im looking for a credit card to help build my credit back up. What card has the lowest intrest rate and what should i get???
2006-07-23 07:11:31 · 4 answers · asked by Brian P 1 in Business & Finance ➔ Credit
I was in your position once. Try Orchard Bank, they specialize in helping people rebuild their credit. They start you with a low spending limit and provided you keep everything in order, they gradually increase. I believe they were advertising for a while here on Yahoo! as well.
2006-07-23 07:16:51 · answer #1 · answered by Lubers25 7 · 2⤊ 0⤋
Well 1st off you do need credit cards to boost your credit score up!!! Actually all three bureaus Experian, Trans Union and Equifax all give more points for credit cards then they do for car loans or even home loans on your report. The reason credit cards are so important is the payment can change depending on how much you use it where your car payment is always the same.
Now as far as cards to get, the rates won't be the best with any of them and to be honest it shouldn't matter, I'll explain why. You should pay off your balance every month! You should never charge more then 30% of your available balance on any card. The reason is available credit, or debt ratio as the credit bureaus refer to it is more important then payment history, but you do need to make your payments on time.
The card you need is a secured credit card, what you do is deposit $200 in there bank and you get a $200 credit limit!
Orchard Bank probably has the best programs on there cards and there customer service isn't that bad.
There are others that offer unsecured credit cards like First Premier but they'll charge you $180 in fees to get the card and give you a $200 limit, not a good idea! Make all your payments on time and keep your balances if you need to carry one under 30% and your score well rise by over 100 points in a year. Good luck!
2006-07-24 21:25:27 · answer #2 · answered by Robert m 3 · 0⤊ 0⤋
No, YOU SHOULD NOT GET A CREDIT CARD.
Go to www.daveramsey.com and get his book "The Total Money Makeover". It will change how you think about money and get you started in the right direction.
BELIEVE ME, if you continue the credit card cycle and don't change your habits, you will continue to have problems.
Good Luck
2006-07-23 14:16:05 · answer #3 · answered by snvffy 7 · 0⤊ 0⤋
Try Home Trust!
2006-07-23 14:16:07 · answer #4 · answered by Michelle 6 · 0⤊ 0⤋