best card to rebuild credit?

Question

looking for low fees, etc. on secured or credit cards for low credit scores. trying to boost my credit score.

i plan on paying off the balance immediately, so APR isn't a concern, just the setup fee and annual fee.

Answer 1

I have an Imagine Card. myimaginecard.com, everyone is approved $300 limit initially, you have to have a checking account and they must take your payments automatically from the account. (I've had my card since Jan. never a problem with this) Also you can pay ahead of time on-line, or by mail and they won't take the funds. I also went last year in December to the credit union and got a secured loan, my credit unions policy is that everyone can get this. I put $2000 in my account, told them I wanted to pay it in 1 year, they froze that account so that I couldn't use THOSE funds then gave me the loan for $2000. I paid every month and the same amount I paid was unfrozen the next day so I basically was depositing the funds for that day and could go them back out the next. (Actually the 2K wasn't mine, my mom gave it to me cause she new they would give it back to me, when I walked out of the credit union that day I gave her her 2K back) Anyone can do this. u r not loosing anything.

Answer 2

You can try a Capital One card. They'll usually give a card to anyone. If the APR isn't an isue they can be good to use. HOWEVER, please be aware that Capital One doesn't report credit limits. This can hurt your score (though if you have good payment history, that will go on your report)

Part of your credit score is based on your debt-to-credit ratio. If you have a $500 limit and have only charged $50, that's a 10% ratio (a good ratio) However, because Capital One doesn't report your limit, they use the highest balance you've ever charged. Say, for example, the highest amount you've charged on the card was $100. Now when you charge that $50 from before, it makes your ratio 50% (not good)

The only ways around this are either charging $500 or (as I'm trying to do right now) contacting each credit bureau with a copy of my card statement with the credit limit highlighted.

Answer 3

If you are just looking to build credit, then look at a secured loan. You can put money in a cd or savings account and then borrow the same amount of funds. Being able to repay a installment loan vs. revolving line of credit is also important. If you decide to do that, set up a special account for only that purpose and then have a portion of your direct deposit go into that account each pay period. That way you know the bill is paid.

Answer 4

There is no such thing as low fees on bad credit credit cards. The opposite is more likely to be true.

The best you can do is shop carefully and find the least expensive of the bunch.

This article describes bad credit card fees and gives some hints on saving money.

Answer 5

Try a secured card through Bank of America or an unsecured from Orchard Bank (usually get a credit line of $300 to start; 14% interest).

Answer 6

Providian which is now Washington Mutual, helps to re-establish non secured credit, but their rates are not low. When you do get it, buy something inexpensive, gas or something, pay it off right away, use it again, pay it off right away. That way you will avoid paying interest rates.

Answer 7

i'm sure you will find useful info here http://www.wesayes.com

Answer 8

orchard credit cards

BUT IF WORST COMEST TO WORST get a first premier credit card...they will hit you with like $170 in bills but they will give you a card and they do report to the credit beaurus which should help your FICOs go up...better then secured...because with secured you pay to get your secured credit card...which isn't reported to the credit beaurus thus your FICOs don't go up!!!

you can try capital one too...they might give you one

Answer 9

Network on http://www.bankrate.com/. They have good lists.
Hit "credit cards" then "secured cards".

Good luck!

Answer 10

CapitalOne Mastercard..secured start as low as 200.00