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Thread: credit cards, and getting approved

  1. #1
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    credit cards, and getting approved

    My credit is trashed for several reasons. That recession had several impacts, the house losing 100K in value, not getting a job that paid enough, and a divorce. I got through all of that, paid the chapter 13, have my student loans in good standing, etc. and my credit score is under 600. Ouch. My living situation is awesome but if I needed to move I would be in trouble. After reading a lot I decided I need a credit card. I applied for on through Ally bank where I have my IRA CD's and got turned down. No big surprise. I looked at a lot of cards that help you rebuild credit too. However I decided to go to my credit union that I have been a member of for many years and have a money market that ranges from $3-5K consistently to see if I could get a card with them. I have an appointment tomorrow. I want to try this before the other options.

    One tip I read was to get a department store credit card, charge something you know you don't want to keep, make the payment on time, and then after you make the payment return the item for cash and pay the balance down so it looks like you are paying ahead. I am sure there is an easier way than that. I was going to buy things I was already buying and then pay it a little ahead and above the minimum or to zero each time. I think paying off in full is probably better.

    Sometimes I get sad, I had a excellent credit score for many years. Things happen,

  2. #2
    Senior Member KayLR's Avatar
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    I thought Michelle Singletary had a pretty interesting column about credit the other day. You might find it helpful.

    https://www.washingtonpost.com/business/2018/09/20/credit-myths-that-can-cost-you-lot-money/?utm_term=.f9537f10ad9d
    My therapist told me the way to achieve true inner peace is to finish what I start. So far today, I have finished two bags of M&Ms and a chocolate cake. I feel better already!

  3. #3
    Senior Member iris lilies's Avatar
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    Please dont buy something large at a store and pay it off and return the item just to benefit you

  4. #4
    Moderator Float On's Avatar
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    I'd check with Capital 1 or Barclays before going store card route. Both are known to help people rebuild credit because they charge high rates.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  5. #5
    Senior Member Geila's Avatar
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    The credit union is a good idea. I love our credit union.

  6. #6
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    I would charge something you were going to buy anyway.

  7. #7
    Senior Member JaneV2.0's Avatar
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    I bet you'll get a card from the CU. They'll probably just give you a low limit.
    Yeah--with the department credit card, I'd just use it and pay it off in timely fashion.

  8. #8
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    When you are at the credit union, it might be helpful if you discuss whether a low credit limit credit card would be granted if a large credit limit would not be acceptable. You could build it up over time by increasing the credit limit as allowed.

    Deliberately buying and returning is a real turn off for me. I would reconsider ever reading or listening to someone who would propose something like that.

    Credit scores are about paying on time and relationships between amount of credit available and used. (and all kinds of other things)

  9. #9
    Senior Member gimmethesimplelife's Avatar
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    About credit unions - I love credit unions and I support this idea 100%! If you have any verifiable ties to the military, I'd suggest Navy Federal Credit Union - not only are they good and fair and transparent, they are unfailingly polite. Every time I go in there they call me by name at least once and call me Sir at least once. Not the kind of treatment I am used to from a financial institution. I've heard they are good about helping people establish and/or reestablish credit, too. Rob

  10. #10
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    I should have added that all our financial business other than some major affinity credit cards have been thru our credit unions for over 40 years. We had the first mortgage our CU had ever done many years ago. Other than one overly involved trust officer, the service has been wonderful.

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