H
hellerp2
Guest
Can anybody recommend some good bad credit cards?????
In a nut shell, none of them are good. Companies want to make money, not help you out. The "emergency" credit card is rarely used for emergencies and once you start using them your fucked. Stay away and stack your chips so when you really need money fast crack open your savings, that way you don't have to pay anyone back, you just reup your own money. Not owing people is the best feeling in ther world I hear. So it's best not to start.
hellerp2 said:
a good "bad credit" card? depends on your situation. do you have any chargoffs on your credit reports? most likely if your credit is in the 600 or below area your looking at secured cards which usually require opening deposits of at least 250 dollars and can have annual fees of 37 dollars, not to mention the exorbitant APR rates that they charge you for carrying a balance. but it does have its good side: it allows you to get your foot in the door and build up some history if you use it wisely and PIF (pay in full) every month. but it would help if you would elaborate more on what it is exactly youre trying to do
i work for a bank in the credit card department.
i can tell you some surefire ways, without divulging any sensitive info, on how to get a credit card.
first, be sure to get one with a reputable bank. there are credit card companies, and then there are financial institutions that carry credit cards. if you have an account, let's say a mortgage or cd or checking with a bank, why not ask them for a secured credit card? start small and never, ever use more than 40-50% of your limit. use auto-pay to pay your minimum balance - this is a automatic withdrawal from your account of choice. that way, you'll never be late and even if you do not have the money to cover the min. due (which you should), the overdraft fee would be the lesser of two evils (the most evil being a late charge on your credit card and a ding on your score).
a reputable bank will ALWAYS want to gain you as a customer, especially if you are profitable, so after 6 months of some solid activity, if you don't request a credit limit increase, they may indeed seek you out for one. remember, your credit card distributor's customer service line can work wonders.
funny how all they ask you for is to pay a very minimal balance on time and most people cannot even do that. your scores are important, but your likelyhood to default is most important - to the financial institutions, that is.
just start slow, be loyal and enjoy the big picture.
i can tell you some surefire ways, without divulging any sensitive info, on how to get a credit card.
first, be sure to get one with a reputable bank. there are credit card companies, and then there are financial institutions that carry credit cards. if you have an account, let's say a mortgage or cd or checking with a bank, why not ask them for a secured credit card? start small and never, ever use more than 40-50% of your limit. use auto-pay to pay your minimum balance - this is a automatic withdrawal from your account of choice. that way, you'll never be late and even if you do not have the money to cover the min. due (which you should), the overdraft fee would be the lesser of two evils (the most evil being a late charge on your credit card and a ding on your score).
a reputable bank will ALWAYS want to gain you as a customer, especially if you are profitable, so after 6 months of some solid activity, if you don't request a credit limit increase, they may indeed seek you out for one. remember, your credit card distributor's customer service line can work wonders.
funny how all they ask you for is to pay a very minimal balance on time and most people cannot even do that. your scores are important, but your likelyhood to default is most important - to the financial institutions, that is.
just start slow, be loyal and enjoy the big picture.
Feronia Freeman said:
because depending on your credit history it could be a waste of time especially if you do your homework and have an idea of what criteria they use. for instance, HSBC will almost always deny you for their secured Orchard credit card with any chargeoffs on your reports. same goes for Bank Of America and Wells Fargo secured. National City & Elan however are more lenient. then there's also whether they will roll the account into an unsecured at the end of the year or just open a new account. all things to consider
black-n-tan said:
true that, but you also have to be realistic about your situation. preapproval is just that, PRE approval. a credit card company could have just purchased your information from one of the credit bureaus (yes, they sell your info if you dont opt out) and just sent you out a cold offer. doesnt mean you'll actually get what theyre offering. i'll use myself as an example. last week i received an unsolicited offer for a jetblue amex. while i would LOVE to have an amex the reality is that i have two chargeoffs, a collection that i just PFD on (Paid For Delete), and an old paid collection that im currently disputing, PLUS i only have 2 positive tradelines that are only a couple of months old. AINT NO WAY im getting an amex anytime soon. baby steps
rNubb said:
i paid the full balance, no settlement. think about it this way. if you agree to let's say a 50% settlement, whats to stop them from selling the rest of the balance to ANOTHER collection agency and have them dump it on your reports and come after you for the other half? this is how these people get down. is the debt within statute of limitations for your state? is it the original creditor or a collection agency?
Dirty Hubcaps said:
Dirty Hubcaps said:
black-n-tan said:
http://www.cardreport.com/overview/pre-approved.html
what's worse is that applying for cards you eventually get denied for actually lower your score by adding another inquiry to your report, adding injury to insult
Don't do it. If your credit is jacked due 1 of 2 things. Go to your bank and get a secured credit card or go ot Bank of America and get one. Use it a couple of times a month for gas. If you have a large purchase coming up save the money and max the card out that same day send the payment in or go in and make the payment (reason sometimes the high credit is reported as the Max credit and if your high is not your max your card will always show as maxed and work against your score just the same)
Other thing to do is put some cheese in a savings account and do a secured loan against it. You still have your money (cause you are getting a loan for it) and you are basically paying the bank to report your credit.
Go to www.CreditRegroup.com and get all of your basic questions answered. Their site is pretty informative. It was down for changes the last time I went and one of my guys says it is back up though.
Other thing to do is put some cheese in a savings account and do a secured loan against it. You still have your money (cause you are getting a loan for it) and you are basically paying the bank to report your credit.
Go to www.CreditRegroup.com and get all of your basic questions answered. Their site is pretty informative. It was down for changes the last time I went and one of my guys says it is back up though.
