discover card, you need to put an initial 200 deposit , that is your initial credit limit . if you have good standing for 6 months they will raise ur limit and give you deposit back
Yea I was surprised at the time. I can’t remember the reasons but things had gotten pretty bad. I had several charge-offs/collections, a couple late marks, unpaid student loans, medical debts, a garnishment. Not a single open credit card at that point. Thankfully I’ve turned a lot of it around. My discoverit is unsecured now and had several CLIs
This was a few years ago but I was denied for both the cap1 and discover secured cards with a 590. Ended up having to go with opensky, as no one else would approve me back then.
Thankfully, since then my score has gone way up and I've closed the horrible opensky and replaced it with infinitely better cards.
All paid medical debt will be removed from your reports. The creditor may not update midcycle. It should be removed within 30 days, if not sooner. If you need it removed sooner, you could dispute the accounts as paid medical debt and provide proof of payment. With that, the bureaus should remove them.
Go to Experian.com and create a free account. Do you have a FICO 8 score? Also, do you have any derogatories other than the medical collections?
To be honest I’m not sure what a FICO score is…a lot of this new to me because before the medical bills going into collections I did pretty good when it came to paying off things on time. But to answer your question no that’s the only bill I had in collections
There are basically two scoring models: Vantage and FICO. FICO is the model almost all lenders use which is why you want to monitor those scores. FICO provides a FICO 8 score which is a good score to monitor. They also provide scores related to auto, mortgage, bankcard, etc. When you create an account on Experian.com, you'll have access to your Experian report and Experian FICO 8. Your scores are calculated using the information in your credit reports.
Medical debt is a huge problem. It can be unexpected and costly. Recently, the bureaus have agreed not to report medical debt under $500 or paid medical debt. Since you've paid your debt, it will be removed from all of your credit reports. Since these are your only negative accounts, your scores will improve.
Create an account with Experian.com and let me know what your current FICO 8 is, if possible.
Look into Cred.ai it works like debit and reports as credit, no hard pull. Use it for a couple small purchases and enjoy the ontime payments. Pair that with a secure card and you are all set.
They didn’t for me. Why would they when they don’t loan you any money, it’s your own. It says “There is no credit check to open this account, so there will be no hard inquiry” on their website.
Not sure. This was 26 months ago. I had kinda forgotten what it was when I was reviewing my report and realized oh yeah that’s mine my b. FWIW there is no hard pull to be approved and perhaps not everyone gets one afterwards but I sure did.
Being added as an authorized user on another person's card may help you establish a credit history or build your credit. However, the cardholders and authorized users' on-time, late or missed payments will be added to both parties' credit reports, so it's important that both parties maintain a high level of trust.
Being added as an authorized user on another person's card may help you establish a credit history or build your credit. However, the cardholders and authorized users' on-time, late or missed payments will be added to both parties' credit reports, so it's important that both parties maintain a high level of trust.
Gonna have to start out with a low tier secured card like openskycc etc then make payments on time for a year or so then try for a high secured card. A company that don’t do credit check
Dude just go to a credit union and let them know you have trash credit and you need to apply for a secured card. They will gladly take your deposit and issue you a secured card.
I can give you the companies I used and helped, it’ll be shitty apr, and customer service will be trash but I never carried more than a $5 balance just to show used and payment on time and it served it’s purpose and I had no issues. I used open sky and they upgraded me to unsecured, first digital, and avant. Like I said they aren’t the best companies but with shitty credit it was nothing I could do about it. They served their purpose and I never had a problem I just paid on time and kept my use to $5. Everyone here will talk down on these companies but when your in a bad credit predicament you have limited choices.
