My credit is in bad shape and I keep receiving offers to get a Aspire or Aspen credit card, but they have a $150.00 annual fee and a $29.00 start up fee and $6.00 a month fee. I would like to build up my credit score again--would this type of card help--my fico is around 550. I always throw these offers away, but I am wondering if I should take one.
2006-07-28 15:49:45 · 7 answers · asked by luna42 2 in Business & Finance ➔ Credit
will continue tossing them out---thanks!!
2006-07-29 19:11:50 · update #1
Keep throwing it away.
They are expecting you to pay $179 just to get the card, and $8 per month? They're basically charging you interest up front.
If your credit is in bad shape, this is the LAST thing you need.
Try working with a credit counselor in your area, on improving your credit rating.
2006-07-28 15:56:04 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The people who make these offers think they have you over a barrel because your credit rating is currently poor. Because of this, they think they can really jam it to you.
There are other ways to bring your credit rating up. You will have to pay higher interest rates, but you shouldn't have to pay these steep up-front costs. Actually, if you watch what you charge and pay the balance off every month, you won't pay any interest and will be improving your credit rating as you do this. Check for credit counseling. You should be able to find something that is free or low cost. I'm not sure what other ways may be available, just look around.
Don't get a card if you can't make the payments. That's the first thing to get your credit rating back up, making the payments on time. This will be a long-term project. It won't happen overnight.
2006-07-28 16:11:50 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Those kinds of 'offers' need to go straight into the shredder. NONE of them are good for anything, they are super sub-prime and very bad. First Premier is another VERY bad one.
Your best bet to get you on the road to better credit is a secured card. Orchard Bank (which is actually Household) has one that a lot of people use. There are others, go to www.cardweb.com, there you can search for a secured card. You can also go to http://www.creditboards.com, there are plenty of people there rebuilding and who can recommend a good secured card. You'll also learn how to clean up your credit there too.
2006-07-29 03:54:22 · answer #3 · answered by SciFiDiva 2 · 0⤊ 0⤋
OH GAWD NO!
Go to Orchard Bank. They have a small application fee (maybe $59) and no monthly fees. I'm pretty sure they have an annual fee as well. They report to the Big 3 monthly.
2006-07-28 17:01:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I wouldn't do it . Those fee's are totally ridiculous. Nobody should really have a credit card they can't pay off every month.
There are many other ways to build up your credit rating that don't involve loan sharking such as personal loans or car loans.
2006-07-28 15:56:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you'd be crazy to pay that kind of money for a card
I'e worked for a bank for years but never seen anything like that
just keep paying on the bills you have now
2006-07-28 18:07:47 · answer #6 · answered by Anonymous · 0⤊ 0⤋
cash is better
2006-07-28 16:01:45 · answer #7 · answered by Henry W 7 · 0⤊ 0⤋