I checked my credit online at lending tree and my score was 625. The site recomended I get a credit card and make small purchases and pay them back in a timely manner. I know there are alot of easy credit ripoffs out there. What do I look for to avoid getting bled dry with interest rates and annual fees? What would a reasonable rate be?
2006-07-08 06:01:48 · 11 answers · asked by drunkmunky 2 in Business & Finance ➔ Credit
I found some good info here.
2006-07-08 07:13:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
A credit card from any large bank (Citibank, BofA, etc) or large credit card company (Capital One) is fine. Your purpose is to help build your credit and if you're smart you'll be paying off your TOTAL balance every month, so no interest will be charged to you. Just get the card, charge a few things a month, pay your bill in full every month and watch your credit score rise. You may want to pay attention to the "annual fee"... if you can find a card with no annual fee that would be great... but for the $29 a year most cards charge, just get going and get on to some other challenge! Good luck.
2006-07-08 06:16:24 · answer #2 · answered by DirectYourMind 1 · 0⤊ 0⤋
Try the Washington Mutual card. It has no annual fee, and just pay it in full every month so you don't have to think about the APR. This card has the added benefit of letting you check you credit score right on their Web site for free whenever you like - so you can see if the steps you are taking to improve your credit score are actually working. If you are declined for this specific card, go to the Providian Web site and apply there. They are owned by Washington Mutual now and have a variety of cards for most credit levels with this same no annual fee and free credit score features.
2006-07-08 06:20:25 · answer #3 · answered by pismocrab 3 · 0⤊ 0⤋
To avoid most rip-off schemes, apply for a credit card through your bank, or a well-known bank. Currently, VISA is the most widely accepted major credit card in the world -- having surpassed MasterCard a while ago. Many offer low, introductory interest rates, and then increase them after a period of time. However, if you keep your purchases manageable (within your budget to pay off each month) you can build your credit rating and avoid interest charges all together. Also, most well-known bank credit card providers offer free buyer protection - so if your card is lost or stolen, you are not liable for payment of unauthorized charges. Good Luck.
2006-07-08 06:10:25 · answer #4 · answered by shaffer56 3 · 0⤊ 0⤋
If you can't get a credit card because your score is too low or you don't have enough credit then you can get what my husband got and thats a secured credit card delivered by Orchard Bank. His score has went up 50 points in the past year just because of the credit card. Im glad you asked this question because i've been needing the same thing.
2006-07-08 06:39:54 · answer #5 · answered by Kristi A 4 · 0⤊ 0⤋
I was in the same position a few years ago and I got a credit card through Capital One. They have been really good to me. I also have a friend who got a credit card through them and he fell behind on the payments. They were very willing to work with him on a repayment structure.
By the way, at that time, my interest rate was only 14%. That's pretty good for a lower credit score. First Premier is also good, but their interest was 18% at that time.
Hope that helps!
2006-07-08 06:06:14 · answer #6 · answered by PurplePenguinsLoveDance 1 · 0⤊ 0⤋
None...
http://www.cbsnews.com/stories/2005/10/18/earlyshow/living/money/main951008.shtml
2006-07-08 06:05:37 · answer #7 · answered by James 3 · 0⤊ 0⤋
Visa through your bank or credit union = Capitol One CC's can actually hurt your credit score even if you pay them on time - they report your highest monthly purchases as your credit limit. If your highest monthly purchases are $300.00 and you owe $200.00 on the card, Capitol One reports to Agencies that you are using 66% of your credit limit - Any thing over 30% has a negative impact on your credit score.
Use your card for small purchases and pay it in full every month - NO MINIMUM PAYMENTS.
2006-07-08 06:19:52 · answer #8 · answered by Anonymous · 0⤊ 0⤋
none...if you are using a credit card, you are spending money you don't have. get a debit card save up a couple thousand and you can use your own money 'in case of an emergency.' Remember, the borrower is slave to the lender. i paid my discover, sears, and texaco card off 2 years ago, cut them up and never looked back. best thing i ever did. i'm debt free!
2006-07-08 07:44:02 · answer #9 · answered by el_aminb 2 · 0⤊ 0⤋
there are none don't get any that you have to pay them to carry there card be very careful and best of luck finding a card that don't rip you off don't know of any that don't.best advise avoid credit cards completely
2006-07-08 08:23:18 · answer #10 · answered by terryg_timberman 1 · 0⤊ 0⤋
If you are planning to pay in full every month. Then APR does not matter. Make sure there is no Annual fees.
2006-07-08 06:06:30 · answer #11 · answered by taranum_iqbal 2 · 0⤊ 0⤋