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Credit cards?
Credit cards?
Ok, here's my story...
I have avoided credit cards for a long time. I have heard horror stories about them. I got a store card at Macy's while I was in my first year of college. I did not have a consistant job then, (work study) and at its highest, had a credit of 100$. After having to have my dad co-sign to get my car, I realized I may need a credit card. But I don't know alot about them so I have some questions.
1. With the blemish at Macy's, will I be able to be approved for a card?
2. Is there a card or type of card other than a credit card, that you can buy something and have set monthly payments, or do you have to pay the whole total for all types of cards.
3. What detirmines your credit limit? Can you set if for a low one?
4. Where can I do it online?
Please be respectful,
thanks.
Answers:
tampabaycreditdoctor: You shouldn't have any trouble starting out. Orchard Bank will probably start you out at $300.00, no deposit, and you can build from there. The online sites are numerous, just do a search and you'll find all you want.
2007-12-27 19:33:50
2007-12-27 19:33:50
Amy Z: First of all -
go to www.annualcreditreport.com to check your credit history, score and read up on what different lines of credit are, a fico score, recovery score and the such. I would suggest using the bank in which you have a developed relationship with already; maybe a checking or savings account somewhere in which you get a small line of credit with someone you have a financial relationship already.
2007-12-27 19:35:28
go to www.annualcreditreport.com to check your credit history, score and read up on what different lines of credit are, a fico score, recovery score and the such. I would suggest using the bank in which you have a developed relationship with already; maybe a checking or savings account somewhere in which you get a small line of credit with someone you have a financial relationship already.
2007-12-27 19:35:28
Joe K: Hi there,
I avoided credit cards for over two decades... but I recently found out that it killed my credit!
I didn't borrow any money, so creditors didn't know if I would pay them if they lent me money (I was looking for a car)
I got one credit card that had a 300 limit, and after only 2 months, my credit score jumped over 100 points. I have 4 cards now, and from what I've seen, Orchard Bank offers some of the best cards if you don't have good credit already.
But don't try them first. I'm happiest with Bank of America card.
BE Soooo Careful!! Most of the 'shaky' credit offers I received at first had horrible hidden fees.... several of them charge 50% for just raising your credit limit! (so they raise your limit by $200, and they CHARGE you $100 for being so nice???)
Get one card, if no one accepts you, then get a bad card, like from First Premier Bank. Use it, and pay it off as fast as you can... if you do that, then you don't even have to work at it... you will start receiving credit card offers in the mail (2 or 3 a day, sometimes!)
Once you have your first little card, just sit back, review the offers you start to get in the mail, and pick one that offers No annual fee and an interest rate in the low teens.
Finally, there are other cards that aren't actually real credit cards, but generally they have crazy interest rates, so avoid them if you can.
So, try OrchardBank.com, and BankofAmerica.com, maybe CapitalOne.com if none of those companies give you a card, then try FirstPremier.com. (first premier will give most people a card, because it costs $100-$200 in fees! If you really want to get established, and no other company will take you, then get your first card from FirstPremier... but it really is a last resort)
Once you have one card, use it up to near the limit, then put it away and pay off the entire balance as quickly as you can. Once it is sitting there without any balance, it will be a beacon on your credit report that will attract a lot of offers.
Use your head! Don't borrow too much, and pretty soon you'll have great credit.
2007-12-27 19:39:24
I avoided credit cards for over two decades... but I recently found out that it killed my credit!
I didn't borrow any money, so creditors didn't know if I would pay them if they lent me money (I was looking for a car)
I got one credit card that had a 300 limit, and after only 2 months, my credit score jumped over 100 points. I have 4 cards now, and from what I've seen, Orchard Bank offers some of the best cards if you don't have good credit already.
But don't try them first. I'm happiest with Bank of America card.
BE Soooo Careful!! Most of the 'shaky' credit offers I received at first had horrible hidden fees.... several of them charge 50% for just raising your credit limit! (so they raise your limit by $200, and they CHARGE you $100 for being so nice???)