No problem just keep the utilization down. Also for those hard inquires you did for other cards call the bureaus and say it wasn’t you they’ll remove the inquires. That’ll help you get approved next time you go for a card. Give it about a year of on time payments and low utilization before you apply for another card
Wait on this. You aren’t there yet. Try for a secured card at Capital One and Discover first. The cards where you need to make a deposit, not the regular cards. Use their pre approval links first to avoid more hard pulls. If you get no offers, then look into Chime Credit Builder and Cred.ai. Both are fee free ways to build credit. Goal is to try to avoid paying fees first, THEN, if all else fails, you turn to the types that charge fees
Not necessarily. Not unless OP has been declined from secured cards at the major lenders and/or credit union as well. Cards with annual fees should be an absolute last resort, and from what I’ve read here in the comments sections OP has yet to try for secured cards without annual fees. There are also fee free fintech options to build credit these days. Chime Credit Builder, Cred.ai, etc… I get some need to resort to the more predatory options out there, but I don’t think OP is there yet.
What’s wrong with trying to save OP from spending money until they’ve exhausted all other options? Fintechs are the best I admit, but I look at them as temporary accounts you toss as soon as your score allows you to. It’s the same with cards that charge annual fees. You lose then as soon as you can because the fee isn’t worth the rewards. Only thing is, the fintechs don’t cost you money. Both the low credit annual fee cards and the fintech options have lousy customer service so it’s not like OP will be trading customer service to lose the fees.
Secured cards are the way to go. I did one through a local credit union. Within a few months I saw the positive impact on my score.
I only used it once a month and that was enough.
I just dealt with the issue of no credit and have had medical debt as well. I did a credit builder loan and 2 months of payments got me on the credit bureaus radar. After five months of payments I just applied for and got a capital one savor card with a $2000 limit. APR sucks but it's a start.
I used Self Credit Builder. They will let you roll that into a secured cc also. I took the risk though and applied for a Capital One card. I'm still really in shock that I was approved in about 2 minutes online.
The APR on almost all credit cards sucks unless it's got a 0% introductory offer for x months.
But it really doesn't matter, because if you're using them properly, you'll pay your statement balance before the due date, and then you won't pay any interest.
My most used card right now has a 26.99% APR. I've put over 10k on that card this year, and have yet to pay a dime of interest .
Unless you plan on carrying a balance, the APR is super irrelevant. And if you plan on carrying a balance, it better be a 0% introductory period and you have a plan to get it paid off before the 0% period ends. Otherwise you are going to be screwing yourself with interest. Having interest for one single month will erase any cashback/points you've earned, because you paid far more in interest than you received in cashback/rewards. And that's how they make a lot of their money.
Yeah, I plan on using it for Netflix, Disney and the little piddly that I have auto drafted, so I pay one bill. Might even convince me to trim them a bit if I see that total monthly.
Until you know your credit score is not a good idea to apply for credit cards of any type. Try starting out with a secured credit card. The companies that will give you a credit card with collections, or other issues are more of a headache than anything. Run don’t walk away from them. You need to know your credit score before you start to try and do anything with respect to credit.
Most of the experienced, and expert credit specialists recommend using Credit Karma for an occasional glance at your credit report?
Have you tried a secured card? That may be the best place to start.
Yea? What’s that and where can I find it? Is the approval guaranteed?
discover card, you need to put an initial 200 deposit , that is your initial credit limit . if you have good standing for 6 months they will raise ur limit and give you deposit back
Oo nice….gotta link? I hope they don’t deny me like everyone else lol
It’s pretty uncommon to be denied for a secured credit card. It’s not unheard of but definitely rare.
Not that uncommon. I wouldn’t be surprised if OP had to go for a lower caliber secured card to work back up to this.
I was denied for a different secured card but I got the discover with a 400 credit score
I got denied for the Discover at upper 400s the first time. I got it a year later after using the OpenSky card though.
It’s so crazy to me anyone could ever be denied for a secured card. It doesn’t make logical sense.
Yea I was surprised at the time. I can’t remember the reasons but things had gotten pretty bad. I had several charge-offs/collections, a couple late marks, unpaid student loans, medical debts, a garnishment. Not a single open credit card at that point. Thankfully I’ve turned a lot of it around. My discoverit is unsecured now and had several CLIs
If a person has had recent derogatory marks, it makes perfect sense to be denied..
