Credit cards for poor credit ratings?

Question

I want to buy a house so I am working on repairing my credit. Due to death of child's father and job lay off my credit suffered to the point where my scores were in the 300s. Over the last 1 1/2 years I have brought them up to very low 500s. The mortage company said I should get two credit cards and rebuild a payment history so my scores will increase. How can I get these cards if no one will give me credit? Are there any credit / department stores that give credit to very poor credit score holders? I don't want to pay horrible fees and such.

Answer 1

You have a few options available if you'd like to rebuild or repair your credit. Several credit card issuers specialize in credit cards for people with poor / no credit. You can find a complete list of offers here:

http://www.asapcreditcard.com/unsecured-offers.html

While these credit cards will have higher interest rates (and additional fees) when compared to 'standard' credit cards-- you'll pay much less than with a 'store' credit card. Plus, they'll give you the opportunity to prove your creditworthiness and help build / improve your credit score.

In time, with regular on-time payments-- you'll be able to apply for better offers with lower APR's and less fees.

Hope this helps. GOOD LUCK!

Answer 2

You can get a secured credit card from your bank. This requires that you put money in a savings account that you cannot touch. You can borrow up to the amount of your savings. then make the monthly payments.

I would also recommend that you go to each bureau and dispute every negative item they are reporting (whether true or not.) RE: According to the fair credit reporting act, creditors must respond to a dispute filed with an agency within 30 days. Many times credit companies don't respond because... well, why pay one of your employees to do it if you have already recieved your money?

Often times items will be removed from your report because the creditor doesn't respond in time. Best time to do this is Summer / November - December timeframe. Because employees are on vacation or because of the holidays your chances of companies not respond increase quite a bit.

Good luck!

Answer 3

Major credit card issuers like Discover, American Express and Chase offer a credit card for bad credit holders. A 'shopping' card offers you an unsecured line of credit from specific sellers. Use these cards to increase your credit rating, since the credit bureaus will be informed about your timely payments.

Answer 4

I too suffer from bad credit and have never been able to get a credit card. Recently though, I got an imagine mastercard. You have to have a checking account to be eligible. They only start you out with $150-$300 dollar limit, and it increases if you pay back successfully. I know you will be eligible. Good Luck!

Answer 5

Check with Bank of America. They have a secured card where you put $99 in a savings account and you get a credit card with a $500 limit. Pay on time, and after a year, they'll release the savings account. Continue to pay on time and you'll get credit line increases.

I appreciate the previous responder's answer of "Orchard Bank," but HSBC (Orchard) has so many fees associated with it's card that its hardly worth it.

Answer 6

The type of institutions that offer credit facility to borderline cases (like yours) inevitably charge very high interest rates. For example a standard credit card might be 32.5% APR whereas a platinum card (given to a person with good credit history) might be only 19.5% APR

Answer 7

Maybe you'll have to go with a secured credit card.

Answer 8

Youll get a really high interest rate, 29.99% !

Answer 9

go to www.creditcards.com or www.orchardbank.com