Best REBUILDING credit card with No Setup FEES -or- Security Deposit?

Question

Made the mistake of applying for a couple of online cards - and got TONS of spam offering me Up Front fee cards, and cards with big deposit and big 'annual fee' (which must be paid up front).

Any LEGITIMATE 'non-New-York' type offers?

My only source of income is my Social Security Disability monthly check (which is not enough to qualify me for a visa cc through my bank, ironically).

Thanks for any genuine, helpful advice.

Hope I don't get links to more scams!

NOTE: 1. No application fee; 2. No 'set up' fee (after 'approval'); 3. No 'annual fee' (paid up front); 4. NO UP FRONT FEE OF ANY KIND.

Thanks!

Answer 1

You might go to the Orchard Bank, Bank of America and HSBC web sites. They have a card selector that may recommend a card. It will not pull a hard inquiry unless you actually apply for a card it recommends. AND they won't spam you with those ridiculous offers that you have been getting.

Keep in mind that even if it does recommend a card, you still have to be approved for it.

I don't know your situation, but you may have to get a secured card. If you plan on a secured card, try with Orchard, HSBC and Bank of America (I know BoA will unsecure in about 9 to 12 months if you keep the card in good standing.

Unfortunately, if you have a very low income, it will be hard to be approved for much, unless it is a secured card. But a secured card is almost like a savings account. Once you pay it, it is there until they unsecure and return it to you, or you close the account and they return it to you. Just stay with well known banks like BoA, Orchard and HSBC.

If you are just trying to rebuild your credit, you might look at store cards like Walmart or Target.
Chevron has a rebuilder card.
You might try CareCredit.
And there is Crown Jewelers. They "will not" pull a credit report, you will be automatically approved, but you have to purchase something to get it to report.
But, you can get a $500 to $1500 line of credit showing on your reports for a very small purchase.

If you have someone in your family that could add you as an authorized user, it would help your scores. Just be sure that if you are added, the card(s) you are added to have excellent history and low utilization.
When you are added as an AU, the history of the account and the total credit limit will show on your reports. It will not affect whoever adds you at all. AND being added as an AU will safeguard you, should anything happen to the person who added you. In those cases, you will not be responsible for paying on the card like you would be if you were added as a joint user.

I would also suggest that if someone adds you as an AU, that when you receive the card, to hand it over to them and let them cut it up. So there will not be any anxiety with the person who adds you.

You might see about joining a credit union and try for one of their cards. They are usually a little more lenient than a regular bank on card approvals.

Stay away from cards like Aspire, Aspen etc. You will pay nothing but non refundable fees with those cards.

Depending on how much you make on SSDI, you might check with your DHS and see if you qualify to receive food stamps etc. If you start receiving it, you can use that as "other" household income when you apply for credit. That will boost up your total income.

I don't know how much help this is, I hope some. Good luck.

Answer 2

1

Answer 3

Usually, credit card companies do a credit checking of each applicant, hence, you would need to declare any source of income. Otherwise, if you apply for non-secured credit card, you'll be disapproved if they find that you don't have the paying capacity that's according to their standards or credit scoring. But here are some options which you can try:

1. If you have good business relationship with the manager of the bank where you have an account, normally, they can vouch for your character and paying capacity. He can help you in your application. Usually, if with the manager's recommendation and guarantee, a credit card application gets approved.

2. You can apply for a secured credit card wherein you have to make a separate deposit (time deposit) equivalent or more, depending on the bank's requirement, and have that as an assurance or a guarantee for your credit card application. In this case, you cannot withdraw from said account for as long as you are using your credit card.

3. You can ask a relative who has an existing credit card to make you his/her supplementary. However, in this case, you will be sharing the credit limit with him/her. Normally, he/she can assign a certain limit for you according to what you both agreed on. This is the easiest and fastest, with no need for you to provide a proof of your paying capacity.

As for the fees, you would need to pay for that, particularly the annual fee. I just don't know the set-up for other credit card companies if they require that it has to be paid upfront. But for some, you will be billed for your annual fee.

Answer 4

Echo has the best answer. Orchard Bank through HBCS Card Services is a good company to deal with. My fiance has one and we have been able to get credit limit increases and make account adjustments when needed.

For instance, my fiance went over her credit limit and was charged a $29 fee. I had just mailed a payment. When I called them and explained that a payment was on the way, they credited back the over limit fee and increased her credit limit.

I vote for Orchard Bank as having the best credit builder program available. No fees

Answer 5

Go to creditland.com. They have a list of all types of secured cards. Or you can put secured cards in the search engines. Orchard bank has many secured cards some have higher interest, and some have nominal fees. You can evaluate.

Good Luck

Answer 6

For Finance and credit solutions I always visit this site where you can find all the solutions. http://SMARTFINANCESOLUTIONS.NET/index.html?src=5YAPZPovy3gpS1

RE :Best REBUILDING credit card with No Setup FEES -or- Security Deposit?
Made the mistake of applying for a couple of online cards - and got TONS of spam offering me Up Front fee cards, and cards with big deposit and big 'annual fee' (which must be paid up front).

Any LEGITIMATE 'non-New-York' type offers?

My only source of income is my Social Security Disability monthly check (which is not enough to qualify me for a visa cc through my bank, ironically).

Thanks for any genuine, helpful advice.

Hope I don't get links to more scams!
Update: NOTE: 1. No application fee; 2. No 'set up' fee (after 'approval'); 3. No 'annual fee' (paid up front); 4. NO UP FRONT FEE OF ANY KIND.

Thanks!
1 following 7 answers

Answer 7

I am not sure. I would recommend contacting your local Consumer Credit Counseling Service. They are non-profit.

Answer 8

Plenty of good advice here.