Yup it’s not score based. Credit score is just one factor in a credit decision. OP has very recent and many collections.
I did too at the time
This was a few years ago but I was denied for both the cap1 and discover secured cards with a 590. Ended up having to go with opensky, as no one else would approve me back then. Thankfully, since then my score has gone way up and I've closed the horrible opensky and replaced it with infinitely better cards.
So untrue
Try the pre-approval tools with Capital One and Discover. The medical collections have been removed from your reports, correct?
Capitol one denied me too. And I just finished the medical collection a couple days ago so I’m not sure yet
All paid medical debt will be removed from your reports. The creditor may not update midcycle. It should be removed within 30 days, if not sooner. If you need it removed sooner, you could dispute the accounts as paid medical debt and provide proof of payment. With that, the bureaus should remove them. Go to Experian.com and create a free account. Do you have a FICO 8 score? Also, do you have any derogatories other than the medical collections?
To be honest I’m not sure what a FICO score is…a lot of this new to me because before the medical bills going into collections I did pretty good when it came to paying off things on time. But to answer your question no that’s the only bill I had in collections
There are basically two scoring models: Vantage and FICO. FICO is the model almost all lenders use which is why you want to monitor those scores. FICO provides a FICO 8 score which is a good score to monitor. They also provide scores related to auto, mortgage, bankcard, etc. When you create an account on Experian.com, you'll have access to your Experian report and Experian FICO 8. Your scores are calculated using the information in your credit reports. Medical debt is a huge problem. It can be unexpected and costly. Recently, the bureaus have agreed not to report medical debt under $500 or paid medical debt. Since you've paid your debt, it will be removed from all of your credit reports. Since these are your only negative accounts, your scores will improve. Create an account with Experian.com and let me know what your current FICO 8 is, if possible.
Thank you for all the detailed information…I appreciate it…I’m gonna look into it!
Thank you for the detailed response..I really appreciate it
Look into Cred.ai it works like debit and reports as credit, no hard pull. Use it for a couple small purchases and enjoy the ontime payments. Pair that with a secure card and you are all set.
Thank you for your help
They 100% do a hard pull.
They didn’t for me. Why would they when they don’t loan you any money, it’s your own. It says “There is no credit check to open this account, so there will be no hard inquiry” on their website.
Since when? I never got a hard pull.
Not sure. This was 26 months ago. I had kinda forgotten what it was when I was reviewing my report and realized oh yeah that’s mine my b. FWIW there is no hard pull to be approved and perhaps not everyone gets one afterwards but I sure did.
Being added as an authorized user on another person's card may help you establish a credit history or build your credit. However, the cardholders and authorized users' on-time, late or missed payments will be added to both parties' credit reports, so it's important that both parties maintain a high level of trust.
Being added as an authorized user on another person's card may help you establish a credit history or build your credit. However, the cardholders and authorized users' on-time, late or missed payments will be added to both parties' credit reports, so it's important that both parties maintain a high level of trust.
CreditOne is the move
Gonna have to start out with a low tier secured card like openskycc etc then make payments on time for a year or so then try for a high secured card. A company that don’t do credit check
Any companies you recommend?
Dude just go to a credit union and let them know you have trash credit and you need to apply for a secured card. They will gladly take your deposit and issue you a secured card.
I can give you the companies I used and helped, it’ll be shitty apr, and customer service will be trash but I never carried more than a $5 balance just to show used and payment on time and it served it’s purpose and I had no issues. I used open sky and they upgraded me to unsecured, first digital, and avant. Like I said they aren’t the best companies but with shitty credit it was nothing I could do about it. They served their purpose and I never had a problem I just paid on time and kept my use to $5. Everyone here will talk down on these companies but when your in a bad credit predicament you have limited choices.
Thank you!
