2006-06-26 04:25:43 · 12 answers · asked by d b 1 in Business & Finance ➔ Credit
Yes, you can!
First, you need to find a starter card. You can get one for people with 'bad credit' or you can try getting a small one ($200) through Capital One. I started with that, and bought a car around the same time (not with the credit card, of course! :)). The interest on my car is ridiculous, but such is the penalty for not paying my bills before. After you work diligently to pay off your card every month and keep up with your utility bills, it will eventually pay off. I bought my own house (2 years after finally beginning to clean up my credit) and have several cards now. Most of them I don't use, they are just for emergencies.
You want to make sure that you don't keep maxing out your card and paying it off. I did that with the $200 card, because I would pay bills, then use the bill money to pay that off. I have a steady job, so I knew it wasn't that much of a risk, but if something ever happens, you're screwed. Your best bet is to carry no more than 20% of the limit every month. It looks better on your credit report.
You can do it ... it just takes hard work and patience. It won't change over night, but after about a year or two of consistent payments, you'll be in a much better position.
Good luck!
Edited to add: One thing that I forgot to mention is to watch the "program fees" etc. With Orchard Bank, for example, you may get a credit line of $300. When you first get the card though, there is already a $92 balance from program fees, signup fees, etc. I was never really okay with that, so I avoided those cards. It's a place to start if you have no other option, but I would go with a secured card before I would go with a card that starts me out with a $92 balance ...
2006-06-26 04:33:39 · answer #1 · answered by Aussie Mommy 3 · 1⤊ 0⤋
Of course you can, there are always companies and cards out there for everybody. The interest rate will be on the high side but by paying off the balance every month, they won't effect you. This is good practice towards restoring some good credit on your behalf. Also, it's a good idea to start with a secured credit card through a bank where you put down like $500 and get a "credit line" for that amount with the deposit serving as payment if you fail to pay. These are usually a lower interest rate and very good at restoring good credit that you can then use to get a higher limit actual credit card with a decent interest rate.
2006-06-26 11:44:36 · answer #2 · answered by JCLPRO 1 · 0⤊ 0⤋
Yes, they have ones for people that have had bad credit, but the interest rate is sky high.
2006-06-26 11:27:55 · answer #3 · answered by Goodbye 5 · 0⤊ 0⤋
Yes you can...try www.orchardbank.com..they give credit to people with damages credit for a 2nd chance.
Good Luck!
2006-06-26 12:11:40 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes, you can get one, but the interest rate will be very high. Companies like Capital One or Providian will givve you credit.
2006-06-26 11:30:37 · answer #5 · answered by ebony_q_t 2 · 0⤊ 0⤋
Absolutely!
2006-06-26 11:30:08 · answer #6 · answered by Techietoast 3 · 0⤊ 0⤋
yes, they start out with a low credit amount, and usually high inerest rate, but they get better when you pay on time.
2006-06-26 12:29:25 · answer #7 · answered by Raistlin H 3 · 0⤊ 0⤋
Yes but usually the interest rates are pretty high.
2006-06-26 11:29:46 · answer #8 · answered by JAngel 3 · 0⤊ 0⤋
Try orchardbank.com or providian.com.
2006-06-26 11:29:07 · answer #9 · answered by WiserAngel 6 · 0⤊ 0⤋
i think you'll have good luck checking this out
http://www.wesayes.com
2006-06-26 11:41:11 · answer #10 · answered by umdanddvd 3 · 0⤊ 0⤋