Credit cards?

Question

My husband has a credit score of 525 and we are trying to improve his score. We are paying off all the debt that is on his credit with our tax return and we are looking for a good credit card for people with bad credit that he can get to help him improve his score. Does anybody know of a good card that he should apply for?

Answer 1

Capital One or Orchard Bank offer credit cards for people with medicore credit. Capital one might offer you a secured card - you give 'em a $100 deposit, and you get the card. (You get the deposit back - with interest after a few years.) However, you'll have a low credit line - and they're hard to get raised limits on. Orchard bank starts you low - often unsecured - but they're good about raising you. I started six years ago with a $300 limit with them, and I'm up to $2500 now.

Answer 2

Once that card is payed off, do not close the account. If you don't want to use it, cut it up, put it in a safe or security deposit box, or even in the freezer, in a ziplock bag full of water. Part of your score is measured by how long your accounts are open. When you close out an account, it takes away from your score. Even if you don't make any payments on your card because your balance is at zero, it will still be marked as "paid as agreed" on your credit report. When you open a new line of credit, it's considered "immature" and your score will drop a little, so it may be better to just renegotiate your current rate. If that's not possible, Capital One is your best bet. They have low rates and low monthly payments.

Answer 3

There is no good card which can improve your FICO score. Try to get a credit card which reports prompt payments to the three credit bureaus and make timely payments for at least six months, and watch your credit score shoot up.

Answer 4

Getting a credit card will not improve his score. Paying off the cards he has will help. Maintaining on time payments for several years will help. Even having available credit as opposed to maxed out cards will help. But balance that with not having tooo much available credit. Look at debt to income ratios also.

I had terrible credit coming out of college. I didn't understand it all. I had $16,000 of DEBT in credit cards when I graduated... and no gainful employment. I closed ALL of them and payed them off aggressively and moved in with mom until I had it all paid off. I took about 5 years before my credit score went up enough where I could even GET a decent card... not a secured card or one tied up with fees. (You don't want those - trust me)

I just paid cash and made all my payments on time. There's no fast track to improving your score. The only route is with timely payments and reasonable spending habits.

Good luck... and please don't fall for any of the myriad of credit repair schemes out there. They are a fraud.

Answer 5

Hi,

it's not always easy to find the right companies. I've done a little research and found 3 which are serious & trusted and without credit checks. You might check them out and then choose the one which suits you best:

http://www.usefulresources.info/credit-card-advance-cb.html
http://www.usefulresources.info/credit-card-liberty-cb.html

if you rather prefer Visa:

http://www.usefulresources.info/visa-card-az.html

Hope that helps. Wish you all the best!

Mike

Answer 6

If you want to get all details about credit card ,then go to http://card-city.com/ and get all information about credit card.
It also conation all types of credit card, you can get a best for you.

Answer 7

Let the credit card companies look for, or contact you. What I mean by that is, if any place offers credit ...take it and be very meticulous about paying. PAY AT LEAST ONE WEEK BEFORE DUE, PAY AT LEAST 10.00 OVER THE MINIMUM PAYMENT. My credit score went from 450 to 805, an excellent credit score. I got it by opening up an account with "FINGERHUT" I bought inexpensive items for $200 or less. (it can be any departmental store credit card) The same day the "$10.00 payment due" statement came was the day I wrote a $20.00 check and mailed it. DON'T PAY ENTIRE $200. Credit card companies wanna see if you pay timely, each month plus they want to make money on the interest they charge.(Except AMERIX) Who now offer installment payment BUT BE CAREFUL OF THE INTEREST RATE;. better to pay off American Express and Installments on other cards; TRY TO AVOID CARDS THAT CHARGE YOU AN ANNUAL FEE.

BACK TO FINGER HUT, It took about 10 months to pay off FINGERHUT and about 6 months later I received an offer from American Express. Instead of paying an utility bill with cash, I paid it with the American Express card...THE ENTIRE AMOUNT, so pay an utility bill that is not too high to pay entire amount. FOR INSTANCE, if your phone bill is $200.00 and your Electric bill is $100.00, pay your electric bill because you can pay it off in its entirety. EVERY MONTH use your American Express or whatever card you have accepted to pay off a small utility bill. IF YOU USE A CARD OTHER THAN AMERICAN EXPRESS, S-T-A-Y away from CASH PURCHASES because the interest rate is soooooo high. Note: groceries, utility bills, insurance companies, etc. are considered cash purchases, so beware.

Soon, other cards will be offering you transfer checks to pay off other credit cards. BE VERY CAREFUL with these. If you do use them stay away from, for instance, offers i.e. no interest for 6 months. LOW interest for LIFE OF LOAN IS BETTER!!!

GO TO GOOGLE look up things like how to increase my crediting rating. THERE ARE sooooooooo many pitfalls in handling your rating, for instance, too many people checking your credit with your permission will lower your score, they are no longer allow to check it without your approval; being 30 days late on even one card will lower your score; spending over 50% of your available credit lowers your score....go to www. bankrate.com; they give all kinds of financial information.

WHATEVER YOU DO, WHEN YOU GET YOUR CREDIT BACK IN SHAPE, DON'T GO OVERBOARD SPENDING ON FRIVOLOUS THINGS like name brand this 'n that, OR YOU WILL BE BACK WHERE YOU ARE NOW...spend money on things that make money.

One of my friends bought a HUD house with her credit cards, fixed it up and lived in it for over 10 years. Real Estate went up and she put it on the market for $175,000. Originally, she spent less than $25,000 (from credit cards) in the purchase and the repairs.

If I didn't make something clear, please let me.

GOOD LUCK and GOD BLESS

Answer 8

i have really bad credit and first premiere bank gave me a chance. now i have two from them

Answer 9

Orchard bank.