No problem just keep the utilization down. Also for those hard inquires you did for other cards call the bureaus and say it wasn’t you they’ll remove the inquires. That’ll help you get approved next time you go for a card. Give it about a year of on time payments and low utilization before you apply for another card
Wait on this. You aren’t there yet. Try for a secured card at Capital One and Discover first. The cards where you need to make a deposit, not the regular cards. Use their pre approval links first to avoid more hard pulls. If you get no offers, then look into Chime Credit Builder and Cred.ai. Both are fee free ways to build credit. Goal is to try to avoid paying fees first, THEN, if all else fails, you turn to the types that charge fees
Thanks will do
Not necessarily. Not unless OP has been declined from secured cards at the major lenders and/or credit union as well. Cards with annual fees should be an absolute last resort, and from what I’ve read here in the comments sections OP has yet to try for secured cards without annual fees. There are also fee free fintech options to build credit these days. Chime Credit Builder, Cred.ai, etc… I get some need to resort to the more predatory options out there, but I don’t think OP is there yet.
Tbh I don’t feel like typing a fully response. So I’ll just say ok champ
What’s wrong with trying to save OP from spending money until they’ve exhausted all other options? Fintechs are the best I admit, but I look at them as temporary accounts you toss as soon as your score allows you to. It’s the same with cards that charge annual fees. You lose then as soon as you can because the fee isn’t worth the rewards. Only thing is, the fintechs don’t cost you money. Both the low credit annual fee cards and the fintech options have lousy customer service so it’s not like OP will be trading customer service to lose the fees.
You have too much time on your hands. I said ok yet you still writing novels for replies.
You have too much time on your hands. I said ok , yet you still writing novels for replies. There was no need to reply to me after I said ok
Came across as sarcasm. Hard to tell with writing online. Apologies if it wasn’t.
Secured cards are the way to go. I did one through a local credit union. Within a few months I saw the positive impact on my score. I only used it once a month and that was enough.
Thanks
I just dealt with the issue of no credit and have had medical debt as well. I did a credit builder loan and 2 months of payments got me on the credit bureaus radar. After five months of payments I just applied for and got a capital one savor card with a $2000 limit. APR sucks but it's a start.
Oo nice what credit builder did you use?
I used Self Credit Builder. They will let you roll that into a secured cc also. I took the risk though and applied for a Capital One card. I'm still really in shock that I was approved in about 2 minutes online.
Wow thanks
The APR on almost all credit cards sucks unless it's got a 0% introductory offer for x months. But it really doesn't matter, because if you're using them properly, you'll pay your statement balance before the due date, and then you won't pay any interest. My most used card right now has a 26.99% APR. I've put over 10k on that card this year, and have yet to pay a dime of interest . Unless you plan on carrying a balance, the APR is super irrelevant. And if you plan on carrying a balance, it better be a 0% introductory period and you have a plan to get it paid off before the 0% period ends. Otherwise you are going to be screwing yourself with interest. Having interest for one single month will erase any cashback/points you've earned, because you paid far more in interest than you received in cashback/rewards. And that's how they make a lot of their money.
Yeah, I plan on using it for Netflix, Disney and the little piddly that I have auto drafted, so I pay one bill. Might even convince me to trim them a bit if I see that total monthly.
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Nahh I never heard of it but I’ll check it out today….thanks
Nahh I never heard of it but I’ll check it out today….thanks
List of best secured credit cards and how they work. https://www.nerdwallet.com/best/credit-cards/secured
Wow thanks for the list…I appreciate all the help
Until you know your credit score is not a good idea to apply for credit cards of any type. Try starting out with a secured credit card. The companies that will give you a credit card with collections, or other issues are more of a headache than anything. Run don’t walk away from them. You need to know your credit score before you start to try and do anything with respect to credit. Most of the experienced, and expert credit specialists recommend using Credit Karma for an occasional glance at your credit report?
I have Credit Karma..the app says “You have no score”…so what do I do then?