What is the lowest credit score a credit card company would accept, and give you a credit card? I'm looking to rebuild my credit. I paid off my current debt, and only have my car loan open. I'm looking to start over, and rebuild myself back up, but not sure if i apply to some CC places that, that might bring my score down even more. My current score is 523. Or what i got from one of those free report things. And if i go that route what are some kind of cards i should look into, and what i should watch out for. And please don't say secured because i don't have any money to put down on one of those. Not even sure how they work.
2007-10-13 12:03:09 · 6 answers · asked by hollyberries 3 in Business & Finance ➔ Credit
My debt i paid off was not from credit cards. I have only had one in my life, and i have not had trouble with them. My debt was from doctor bills when my daughter, and i were not under insurance because i couldn't get it for 6 months at the job i had.
2007-10-13 12:13:04 · update #1
Go to your bank first and see if you can qualify for a credit card with them. If not, try a store charge card or maybe a gas card. Use the card and pay it in full every month.
Don't carry balances. This does not help your credit. Credit cards only report if you pay on time or late, not the amount you pay.
Depending on how long it's been since you paid off those medical debts (if they showed up on your report) and how long you've been paying the car loan, you may want to wait 6 months before you apply for a credit card.
2007-10-13 13:14:14 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
In Texas I tell people to go to a public credit union find out if you are eligible. Take out a small loan for $300. open a savings account with them deposit the $300. use the money from the savings account to pay loan. Get a credit card from the same credit union use the credit card to buy small things maybe gas once a month. PAY IT ON TIME and the loan too. this is no out of pocket for you and it's a great way to build a credit score and quickly too.
2007-10-13 12:36:58 · answer #2 · answered by theladygeorge 5 · 1⤊ 0⤋
Stay away from Capital One and Discover.
Take a card that may have a low initial interest rate, and charge $5-$10. Pay the bill off within a couple of months. Do this every few months. This will show that you pay your bills and help your credit score. Keep your debts low. Stay away from buying things you don't need. Try using it only for emergencies.
A pizza when you're hungry is not an emergency.
2007-10-13 12:12:29 · answer #3 · answered by Venita Peyton 6 · 0⤊ 2⤋
You probably won't have trouble finding a Visa or MasterCard since the card companies want you to be indebted to them. What ever card you get, remember what got you into trouble in the first place and don't repeat the pattern. Use the card wisely and pay the balance in full each month. If you can't afford to do that, you shouldn't have a card in the first place.
2007-10-13 12:08:47 · answer #4 · answered by Suzy 5 · 0⤊ 0⤋
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Thanks.....
2007-10-13 17:06:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
With building your creit, the credit union plans sounds good. I also read on a few sites that "piggy Backing" off someone else's credit can build your credit. they put your name on their account as an allowed purchaser, without a card of course, and when they do good it reflects on you also. Of course only ask someone that would let you, that loves you, and that is uber dependable and pays all their bills on time.
2007-10-13 13:10:13 · answer #6 · answered by chic 2 · 0⤊ 1⤋