I have had a repo, so it's on my credit. My score is really low. I want to build my credit so, can anyone tell me a credit card company that will or may except me?
2006-10-12 08:19:43 · 18 answers · asked by azjss 2 in Business & Finance ➔ Credit
I'd advise going with a secure card, which means you pony up say $1000 to the company to hold, and that's your limit. You use the credit card, but you won't be allowed to go over what the company has in your account. If you default, the company has that money to get paid back.
Do that for about three years, with on time payments, and you'll be able to get a regular credit card.
2006-10-12 08:30:57 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of the ones that take people with bad credit, I've had good experience with Capital One. You may have to start with a secured card, where you deposit money with them until you prove that you'll pay the bill on time. However, these cards will always have higher rates than other companies, so keep your balance low and move to regular cards when you can.
For my first card my credit limit was equal to what I deposited. Later I was able to open a card with a limit that was twice what I had on deposit. I forget how long you have to leave the money on deposit after you open the card. I think it may be a year. You will pay an annual fee for these cards that is pretty hefty - $30 or more.
I bought a car from one of those companies that sell to people with bad credit. The car was seriously overpriced and a total lemon. Your interest rate with them will be much higher than on a credit card - on which you can keep the balance low enough to pay it off every month. Remember, they're specializing in that market because you're a captive. You don't have good enough credit to play one dealership off another. Go with the credit card, just watch how you use it.
2006-10-12 15:36:01 · answer #2 · answered by pag2809 5 · 0⤊ 0⤋
You can do an internet search. There are several companies that issue cards to people with bad credit. Most require you to pay high annual fees and interest rates. If all you want to do is build your credit you shold opt for a secured line of credit, which is basically a debit card that reports to the credit buruea frequently to display your effort and good status. Try looking up Orchard Bank credit cards.
2006-10-12 15:30:55 · answer #3 · answered by stephanie7938 3 · 0⤊ 0⤋
Credit cards are the worst way to build your credit. First off, they are going to cost you a lot of money that you'd be better off spending elsewhere. Secondly, even with perfect payments on a credit card, you can't get a big loan with that repo on your history. You are setting yourself up to be in debt with your already bad credit. You don't want to do that.
I suggest you try to get a used car from one of those bad credit car dealerships. There's one in every town. They are a car dealership and also the financing company. The one in my city has a deal where if you have a job (and can prove it with a check stub), you put $200 down and pay $50 a week. But, you can't miss ANY payments, or else they'll take your car and you lose your money.
2006-10-12 15:30:42 · answer #4 · answered by Answer Schmancer 5 · 0⤊ 1⤋
This happens and you need not worry much. There are plenty of resources available on the net that will help you come out of this situation. Take some time and educate your self. This will help you in future as well.
As for getting the credit card, there are several banks and institutions that offers Credit Card for people with no credit or bad credit. Those cards will not only help you get you the credit card but will help you Re-Build your credit.
You can check out http://www.apply-online-now.com which offers several credit cards for Bad Credit / No Credit situation (look for "BAD OR NO CREDIT" in the left navigation bar on that site). You can apply online right away.
2006-10-12 15:38:10 · answer #5 · answered by Tintel 2 · 0⤊ 0⤋
there are credit rebuilding companies that you can contact and if you want a credit card there are companies that will give you a card...its called a secured credit card....you pay them a certain amount and they will give you a set amount as a limit. They also report monthly to the credit bureau.
check out capitalone.com
2006-10-12 15:32:01 · answer #6 · answered by ne_patriots2005 4 · 0⤊ 0⤋
No---stay away from credit cards if you can!! They are addictive and BAD news. Maybe just try a gas card at first. You can also earn towards your next fill up. Just remember to pay it off every months so you don;t pay interest and end up in debt again.
2006-10-12 15:22:45 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Hi, Go to Providian.com That is where people that are starting to rebuild credit have the best luck. They give you a really low balance to start with. Good luck to you.
2006-10-12 15:29:31 · answer #8 · answered by arthurbel33 4 · 0⤊ 0⤋
www.premierbank.com
www.appliedbank.com
These are low credit limits, and charge crazy monthly fees, but it can help you to restore credit. Once your score is raised, apply for another card with better interest rates and no fees, and get rid of the high ones.
2006-10-12 15:28:40 · answer #9 · answered by missportal 2 · 0⤊ 0⤋
your best bet is to apply for a department store credit card, like target, or even an old navy card. they probably will give you a low limit to start off, but it will give your profile a boost.
2006-10-12 15:28:04 · answer #10 · answered by PHW 2 · 0⤊ 0⤋