I was told that I need one more revolving show of of some type of credit loan.... showing that I can make continuous pym in good standing..my credit should raise within 6 mos bc I paid off my outstanding debts 241 only!!! 2 collections.... but when these show it should raise my score. But I still need some type of credit history! ( I paid off my truck but they don't report! ) but the realator said that he can still use this as a credit show.... with written proof from the dealership..... sooo I need one more....But on my credit report I have no credit history... Who can give a small loan with a credit score of 588? Or a decent credit card ? Any ideas? I would really like to start astablishing a good credit history.... I don't have bad , Just NONE!
2007-03-31 17:50:15 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
I agree with OC1999.
Don't lower your scores even more by applying for different cards or loans. You would be defeating your purpose. Go straight for a secured card. (with your scores, the inquiries will really give you a beating)
You might check your bank or credit union and see what they have to offer before trying Orchard.
The one problem that you may run into if you apply and receive a credit card, secured or not, with your scores is that you will definately see a drop in your score from the inquiry - plus you may see a drop from the new card being added. It does happen when a person has a thin file.
One thing that you might consider that won't drop your scores but actually raise them - is if you know anyone that will place you on their card(s) as an authorized user.
Ask family members or a good friend.
You might try to be added to more than one card if possible.
Since they do take time to start reporting, you might get lucky with at least one of them reporting quicker.
You would be gaining the full history of the card, so "make sure" that the card(s) you are added to have excellent history with NO negatives and LOW utilization (or they may hurt rather then help).
Be sure that it is requested that the card company report on your credit reports.
Keep in mind that even if you get a credit card, secured or not, or you are added to a card as an AU, it will take time for it to start reporting.
2007-03-31 19:19:46 · answer #1 · answered by echo 7 · 0⤊ 0⤋
I think you have some misunderstanding of your credit. You DO have a credit history, it is just not that great. You had 2 accounts in collections and have a score of 588(This is considered High Risk by most companies). If you had no credit history you would have no score.
With a score like that your best chance would be a secured card. That is you put money into an account and they use that as security and give you a credit line for that same amount. Orchard Bank is a decent one because they do report to the agencies and have relativly low fees. Stay Away from places like First Premier, the fees there will absolutly kill you.
2007-03-31 18:18:10 · answer #2 · answered by OC1999 7 · 1⤊ 0⤋
Firstpremierbank.com
Orchard Bank (look up URL)
capitalone.com
Also a secured line would be good. Many banks offer secured cards and theres tons out there. Make sure they report!
2007-03-31 17:58:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There is a site at http://www.bad-credit-credit-card-for-people-with-bad-credit.info/ that has free consumer information on banks that provide credit cards to people with no to bad credit.
2007-04-01 02:11:20 · answer #4 · answered by Anonymous · 0⤊ 1⤋