Rebuilding bad credit. and credit cards?
Answers:
I would get a credit card. Use it to make normal purchases and pay the balance in full every month. This will help increase your credit score quickly.
Try Orchard Bank. The annual fee is among the lowest for sub prime cards and the interest rate is 14.90%. If you handle the account good, they will give you excellent credit line increases.
Avoid First Premier, Tribute, Rewards 660, Imagine, Total, and Continental Finance. These are all high fee / low limit credit cards.
Avoid secured credit cards. Most report your status as secured and this does nothing to help build/rebuild your credit.
Avoid Capital One. They do not report your credit limit and that damages your credit score. Example, they give you a $500 limit and you use $250, they will report your limit as $250. This will damage your credit score because instead of using 50% of your credit limit, it looks like you are using 100% of your credit limit.
Good luck
hey.. same thing happened to me..
You're probably not going to be able to get a regular card from Capital one or Amex,. but try out Orchard Bank or Premier..
you have to pay yearly fee.. but it's worth it for a) emergencies & b) building up credit
It depends, take a look at the credit cards your current bank offers. You should build a long term relationship with a bank...it helps.
I also am rebuilding my credit . My bank WAMU offered me a card I was accepted I was floored..but I always make my payment on time and I double the payment I also got a credit account with Fingerhut and paid that off as well. I went from a FICO score of 500 to 711 in a year it took time .
Hey, I'm sorry that you're in the situation that you're in but hey, that's why they put rubber at the end of pencils, right? From my past experience, you may want to check where you do your banking to see if they offer secured cards. You have to put a deposit upfront to get the same amount in a line of credit, but that's the easiest way to get a card to rebuild credit. You can think of a secured card as building credit with a savings account, because in essence, that's exactly what you would be doing. Bank of America, Wells Fargo, and Orchard Bank(HSBC) all offer secured cards. Orchard Bank also offer cards for rebuilding credit. I posted links to all three companies below. Stay away from First Premier and New Millenium, they charge too many fees and Capital One doesn't report your account properly with the bureaus.
I hope this helps out, good luck!
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Students get numerous offers for credit cards when they enter a college. Some of them get carried away and take a few, and then use them to pay for all kind of things, and end up in debt. This is definitely not advisable. Credit cards are essential to building a credit history but too many credit cards do not build credit history faster. The thing that matters most for credit reporting agencies is how well you are able to repay your debts. Remember any credit card money is a loan which has to be repaid. The less the loan the better it is for you. So, try to get one good credit card and start using it wisely. You can take tips about raise your credit score and rebuild credit history at: http://www.credit-card-gallery... Here you can apply online and get instance approval.
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