What credit card should I apply for?

Question

My credit is bad and I want to get a credit card to rebuild it. I plan on only buying gas with it and paying it off each month.

Answer 1

Taxmaven has some great points. Since I have never had any dealings with Wachovia, I have no opinion about them. Anyway.......

Pay a visit to www.bankrate.com. You should be able to find a credit card that will meet your needs. They list credit cards that offer low annual fees, those that have low interest rates, and all the requirements. If you have further questions, usually the contact information is listed.

Your buying/paying trends will normally dictate the type card you should get. If you pay your card off before the end of the month, a card with a low annual fee and high percentage rate would be good. If you are paying it off before the grace period ends, the interest rate won't even matter.

If you plan to carry a balance, try to get one with the lowest interest rate possible. Don't even pay attention to the 'INTRODUCTORY PERCENTAGE RATE'. This will end, and the REAL interest rate will kick in.

One way to build your credit is to get a loan, pay the monthly payments, and pay it off after 6 months, provided you get the loan for longer than 6 months. Another way is to get a prepaid credit card, or secured credit card. After a period of time of you managing your account without problems, most companies will then offer you a regular credit card. A low cap at first, and as you continue your good track record, increases will come periodically. Lastly, paying your bills on time over a period of time will slowly increase your credit rating over time. Also, the entries that are 'staining' your report shoud fall off the back end after 7 years from the date the account is closed, and/or paid off.

Check your credit report at least once per year. You can get a free report annually for free, depending upon the state you live in. Applying for credit at stores, or for a card you KNOW you have no chance of getting is NOT a good way to get a free report. Once you are declined, they have to let you know and give you access to the credit report that was used in the decision to deny you credit. This is bad, because everytime you apply for credit it is attached to your credit report. Apply for to many in a short period of time sends up red flag. Your FICO score can sometimes decrease because of this.

One way to get around this is to get your own report, and allow the company you are applying for a loan/credit to view it. This should save them the time and expense of getting your report, but also you getting a 'hit' also. I would advise only doing this for local companies you might want to seek a loan/credit. This way you know who you allowed to see your report. Mailing it, there is no way of knowing who opened your letter or viewed your report.

Hope this helps, and good luck!

Answer 2

There's a chance you might be denied, if that happens don't worry too much, you wouldn't be the first who gets denied :) RE: Accidentally applied for 2 credit cards...? I am 18, just out of high school, and looking to build a good credit score by making smart decisions on how I use my credit. I currently have a cell phone w/ a contract and a student credit card w/ 0% financing on up to $250, which I use for small purchases and pay all or most of it off each month. I need a new MacBook for college, so I applied for the Apple sponsored credit card on their website, but since I have little credit I was only approved for $450, which obviously isn't enough to cover the expenses. So, I clicked " thinking I was not accepting the card, when in fact I had accepted it. During the time I thought I had not accepted the previous credit card, I applied for a Citi student credit card and was approved for up to $3k. So, I accidentally applied and got 2 credit cards in the same day. How will this affect my credit score and what should I do? Since, I know you get points deducted for both applying and closing cards.

Answer 3

Wachovia is a bottom-feeder, but that is beside the point. You can buy freaking gas w/ a debit card? Why would you go into debt for it (even for 30 days)?! It's not like you are going to make your first million on frequent flier miles. You do not need to "rebuild" your credit. Why don't you concentrate on building up some MONEY? Money can be invested & grow to be more money, credit usually just ends up creating more credit (aka DEBT). Clue in or you are going to suffer w/ your credit for life.

Answer 4

A Credit card for people with bad credit is a form of borrowing that often involves charges. So it's wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit cardwhich credit cards you should apply for? Shop around because not all credit cards for people with bad credit are created equal.

Answer 5

Orchard Bank has a secured credit card that will actually pay you 2% cash back. That's the one I'd get if I were in your situation. The annual fee varies from nothing to like $59, but with the cash back, you could make up for the annual fee and then some.

Answer 6

Chase PerfectCard MasterCard

* 0% Introductory APR for up to twelve months
* No Annual Fee
* 6% rebates on all gas purchases at any gas station for the first 90 days
* 3% rebates on all gas purchases at any gas station thereafter
* 1% rebates on allother purchases made anywhere
Apply online at: http://www.credit-card-gallery.com/Gas_Cards.html

Answer 7

Try this site. There's a few to pick from if you have bad credit. Just pay it in full, every month.
Careful for high fees.

http://www.thecreditcardtorebuildcredit.com/categories/bad_credit_credit_cards

Answer 8

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