Im going to open a credit card acount to get my credit score up but I don't know any thing about the credit

Question

termonology and where can I learn about choosing a credit card that's right for me and not to expensive?

Answer 1

want to get you credit score up.
this isnt the way.

1. Go back to you credit report.
2. contact all of the derogatory creditors.
3. set up a payment plan.
4. pay them.

This is the quickest way to fix a bad credit score.

Answer 2

If you have never had any type of credit before, you will probably have to apply for a secured card. This is when you put some money into a savings account and then get a card with that as the limit. These typically go unsecured after 6-12 months of good payment.

The easiest thing to do is to approach your bank and ask them for a credit card. Just make sure that there are no annual fees. Interest rates don't matter because you aren't ever going to carry a balance - right?

If your bank does not issue credit cards, check out bankrate.com for a list of secured and regular cards. If you get denied, don't just keep applying, this will hurt your score and cause you to just keep getting denied. If you can't even get a secured card, you should have a friend/family member who has good credit add you to their account as an authorized user. That credit line would then report on your credit report giving your instant history.

Good luck!

Answer 3

If you've never had one you likely have low or no credit. Go to www.whogavemecredit.com and look up the cards that had scores similar to yours.

You want:
NO 'activation fees"
No yearly/maintenance fees
LOW APR
An APR that doesnt' 'adjust' or 'vary'

That said, with little or no credit, you may have very few options-- choose a couple cards that work well with your scores, and apply. You could even get something like a target or macy's card.

After 6-12 months, negotiate for lower fees, apr, etc....if you've paid on time they may do this for you.

If you have a card that has a high APR but no fees, pay it off when you are able to get new/better cards, but dont CLOSE the account. You want to have all accoutns open 'long term' not to open and close accounts constantly-- and by 'long term' i mean 3-7+ years.

Answer 4

If your goal is building credit, a credit card will not help the way you want it to.

You would be better off taking out a small loan and repaying it, then doing it a couple more times. This can be a furniture purchase using a store account that you have the cash to pay in full, but use their store account for, etc.

Remember- the REAL REASON credit card companies are in business is to make money off you in fees, charges, and interest- especially interest! They will do whatever they can to get you hooked and using these dangerous things.

As a rule of thumb, credit cards HURT your credit a LOT easier than they build it.

Answer 5

Lol, sorry had to laugh at Lucky copying Steven's answer.

The one guy was right ~ to build up your credit score you don't need or want a credit card. You need to borrow a small amount o of money $1,000 up to $3,000 (whichever you can do), pay that off early. Then do another one. A personal line of credit would be great for this as well. Talk to your banker; they should be able to help you decide which one will best suit you and your needs. Good Luck to you.

Answer 6

Do you have a economic employer account of your own? if so, you will get a Paypal account for unfastened which you will link to that account and get issues on line from ebay and stuff. And in case you have a debit card with between the biggest trademarks on it, that's going to artwork only comparable to a mastercard. i've got not got a mastercard and that i purchase stuff on line from ebay and amazon in many situations. Have a stable day! Lbee P.S. that's extremely bizarre which you published this question because of the fact I heavily only regarded up the mass result video games on ebay... and then I despatched you a message with the link to one...

Answer 7

want to get you credit score up.
this is the way:

1. Go back to you credit report.
2. contact all of the derogatory creditors.
3. set up a payment plan.
4. pay them.

This is the quickest way to fix a bad credit score.

5 minutes ago - Report Abuse

Answer 8

You should look for a card with no annual free, unsecured with the lowest limit possible. Some cards have good introductory offers which you can take advantage of. To read more about credit check out http://creditwisdom.blogspot.com

Answer 9

If you are going to open a credit card account you should open an account with a low spending limit that you can pay off entirely and on time each month so you don't accrue interest.

Answer 10

Yes, I handle this all the time. See below