I am trying to rebuild my credit...I have one credit card(which is unsecured) and was looking to add a retail card also. Any suggestions on the stores that I have the best chance on getting approved? My score is about 625. Thanks!!
2007-03-25 11:29:34 · 7 answers · asked by Angeleyes78 3 in Business & Finance ➔ Credit
I agree with Monique about Walmart and Target - your best option would be to apply in store
You might also try Chevron/Texaco, they have a rebuilder card that they may offer if you do not qualify for the regular gas card. Chev/Tex will not report unless you use the card. If you have none in your state you can always order from their online store. Then throw the card into your sock drawer and pay in full when you receive the statement.
2007-03-25 11:51:04 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Retail cards are not always the better idea in rebuilding your credit. I would go with a major with someone like CapitolOne or Orchard Bank or maybe even getting a secured cc. Secured card boost your score by at least 20 points for just opening it.
Another way you can help your credit is by making a purchase and paying it all off at one time the next month. Also make sure that if you do have a balance on your cards that you keep it below half of your limit. (ex. you limit on the card is $500, keep debt at $249 and below)
Helpfull hints:
35% - punctuality of payment in the past (only includes payments later than 30 days past due)
30% - the amount of debt, expressed as the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% - length of credit history
10% - types of credit used (installment, revolving, consumer finance)
10% - recent search for credit and/or amount of credit obtained recently
2007-03-29 04:16:17 · answer #2 · answered by nuttybuddy 2 · 0⤊ 0⤋
Store cards are similar to credit cards, as you are offered a credit limit to let you spend on the card. But unlike credit cards, store cards are valid only in the specific store or group of stores that have offered you the card. Basically, you are given credit to buy at a specific store or various related stores by using their special credit card.
What are the advantages?
To attract people to get a card restricted to a single store, the retailer offers lot of discounts or special offers. These can consist of a free gift, or discounts on purchase prices when you use the card. If you buy from the shop frequently, this card can lead to big savings on your necessary goods when you use these cards. Another advantage of store cards is that getting it is quite easy even though your credit history is bad. This allows you to restore your credit history.
What are the disadvantages?
Though store cards are advantageous, they can be very expensive type of credit. Most store cards carry interest rates of 25-30% APR that is higher than the rates of credit cards. This means unless you repay the entire balance every month, you could be saddled with debts that will force you to pay exorbitant amounts of interest. Besides most store cards are highly restricted, since they are valid only in that specific stores. So this is not worth it, unless you shop a lot at the store.
2007-03-26 00:33:52 · answer #3 · answered by hendy h 2 · 0⤊ 0⤋
Target and Walmart are good retail rebuilder cards. Target turned me down online, but a month later approved me in-store. But once those offers start pouring in be careful you could accumulate more than you can handle and be back at square one with bad credit.
2007-03-25 11:42:15 · answer #4 · answered by Monique 5 · 2⤊ 0⤋
Crown Jewelers guarantees at least a $500 line of store credit as long as there isn't a ss# mismatch. They don't run a credit check
2007-03-25 12:13:27 · answer #5 · answered by Anonymous · 0⤊ 0⤋
no rely if or not you place the money returned directly to the cardboard, your BF's mom will in all possibility nevertheless pursue the examine. Suicide is a daft theory to contemplate over $500. once you are going to authentic your self, that's not in any respect nicely worth doing it for any such small quantity. the finest element to do, for this quantity of funds, may be to easily admit it. arise with a powerful rationalization why you stole out of your spouse's mom, and easily admit it. in case you may not face doing it face-to-face, do it with slightly greater drama - bypass away a written confession and babbling apology the place your spouse's mom will discover it, then disappear to a chum's domicile for some days. Your spouse's mom will call you and enable you comprehend each little thing is all ok. And all would be nicely. in all possibility.
2016-12-19 13:46:09 · answer #6 · answered by moh. 3 · 0⤊ 0⤋
don't get alot of cards as that will destroy your credit more.
2007-03-25 11:37:12 · answer #7 · answered by Anonymous · 0⤊ 1⤋