Bad/No Credit Credit Cards? Which Ones???
I have no credit and I'm trying to build credit. I have a Macy's card because they approved me. are there any other stores like Macy's that will approve me for an in-store credit card with no credit? like Home Depot, Target, anywhere in the Florida area?
Public Comments
- Gap, Target, old Navy and gas cards.
- Be very careful with Credit cards. You only need one or two for a 6 - 12 months to build a good credit rating. Don't over do it....and keep your balance very low, but keep a balance like 10% of your limit or less. That will help your score.
- I don't know what the criteria are for the stores you mentioned, but in many cases they will extend you credit so long as the history you do have is not too negative. A great way to start building credit is to simply apply for a small line of credit with a regular Visa or Mastercard. Maybe with your own bank. But, be careful! Don't over extend yourself. Many cards have high interest charges. Especially if you have not yet established a lot of credit history. Use the card once or twice a month and pay it off every month. That's the best way to start building credit. If you max them all out and they start hitting you with the interest, it will be costing you far too much. Also, if you get behind and don't make the payments on time, you will be creating bad credit. Just use common sense and don't use more on the credit card than you can pay when they bill you. Once you've establish a good history of payment with a smaller line of credit, you can move on to bigger things, if your income does as well... Just learn from my mistakes! Don't create debt that you can't budget into your expenses. Once you do, and you get behind, it will be years before the blemishes on your credit will go away.
- Get a crad from Orchard bank or Chase bank..
- I agree with Ice, but you already have a dept store card. If you're going to get another credit card, then try for a major one like a Visa or Mastercard. You should have no more than a total of 3. The easiest way to get a credit card would be to open a secured card. You might want to check where you do you banking to see if they're offered. You can think of a secured credit card as buliding credit with a savings account, becuase that's pretty much how it works. You have to put a deposit upfront in a savings account to get the same amount in a line of credit, for example if you deposit $300, usually you get a $300 credit line. Now the deposit isn't used to pay for anything you charge unless you become so delinquent that they close the account. But since you're trying to build credit, you really wouldn't want to let it get that way. Another thing is that you can increase the credit line by adding to the deposit ever so often. The deposit gains interest while you do this and usually after a year of paying on time and keeping the balance low (30% of your total available credit) the deposit is given back to you and either the card becomes unsecured or a better offer for a card is extended. Wells Fargo, Bank of America, and Orchard Bank all have secured cards which I posted links to where you can apply Charge responsibly, and Good luck!
- I would avoid 'store credit cards' altogether. For one thing, they have extremely high interest rates. Plus, they'll hit you with hidden fees and other charges. There's actually a wide variety of credit cards designed specifically to help build / improve your credit. You can find a complete list here: http://www.asapcreditcard.com/poor-credit.html Although these offers tend to have higher interest rates than 'standard' credit cards-- you'll pay much less than a store credit card! Plus, you'll have the opportunity to build and improve your credit score over time. Hope this helps. GOOD LUCK!
* Some answers may have been provided by Yahoo! Answers.