunded to you. We felt the most comfortable with this one because it is Capital One. I think there is a 29 annual fee but that is the least of all the ones I have seen out there.
Capital One secured card
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| Posted 3/7/11 8:52 AM |
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LiveandLearn
LIF Adult
Member since 4/10 1586 total posts
Name:
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Re: What is the best cc to get to rebuild credit?
I have heard Orchid Bank and Capital One.
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| Posted 3/7/11 1:39 PM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: What is the best cc to get to rebuild credit?
Cap one is good but WAIT until they send you a pre approved offer. If you had opted out in the past opt back in. You can also try their preselector Go to Capital One and choose "See if you're prequalified"
Orchard bank does a prequalifier too
Orchard Bank - https://www.hsbcapply.com/start/orchardbank?media=O5IS102AAX0802000161HPHHX
Also, best buy reward zone mastercard
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| Posted 3/7/11 6:57 PM |
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MrsFrizzle
<3
Member since 9/09 4628 total posts
Name:
Kristin
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Re: What is the best cc to get to rebuild credit?
I always heard Amex was best, BIL & SIL did this.
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| Posted 3/7/11 7:03 PM |
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monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
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Re: What is the best cc to get to rebuild credit?
Posted by jkfris09
I always heard Amex was best, BIL & SIL did this.
You have to have good credit to get an Amex. You can't just sign up for one.
If your credit isn't good or you've filed bankruptcy you'll need to apply for a secured credit card to start off.
You need to use it and pay it in full every month.
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| Posted 3/7/11 8:18 PM |
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MrsG823
Just call me Mommy.
Member since 1/11 5570 total posts
Name:
S
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Re: What is the best cc to get to rebuild credit?
According to my accountant you can rebuild your credit using any credit card you just have to charge and pay the balance in full each month.
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| Posted 3/7/11 9:18 PM |
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peanutbutter2
Carpe diem!
Member since 11/10 5287 total posts
Name:
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Re: What is the best cc to get to rebuild credit?
I've heard Orchard Bank from some, but then I've also heard that they are a bit scammy...so I'd look into them a lot if you decide to go with them.
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| Posted 3/7/11 9:34 PM |
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aliwnec10
mom of 3 boys
Member since 4/06 11426 total posts
Name:
Ali
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Re: What is the best cc to get to rebuild credit?
thank you for asking this. I was actually just wondering this today to help my brother build up his credit. 
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| Posted 3/7/11 9:37 PM |
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waterspout4
My loves
Member since 5/06 19150 total posts
Name:
Kelly
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Re: What is the best cc to get to rebuild credit?
I went with capital one to repair my credit after college. They do have an annual fee, but they were the only ones to give me a chance. I have been very happy with them. Not sure if they are the only ones out there now. It has been a few years.
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| Posted 3/7/11 9:51 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: What is the best cc to get to rebuild credit?
Posted by MrsG823
According to my accountant you can rebuild your credit using any credit card you just have to charge and pay the balance in full each month.
Agreed.
There is no "magic credit card" that specializes in rebuilding credit. In fact the only thing that rebuilds credit is TIME.
Do you have any open credit cards? If you do, there is no need to apply for any additional credit. Time will improve your credit.
If you need a credit card, then just apply for something that does not have an annual fee and make sure you pay the balance in full every month.
Stay away from Orchid Bank.
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| Posted 3/7/11 10:23 PM |
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anewday
<3
Member since 9/08 1493 total posts
Name:
Dawn
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Re: What is the best cc to get to rebuild credit?
Posted by MrsG823
According to my accountant you can rebuild your credit using any credit card you just have to charge and pay the balance in full each month.[/QUOTE
Agreed BUT do not pay the entire balance each month. If you don’t owe any money you still won't have any credit. Charge $50 then pay$ 25 each month along with their interest
KWIM
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| Posted 3/7/11 10:52 PM |
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fight the future
Master of my domain.
Member since 3/10 2067 total posts
Name:
Rebecca
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Re: What is the best cc to get to rebuild credit?
Posted by anewday
Agreed BUT do not pay the entire balance each month. If you don’t owe any money you still won't have any credit. Charge $50 then pay$ 25 each month along with their interest
KWIM
I want to understand the method behind this.
I just did the whole researching my credit score thing and the report explained that the factors that raise your credit score are that you ONE. have credit available (in fact they reference it being best to have TWO major credit cards open and in good standing)
and TWO your credit available to credit used ratio.
You obviously don't want to max your cards out and only pay the balances but...
why do you want to leave a small balance on it?
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| Posted 3/7/11 10:59 PM |
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anewday
<3
Member since 9/08 1493 total posts
Name:
Dawn
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Re: What is the best cc to get to rebuild credit?
Posted by fight the future
Posted by anewday
Agreed BUT do not pay the entire balance each month. If you don’t owe any money you still won't have any credit. Charge $50 then pay$ 25 each month along with their interest
KWIM
I want to understand the method behind this.
I just did the whole researching my credit score thing and the report explained that the factors that raise your credit score are that you ONE. have credit available (in fact they reference it being best to have TWO major credit cards open and in good standing)
and TWO your credit available to credit used ratio.
You obviously don't want to max your cards out and only pay the balances but...
why do you want to leave a small balance on it?
The way it was explained to me is if you pay it completely off every month your not considered as a "good" client for the credit card company and your really not estabilishing credit. You actually have to owe money in order to establish credit, if its always paid in full they make no money and there is really nothing to report.
So if you have a $200 limit charge $50 and pay $25 to carry a $25 balance for one month. Do that several times and the company will report you in good standards.
I guess if you are planning on using a credit card every month and paying it off every month it would be reported. But if you only use it everyonce and a while and still pay it off at the end of the month (then credit card sits unused) its not going to estabilish as much credit.
Did that help? This is what I was always told.
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| Posted 3/8/11 7:13 AM |
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