has anyone tried any of the credit cards for poor credit, do they work and what problems has anyone had with them
2007-01-02 06:10:39 · 13 answers · asked by barbara j 1 in Business & Finance ➔ Credit
Stay away from them, their interest rate can be as high as 30%. Sure, they will give you credit, but you will pay the highest interest rate allowed by law, plus annual fees, etc.
2007-01-02 06:13:02 · answer #1 · answered by smartypants909 7 · 0⤊ 0⤋
If your aim is to restore a poor credit score, secured cards can help you do so. With these, you are actually putting money into an account you can draw from. Debit cards from your bank are a better way to do this, though. Unsecured cards tend to have a very high interest rate (30% or higher). If you are going to use one of these, it would be best if you paid it off monthly and didn't allow interest to accrue.
2007-01-02 06:15:07 · answer #2 · answered by roknrolr63 4 · 0⤊ 0⤋
The only ones that work are the ones that you actually use your own money as credit. This may seem pointless, but it allows you to build up good credit and eventually be eligible for a regular credit card.
2007-01-02 06:13:26 · answer #3 · answered by jooliejools 2 · 1⤊ 0⤋
I am not that poor, but I didn't have any credit since I am a foreigner and I have been in the country just for few months, anyway I learned that in USA if you don't have credit you don't exist but the problem is that nobody gives you credit because you don't have one(crazy isn't it) but I applied for a credit card trough Capital One and they accepted me without any problem, at the beginning you just have 300 dollars as credit but after three months paying your fee they raise it. it has worked for me perfectly, I hope this information is useful for you.
2007-01-02 06:23:52 · answer #4 · answered by Angela Vicario 6 · 0⤊ 0⤋
I would suggest that you don't go with those credit cards as they probably have really high APRs. Learn to live within your means till your credit is better....then, if you still want to buy on credit, at least get a card with lower APR. The best thing to do is to only get what you can pay for at that moment.
2007-01-02 06:14:22 · answer #5 · answered by tinktink20 4 · 0⤊ 0⤋
another way to improve your credit is get a card from a department store.........you will be surprised at how soon the major credit card people will accept you after about 6 months of paying your bills from the department stores. HIBC is about the easiest one to get. (Zellars/ Bay Company) Then after about a year of paying credit depts your credit is pretty good :-)........but always pay on time and if you can all of it. Never let it get a head of you.
2007-01-02 06:15:08 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I had a secured account from First Premier, then an unsecured account w/ Orchard bank.... the thing is, don't charge on them if you receive them, that way you have the credit available, it improves your credit score. The percentage rates are MUCH higher, so spending on them wouldn't be a very good idea.
2007-01-02 06:13:11 · answer #7 · answered by TexasChick 4 · 0⤊ 0⤋
http://badcreditresources.com/bad-credit-credit-cards.html . Check this site. They have a list of popular and best credit cards for people with bad credit.
Goodluck!
2007-01-02 09:42:35 · answer #8 · answered by aleish 2 · 0⤊ 0⤋
i tride them most of them are gimicks so be carefull ive been had but their is relly no good one for bad credit out their what they basically do is have you give them 200 dollars and then you have a 200 dollar credit limit and then they charge you interist on your own money sounds stupid to me.
2007-01-02 06:13:54 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Try to use Capital One
2007-01-02 06:12:22 · answer #10 · answered by Anonymous · 0⤊ 0⤋