Get one card, if no one accepts you, then get a bad card, like from First Premier Bank. Use it, and pay it off as fast as you can... if you do that, then you don't even have to work at it... you will start receiving credit card offers in the mail (2 or 3 a day, sometimes!)
Once you have your first little card, just sit back, review the offers you start to get in the mail, and pick one that offers No annual fee and an interest rate in the low teens.
Finally, there are other cards that aren't actually real credit cards, but generally they have crazy interest rates, so avoid them if you can.
So, try OrchardBank.com, and BankofAmerica.com, maybe CapitalOne.com if none of those companies give you a card, then try FirstPremier.com. (first premier will give most people a card, because it costs $100-$200 in fees! If you really want to get established, and no other company will take you, then get your first card from FirstPremier... but it really is a last resort)
Once you have one card, use it up to near the limit, then put it away and pay off the entire balance as quickly as you can. Once it is sitting there without any balance, it will be a beacon on your credit report that will attract a lot of offers.
Use your head! Don't borrow too much, and pretty soon you'll have great credit.
2007-12-27 19:39:24
Chosen Answer
caleb b: Credit cards are an important means of establishing credit history. Using them responsibly, controlling your spending habits and not misusing them will always help the cause. Here are few things to keep in mind before you apply for a credit card.
It is always better to use a credit card which is issued in your name. The simple reason being, it helps establish credit history for you. Use the correct identity, and get credit card issued for proper name, social security number, and address.
Decide what type of credit card you need and don't get impulsive about obtaining it. Have patience and compare various offers that suit your choice.
The APR of credit card is a very important point not to be missed by any credit card owner. There are various types of APRs, like the 0 intro APR, regular APR, APR for cash advances, APR for purchases, APR for balance transfer etc. These APR contro what interest you pay on your credit card outstanding balances. Get compelte idea about the APRs that will affect you during your credit card ownership.
If you are getting a reward credit card, make sure you know how the rewards will be redeemed and using the credit card at what locations or merchants will help you get the maximum reward benefits. Another thing to watch out is the limitations to the reward program. Check carefully about what limits the rewards like minimum reward points, blackout dates, redemption locations, choice of airlines etc.
Apply online at: http://www.credit-card-gallery.com/apply_for_credit_card.html
2007-12-28 02:59:57
caleb b: Credit cards are an important means of establishing credit history. Using them responsibly, controlling your spending habits and not misusing them will always help the cause. Here are few things to keep in mind before you apply for a credit card.
It is always better to use a credit card which is issued in your name. The simple reason being, it helps establish credit history for you. Use the correct identity, and get credit card issued for proper name, social security number, and address.
Decide what type of credit card you need and don't get impulsive about obtaining it. Have patience and compare various offers that suit your choice.
The APR of credit card is a very important point not to be missed by any credit card owner. There are various types of APRs, like the 0 intro APR, regular APR, APR for cash advances, APR for purchases, APR for balance transfer etc. These APR contro what interest you pay on your credit card outstanding balances. Get compelte idea about the APRs that will affect you during your credit card ownership.
If you are getting a reward credit card, make sure you know how the rewards will be redeemed and using the credit card at what locations or merchants will help you get the maximum reward benefits. Another thing to watch out is the limitations to the reward program. Check carefully about what limits the rewards like minimum reward points, blackout dates, redemption locations, choice of airlines etc.
Apply online at: http://www.credit-card-gallery.com/apply_for_credit_card.html
2007-12-28 02:59:57
johnrobinm: If you can pay about $300 to be deposited on a credit card with a $300 limit at some banks that's the easiest way. Shop around. Keep your total balance below $100 to ensure good debt ratios on the card. The fastest way to raise your credit score is for $500 at http://www.credit-report-repair.us
2007-12-28 03:12:35
2007-12-28 03:12:35
Abcd: your previous credit plays a role in getting approved but you should still be able to get another credit card, to build credit you have to use your credit cards and make sure you pay on time and if you pay it off in full after a while credit card companies will increase your credit because they see you are paying in full and they want you to just make payments so they could make money off the interest, check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates and fees.
2007-12-28 10:21:58
2007-12-28 10:21:58