2007-09-09 08:05:17 · 9 answers · asked by cuteness 4 in Business & Finance ➔ Credit
The trash cards with high fees and low credit limits are not the way to build credit. Go to your bank and get a secured small loan and then pay it off over like 3 months, even if you do pay a little interest. Then go get another for a bit more and do the same thing.
Then apply for a good credit card in about a year at that very same bank.
2007-09-09 08:56:58 · answer #1 · answered by Anonymous · 1⤊ 0⤋
There are two-ways to do this:
1. - You can call a company like a capital one that does "Secured" cards. You will have to open a small bank account with them and they will issue a card for up to 500% of what you have in the account.
2. - If you know someone with good credit that trusts you, have them add you as an authorized user on the account. This will give you a credit history almost overnight.
DONT: Apply for a store card or Internet retailer card. This is going to hurt your credit more that it will help and the interest rates are crazy.
If you get yourself a secured card, start by using it up to 30% of the available credit and pay off the balance each month. Within 6-months to a year you can then apply for a non-secured or traditional credit card.
Your goal is to have two or three major credit cards in your wallet. Just don't fall into the credit trap. REMEMBER: Credit don't mean get it.
2007-09-09 08:13:01 · answer #2 · answered by loancareer 3 · 0⤊ 1⤋
The secured credit card is indeed a great way to start rebuilding your credit history. It helps you gain financial discipline and stay within the credit limits, because of the low credit limit initially you are not tempted to charge huge expenditures on your credit card and pay for them either in cash or by some other means. Thus a secured credit card helps in more than one ways. It is for the credit card holder to take advantage of all the features offered by the secured credit card and regain control over his credit history. Apply online at: http://www.credit-card-gallery.com/Guaranteed_Approval.html
2007-09-10 01:20:05 · answer #3 · answered by felix hallam 2 · 0⤊ 0⤋
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.
http://debt-trap.com/category/Bad-Credit-Credit-Cards.html
2007-09-10 00:50:52 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Capital One generally will give you a card when you have no credit. If you have "bad credit" it may not be the same. But normally they will have high interest rates. But it is worth it to build your credit plus if you just use the card for one or two purchases and pay off the card every month you won't be charged interest.
2007-09-09 09:11:55 · answer #5 · answered by Amanda 3 · 0⤊ 1⤋
I just went through this,all banks are different but I asked my bank exactly what you asked and for $99.00 they give you a $500 limit credit card,after 1 year you get the $99.00 back then you graduate to a $1500 limit if you make your payments,and so on and so on,thats at B of A.good luck,I'm sure they have something similar if u have a different bank.
2007-09-09 08:16:42 · answer #6 · answered by spacey_stacey 3 · 2⤊ 0⤋
Continental Finance and Orchard Bank. You want to get unsecured cards. They both come with an annual Fee and processing fees but its a credit card.
2007-09-09 11:54:24 · answer #7 · answered by SandraD 3 · 0⤊ 0⤋
credit cards are a poor way to build credit. Better to take out sever small bank loans paying them off in a short period on time.
Good luck
2007-09-09 08:13:50 · answer #8 · answered by Jan Luv 7 · 0⤊ 1⤋
The ones your bank offers because you have a checking account there (or your credit union if your checking account is there )
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2007-09-09 08:09:18 · answer #9 · answered by kate 7 · 0⤊ 1⤋