Does anyone have experience with credit cards that help with bad credit?

Question

I want my credit score to get better and I was told I needed to get a credit card to establish more credit. Has anyone gotten a card that helps someone improve their credit score?

Answer 1

yes, go to www.orchardbank.com. They specialize in people with bad credit. I got a Master Card from them and it was really wothwhile. Granted, my credit line was/is low, but you're trying to establish good faith with them. They do charge a one time $99 fee that is taken off the card once you get it. I lik it. Hope this helps.

Answer 2

If you have NO previous credit, a credit card will help you ESTABLISH credit. If you have previous credit but didn't use it much or had a late payment or two you have SLOW credit. If you missed payments, went over your credit line or stopped paying your debt all together, you probably have what is considered a poor credit rating (there are several ways to rate credit, each of the three credit reporting agencies use a slightly different method, but it really comes out about the same).
Once you have bad credit, you can get what is called a SECURED credit card. This is when it is either tied to a bank account or you send a sum of money that you can draw from (sort of like a debit card, but you are re-establishing credit). You will likely have a high interest rate and, basically, you can't screw up at all. The best course of action is to make your payments on time, overpay when you can, keep your balances as low as possible, and eliminate as much previous debt as you can. You don't want to get to the point of getting a CHARGE OFF and making a settlement, though it is still better than non-payment. A zero balance after aquiring debt speaks volumes.
GOOD LUCK.

Answer 3

A credit card by itself will not establish good credit. You have to prove that you spend responsibly and make payments on time. If you get a credit card, never spend more than you can pay in a month, and pay off the entire balance each month, always on time. Do that for a year and you'll improve your credit score.

Answer 4

If you know you have bad credit don't apply at places that you know are going to turn you down. This just lowers your score even more. Try www.orchardbank.com and they will tell you once you enter in your information if you qualify for a card and if so which ones. It doesn't pull a credit report until you apply for the card they suggest. This way you can start building credit. Pay on time.

Answer 5

Your FICO score is based on:

* Current balances
* Payment history
* Length of time with "x" balance
* New credit
* Type of credit

To have a good FICO score you need to be in debt, and have a history of reliable payments with little to no late payments. In other words: A slave to the system forever (exactly what they want). A FICO score tells a creditor that you're likely a very safe way for them to make a lot of money from interest for the rest of your life.

You don't want to achieve a good FICO score. Good habits and self-control are excellent though.

I, personally, have nothing against having a gas card that you religiously pay the whole amount each month (Normal expense you would've paid from your bank account anyway). These will help to maintain a credit history which helps the FICO score, but who cares. Generally speaking, having a standard card can get you out of your means pretty quick. You have to be stronger than your will to buy things and naivety against the fact that things can (and will) get out of control.

You want a great credit score? You can do exactly what I did (I have an outstanding FICO score, in the top 1 to 5 percentile of the country). Here's the recipe:

* Get in debt early in life (as close to 18 as possible).
* Get in debt right to the point that you can barely make the MINIMUM payments with what you're earning.
* But, make every payment with the fear of God on your shoulders that you'll be late and get a "ding" on your credit.
* Pay the minimum payment each month, with little-to-no additional toward principal.
* Add more debt, as your income increases, so that you continue to add *STUFF* to your life because you know you're making enough to pay the new minimum payments.
* Add more credit cards, take out more personal loans, finance a new car, as you go along. Remember, as long as you can pay the bill each month, with your income, it'll polish that coveted FICO score trophy.
* Finance a house for 100% of what it's worth with nothing down, then wait for it to increase in value so you can refinance and take out a HELOC.
* Pay those payments, along with all your credit cards, student loans and everything else on time, or die trying, for decades.

That's how you get a nice big fat FICO score that makes car salesmen quiver with excitement when they run your numbers.

Click "contact me" in my profile to hear more. lol

Recently, I have become a changed man, and will be out of this cycle/mess within a few years. It will be painful, and a lot of work and sacrifice, but I cannot be a trapped slave to this crap any longer. I recommend to anyone, I care about, to take great caution when playing with credit (aka: "fire" ((nice n' warm at the time, but dangerous enough to take your house and your family away, the minute you turn your back on it.))).

Answer 6

Credit cards don't help bad credit. Paying them off or paying more than your monthly payment consistently will.

Answer 7

Contact the lexington lawfirm They can really help you with your credit history they fixed ours They dispute items and thus increase your credit score.
www.lexingtonlaw.com

Answer 8

There is some good info here.