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Guest · Posted: Thu Jun 05, 2008 5:25 pm Subject: Best credit cards?

I finally cleared up all my delinquencies on my credit reports. Was able to get three off with goodwill letters, but three others refused to remove them.

Now that I am done with that part, it's time to start establishing good credit. What are some good cards to apply for? I have a score of 580.

Thanks!

Guest · Posted: Thu Jun 05, 2008 5:38 pm Subject:

Stay away from Credit One Bank. While it is a good card, the company is owned by Sherman Financial Group, LLC A/K/A LVNV Funding A/K/A Resurgent Capital Services LP. If anything bad ever happens, you will be dealing with a bottom feeder.

First Premier Bank is a good card.
Salute Visa is pretty good.
Capital One sucks, even consumer reports gave it the worst rating.

cellular · Posted: Thu Jun 05, 2008 8:10 pm Subject:

If you are looking for a CC to get your credit rating back I would use your personal financial institution, especially if you have a long term relationship with them. Also if you can afford it try a "secured card" where you deposit money into an account and they issue credit card for that amount. Rates are lower than normal credit cards for someone with a 580.

In regards to Capital One, they were the first to offer me a card when i got my problem under control. Interest rate was around 20-22% and they only gave me $300 (eliminates the temptation to go crazy) but after 6 months they bumped it up to $500 and they just recently reduded the rate to 13.9%.

Guest · Posted: Thu Jun 05, 2008 8:17 pm Subject:

I've heard Salute Visa is one to stay away from.

Orchard bank is supposed to have a good one. Anyone know about them?

Posted: Fri Jun 06, 2008 6:34 am Subject:

I'm in the same boat as far as clearing up everything on my reports and finally came to the point where I can start making improvements to my credit. I received a Capital One credit card that is 0% until December and then moves to 14% thereafter. The most important thing to remember when using a credit card is to make sure you aren't thinking of it as "free money". Your credit rating will improve overtime when you make your payments on time and you're only using your card sparingly. You should only use it for things you already have cash for. For example, I'm only using this card for gas. When I receive my statement, I go online IMMEDIATELY and pay the entire balance. It's a $500 limit and I only use about $100/month. It's a good idea to keep your spending below 25-35% of your limit.

Be very very careful and you'll do fine Smile

Posted: Fri Jun 06, 2008 6:36 am Subject: reply

rewards 660 and total card,which are issued by dakota state bank are also cards to avoid.tried to get a salute visa,my credit still isn't good enough.

Posted: Fri Jun 06, 2008 6:54 am Subject:

Oh another thing too - Make sure that you are going to big name companies that you know are legit. I know there are a lot of companies out there that will try to take advantage of people who are desperate to get some kind of card but can't get approved elsewhere.

The last thing to remember is to get involved with a company that reports to ALL three credit bureaus. If they only report to one...it's not going to help you as much as you need Smile

Posted: Mon Jun 09, 2008 1:05 pm Subject:

Me and the DW have a few different cc's
the best one
Chase rewards (for gas, food shopping, drug store)
give's us 5 points for every $1 in the 3 store above
5000 points = $50 cash back via check
($1000x5point = 5000 for stuff we have to buy anyways)

the worst cc
bank of america I had a bill one month for $221.xx
I misread/typed and gave them 212.xx and was charged a daily compond of interest for 3 months (even tho I paid they balance for the next 2 months and had $0 balance) anything I charged to the card was charged interest daily for 90 days!
(I never knew about this little policy Sad

)

Posted: Mon Jun 09, 2008 1:10 pm Subject:

best card for credit rebuilding is a secured card from a big bank or even better a credit union.bank of america seems to love me with citi running neck/neck. Very Happy

Posted: Mon Jun 09, 2008 5:29 pm Subject:

So far, B of A seems to think I'm all that and a bag of chips. It's a new romance, though. I'll let you know how it works out.

Posted: Mon Jun 09, 2008 6:21 pm Subject:

I have to say that the worst credit card that I ever had was Providian. I was approved and before I even got the card in the mail I got a bill statement that I already owed $195.00 and had only $45.00 left of credit before I even got the card. I felt so stupid and I was. I paid this card off and got rid of it real quick.

Luke

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