I have decent credit but I had cancelled all my cards when trying to get out of debt. I am now free of all unsecured debt but I need to have a card so in the future I won't be hurt by having no credit.
I'm thinking I want a card with no annual fee and a low APR. The card would only be used very occassionally and paid off immediately. I have no desire to repeat previous mistakes.
Does anyone have any recommendations for a good card for this purpose?
2006-07-25 08:58:39 · 13 answers · asked by Tamborine 5 in Business & Finance ➔ Credit
Okay, as I said, but everyone is skipping, is that I have decent credit. My credit score is 700.
When I got into trouble I went into debt consolidation right away BEFORE my credit got screwed up.
But I do appreciate those of you who are taking the time to answer.
2006-07-25 09:08:16 · update #1
Congrats, on your cleaning up your debt and your credit score. What you want to do is compare credit cards and the good news is there are many internet sites that will allow you to.
Check www.creditland.com, www.bankrate.com, www.credit.com On these sites you can look and compare the credit cards that have no annual fee and a low APR. Also if you belong to a credit union, they have excellent rates. You may also consider doing a search for LOW credit card rates in search engines. USA Today does a comprehensive list every year.
I hope this helps you out.
Good Luck
2006-07-25 09:36:06 · answer #1 · answered by teenriodoll 3 · 1⤊ 0⤋
Its going to be hard to find a card with no annual fee and low apr for someone to re establish their credit, your best bet is to try capital one. I have 2 cards thru them a visa and a mastercard their rates are a little high but they are a good company, I had no credit established at all and I got a credit card thru them and they give credit increases every 3 months or so I believe if you make your payments on time and dont go over the credit limit.
2006-07-25 09:05:06 · answer #2 · answered by ♥Kempa♥ 4 · 0⤊ 0⤋
Providian and Chase are horrible- they give you say...a $1500 credit limit...you charge it up because you're low on money or lost a job or had an emergency, etc. Then, about a year later, after you've paid, and paid, and paid at your low introductory flat rate of say...7%, they send you, in teeny, tiny print, a notice that says you have to "opt out" by cancelling your account if you don't want to pay upwards of 28% - 29% interest. They say they have a right to "ammend" your account if you don't meet their payment preferences...say, you only pay the minimum payment or slightly above each month.
My recommendation? Go with American Express Green Card. Yes, there is a $59 annual fee, BUT, you have to pay the balance at the end of each month which prompts you not to charge it up. As well, every payment you make shows up as a positive on your credit report.
2006-07-25 09:08:32 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would try Providian. They dont have an annual fee and their APR is as good as any other. I think you can even apply online at www.providian.com
Dont be shocked if it reroutes you because they are in the middle of changing their name to Washington Mutual. But they are a great company and have a wonderful website. They even update you every month on what your credit score is so that you can kind of keep track and watch for identity theft. Anyway, good luck.
2006-07-25 09:04:17 · answer #4 · answered by Tragic Remedy 2 · 0⤊ 0⤋
Depending on how long ago you canceled your cards, and the standing on the cards when you canceled, you might try to see if they will rehab one of the cards.
You might go to the Bank of America website. They have a card selector that you can do that will not pull a hard inquiry for a recommendation. If you apply for a recommended card, then they will pull a hard.
Orchard Bank and HSBC also have the card selectors but they are not as prime as BoA.
Stay away from Cap One. They do not report your credit limit, only the amount that you charge. That will definately hurt your utilization and lower your scores.
2006-07-25 09:58:01 · answer #5 · answered by echo 7 · 1⤊ 0⤋
I wouldn't recommend any credit card. They drag your credit down the worst. If you do get one, I would find one that won't keep raising your credit line, because that is what gets most people in trouble. Not having a credit card at all doesn't hurt your credit any. My feeling is just save up your money. When you use a credit card, you're just spending money you really didn't have to spend to begin with. Not enough people see this, and fall into the trap. Americans are way to dependent on credit cards.
2006-07-25 09:05:56 · answer #6 · answered by Anonymous · 1⤊ 0⤋
If you have bad credit you won't be able to get a low APR and no annual fee...
Try a Secured Card. You put the money up yourself and work off that for about a year.
2006-07-25 09:04:45 · answer #7 · answered by Anonymous · 1⤊ 0⤋
if your not using it that much and your going to pay it off immediately the apr dosnt really matter that much its the annual fee your going to have to get around. By all means if you can find one with a low apr go ahead but it sounds like that is on the back burner compared to how you say your going to use the card
2006-07-25 09:03:52 · answer #8 · answered by puresplprix 4 · 0⤊ 1⤋
examine into the enjoying cards that are for college babies. Or attempt a Wal-Mart credit card instead. those are enjoying cards which tend to be geared in the direction of those with little to no credit historic past. additionally, some enjoying cards grant plans that require a co-signer like a parent or parent. those are additionally meant for persons with out credit historic past. sturdy success, and be to blame with the cardboard.
2016-10-08 07:42:42 · answer #9 · answered by ? 4 · 0⤊ 0⤋
i think that getting a visa from the bank of your choice would be best way to regain stability
2006-07-25 09:03:18 · answer #10 · answered by mary o 1 · 0⤊ 0⤋