"Excellent To Start From"

Comment 1 by hjm331

Secured Cards on 2008-06-11

Secured cards are the way to go when someone wants to start building/rebuilding their credit. They are not like First Premier Bank because they give you your money back as long as you meet their simple guidelines in about a year or so. They report to all three credit bureaus which is the foundation of rebuilding credit and they open doors to better cards. WTG

Comment 2 by mark

Very High FICO Score! on 2008-06-11

In less than 2 yrs from the time you got your social security, you were able to reach the 700 club! Wow!

how did you do it?

how much did you deposit for your secured card?

your credit limit right now are very high for someone with a very short credit history.

do you have installment loans? Car loans? House mortgages?

please enlighten us!

thanks

Comment 3 by yoyo11

Wonderful!! on 2008-06-11

I wanna be like you when I grow up LOL!!

Comment 4 by cameron

Answer To Mark on 2008-06-12

I had no clue to how all scoring worked at start. But as I never kept any balance and have no debts, paid all bills in full Even when maxing out the limit but pay it out immediately or before its due date because you want to exercise the usage rather than using cash. For example even if you did a secure deposit of 1K, but you will be using about 1.5K per month in grocery, gas, restaurants. Swipe the card for everything, even if the bill was a dollar! Get online frequently pay up into the account by bank to bank transfer what you have just used, before you will be using again that will then leave you room to the usage again, this then in a month perhaps you are paying 3 times, but its better than using cash as now spend and pay shoots some scores. But pay frequent and PAY ALL shoots the score faster and higher than pay on regular basis. That minimum payment AVOID that you are paying too high interest use that function only at last resort. Nope no car loans and no mortgage yet! Wanted to build score first, as those will shoot your scores down and big depending on how much equity you put in. Build good score to get good interest rate on the big picture first was the plan. Nov07 just 6 months after the first activity of 2 secured cc, score was already above 700. Feb08 it did come down to 634 because then had 2 secured cards plus one prime but usage was more than 80% of the total available credit in Jan, however paid all bills in Full at due date and March08 the score jumped back to above 730. By that time more prime cards were received which created more cushion of credit lines then it was easy not to max out on total available credit.

Comment 5 by cameron

I Missed Out on 2008-06-12

Oh and I started with depositing 2000 with Orchard and 2300 WF

I was actually even going to start with BOA and CITI as well to test out all 4

Since I did all application on line, BOA simply refused and declined me to open not only secured card, but also checking and savings account. Insufficent history!

Well not my loss but tell you it was not a good feeling when you can open at least checking and savings with the rest prime banks without problem Which had with Chase and CITI at start.

As for CITI secured card I opted not to then because the application must be filled and posted by mail which I just thought this process takes forever, much longer than doing online and getting all done on an instant

Comment 6 by eric

WOW! on 2008-06-14

Sounds like a good deal... If I were starting over that's what I would do.

Comment 7 by rebuildme

MY BANKRUPTCY CREDITORS on 2008-08-02

I filed bankruptcy 5 years ago, and since then I haven't missed any payments. I have a total of 36 credit accounts. They are as follows...

creditor limit

walmart 400 juniper 1000

jc penney 200 us air juniper 1250

pay buy cr 500 cap one 1000

wellsfargo sec 600 cap one 6250

bank of am sec 500 hooters 1500

jared jewelers 1500 macys 400

bloomingdales 1200 bowflex 3001

HSBC bestbuy mc 300 best buy 600

orchard 800 orchard plat 800

HSBC dis 1050 HSBC dis 800

first savings 550 credit one 750

valero 300 shell 300

first prem 550 first prem 475

fingerhut 750 target 200

tribute 850 mont ward 600

mason shoes 500 ginnys 850

monroe@main 575 revolution card 1000

crown jewelers 2500 firestone 1400

if you trying to rebuild start here lord knows I've been there and if I can file bankruptcy and get all this you can get it too.

Comment 8 by louise

Thank You...I Totally Understand on 2008-08-05

I too, filed for Bk... It's been 2yrs since my discharge. It was the most devastating experience of my life (more so than the joblessness and the illness that were the stimuli that forced me to decide to file). I never thought something like that would happen to me. I felt so humiliated and ashamed. Although my atty told me to jump back into reestablishing my credit, I was so psychologically damaged that I said no way!!! But the way the world operates, one needs credit cards. So this year, I started applying. Well, to date I have the following revolving accounts:

Wamu Visa - 2800

Kays - 5000

Cap One - 4250

Barnes & Noble MC - 2300

Hooters - 1000

iTunes Visa - 500

Saks - 2200

Valero - 700

Target - 500

Barneys New York - 2000 (CLI due this month)

Orchard - 500

Credit One - 500

Current Fico scores are: TU 705 EQ 702 EX 695

Comment 9 by lindalu

I Too Filed Bk on 2008-08-05

I filed bk May of o7 but I haven't had as much luck as you Louise!!! Your feelings on filing took th words right out of my mouth!! I felt the same way!! But I haven't had as much luck as everyone else...

I got :

orchard bank $300

best buy mc $300

HSBC platinum $300

hooters$500

salute $300

capitol one $2000 * 2 increases so far

imagine $470(one increase so far)

got approximately 15 denials!!!

not sure what I am doing wrong

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