I am trying to rebuild my credit. What is a good credit card to start with?

Answer 1

Hey, Shaneka...

I work at a credit card company manually reviewing applications. Sometimes I have to turn people down even though I feel that everyone deserves a second chance, so I know all about your situation. Duane touched on Orchard Bank, which is a fairly good company to rebuild your credit, but I have to disagree with him about secured credit cards. Actually secured cards are the best option to rebuild your credit because they're the easiest to get. Keep in mind that each time you apply for credit whether you're approved or denied, a "hard inquiry" is created which can lower your score 5-10 points each time. It's important to get a card that you can be easily approved for, which a secured card would work. A deposit which is used as collateral is placed upfront which establishes a credit line for you. For example, you deposit $300, your credit line would be $300. The deposit isn't used to pay the balance, unless it went to collections, but it's usually linked to a savings account which gains interest while you're building credit, so the deposit just doens't sit there. Even though you're using your money to put up the deposit, you would be able to custom build a credit card with a decent limit. A good way to use the card without going into debt would be to make small purchases that you know you can pay off on time every month and increase the credit limit by adding to the deposit, which would help your credit. Usually after a year or so of paying on time, increasing the limit and keeping the balance paid off, the card either changes over to a regular card or a better card's offered, and most importantly the deposit isn't needed anymore and it's given back.

I posted several links to some secured card companies hopefully they will help out


Good Luck!

Answer 2

If your trying to rebuild your credit a good card that is fairly easy to get and is not secured would be Orchard Bank.

I don't know why you need to rebuild your credit, but go to my website and read it all. I'm sure there is information you could use because My site is about rebuilding credit. I had to do this in real life!

I had my ID stolen and went into bankruptcy and I still got my score up from 486 to 730 in a little over a year, so this is something I know about!

I also uncover and explain a list of the most common scams you should avoid! You have no idea how many times I was hit with these! Get a free copy of your credit report too.

Answer 3

The best way to rebuild your credit rating is not with a credit card at all.

Start a savings plan. Stick to it. The easiest way is to have your employer pay part of your pay packet into another account -- one that you can't touch unless you physically walk into the bank with your passbook. Try to make it 10% of your income if you can, or more. The more you save regularly will make your credit rating look great. Try to get an account that earns interest, so that your money is working for you.

Get a visa debit card. Use it as if it was a credit card, but use your own money. If you absolutely must have a credit card (I've half paid off a house on minimum wage, I'm not even 30 yet and I have never owned a credit card in my life) get one that suits how you use it. Do you need a low interest rate, or an interest free period. The golden rule is ALWAYS PAY BACK MORE THAN YOU OWE, SO THAT YOUR CREDIT BALANCE IS IN THE BLACK. For instance, owe $10 on the card? Pay back $11. This will make your credit history look amazing.

Answer 4

I would go for a Chase or Discover credit cards. These companies are very good in rebuilding your credits. You can choose a card with low interest, no annual fees, and or rewards. Bank of America is also good for rewards. This site has a list of all credit cards that could be of help to you in your decision making.
http://www.bestcreditcardratings.com

Answer 5

Our credit isn't great right now either, so we want to work on building it back up. Orchard Bank (subsidiary of HSBC) gave us a card. Interest rate isn't too bad, although they only did a limit of $400....but that's okay....it is just to rebuild credit. We use it periodically for small purchases and pay it off within a couple of months each time.

Answer 6

There are a few check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates and rewards, GOOD, BAD OR NO CREDIT they have the right card for you. just go under the poor or no credit section.

Answer 7

Try Capital One Bank......they will let you start off with a small credit limit, but are pretty strict about not raising it for a long time....at least they did give me a card with a $1250.00 limit, and my credit is starting to go bad due to medical bills piling up. They started at about $750 as the limit, but raised it each month the bill was paid in full for the first 3 months, up to the rate it is at now.....then they stopped allowing it to be raised so easily.....worth a try, anyway....

Answer 8

if your credit is bad your choices are few. Cap 1 has an annual fee...but it is easy to obtain. It's an okay place to start, but as your ratings improve, insist on better rates, and no annual fee. Maybe down the road you could do a balance transfer to a better card. But keep your balances low to zero, cause credit can kill!

Answer 9

There are several secured credit cards you can probably get. Just don't use it often and only when you can pay it off. You might be better off using the money to pay off the bad debts you have that are hurting your credit rating.

Answer 10

well you have to prioritize your finances. Bad credit stays on you record for seven years. try a prepaid card with low balance and pay it off every month or keep it under 25% of the max. Depends on you situation to get you credit back to good standing.