Credit question...?

Question

How do I get an unsecured credit card(except from Orchard Bank) if I have bad credit? Also, what is the best way consolidate my delinquent bills if I can't get a loan or credit card, and my checks are all going towards small payments?

Answer 1

Ways to Consolidate Debt
http://www.debt-explained.com/category/Ways-to-Consolidate-Debt.html

Answer 2

I do not know how you can get an unsecured credit card with out good credit but I can help you get your bills paid. Call your delinquent accounts and see if they will settle for a percentage of what you owe. Be sure you can send them the lump sum in the time they ask for it or they will not help you a second time around. Do this with each one right after you get one paid and your credit score should go up. Check your reports and do on line disputes for things that should not be on there. You can get loans through places like American General Finance with collateral. You can use this to pay off your debts and have one payment. I have heard them using computers as collateral too. Just make your payments to them or they will come get your stuff. Don't ever use check cashing places or credit consolidators. Most institutions view credit consolidators the same as a chapter 13 bankruptcy and it will kill your credit.

Answer 3

One way to eventually get an unsecured credit card is to compile a good record with a secured card. Since you probably already know this, here is a different method I used.

Get your employer to direct deposit your payroll checks into your bank account. I had mine deposited directly into my Bank of America checking account, and B of A offered me a $2k overdraft protection line of credit AND a $2000 limit unsecured credit card. Once I began RESPONSIBLY using the credit card, other credit card companies sent me offers.

Credit rebuilding is a gradual process, but in 1997 I couldn't even qualify for an unsecured credit card or even a gasoline credit card or anything else. 4 years later I had several unsecured cards and impeccable credit. Today I have houses, credit cards, offers to lend me money, and a good FICO score.

As for your delinquent bills, you MUST talk to each creditor and work out a payment plan. You may even be able to negotiate a partial payment if you can somehow come up with the amount all at once. Remember that if your creditor has to go to a collection agency to get you to pay, they only get 40-60% of what you owe.

For right now, since you cannot get any loan, the only way I see for you to consolidate is through use of an unsecured credit card (which is likely to be high interest), or if you own a home you can get a HELOC and use that to consolidate your bills.

Years back, Capital One gave me a good deal: they gave me credit limit 1 1/2 times the amount that I deposited in their account. I also got a secured card with Providian. You have to use credit to get credit. And as a banker once told me when I tried to get a loan, "You have to prove you don't need the money in order to get a loan."

Answer 4

I have been in this spot for several years don't get credit cards try to get a loan first, when I got a credit card three years ago to put all of my back bills into one monthly payment , the card is still maxed and if I would have gotten a loan instead it would be paid off completely by now, I have bad credit and got a loan from prosper.com, you will have better luck on this site if you join a 100% shared group than just asking on your own, all you need is an open checking account and a little hope, when I posted my request for a loan I received the money directly into my checking account in less than 2 weeks and also they automarically withdraw your payment everymonth on the due date so you don't have to worry about mailing it on time! Best of Luck I hope this gave you a little help!

Answer 5

YOU MAY WANT TO CONSIDER ELIMINATING YOUR DEBTS INSTEAD OF GETTING CREDIT CARDS. IF YOU HAVE DELINQUENT CREDIT OBLIGATIONS NOW YOU MIGHT CONTACT THE DEBTORS AND ARRANGE A PAYMENT PLAN YOU CAN LIVE WITH AND ELIMINATE THOSE OBLIGATIONS BEFORE TAKING ON MORE. BE CAREFUL OF CREDIT COUNSELORS. SOME ARE NOT VERY HELPFUL TO THE CONSUMER THEY ARE IN IT FOR THE MONEY.

Answer 6

Check info at the credit info center: http://www.creditinfocenter.com. It will answer most all of your questions.