Credit cards for people with bad credit?
ones that dont charge and annual fee? i really need to build up my credit but i dont have a lot of extra money for all the enrollment and annual fees. like i said I NEED to build my credit..how else can you build your credit other then get more credit. im trying to get an apartment. I have paid off my debt and definatly will not get myself into that again.
Public Comments
- Cards for people with bad credit are called "secured credit cards." They typically require you to pay a set amount of money to cover a pre-set spending limit. It's doubtful you'll find any other type of card for someone in the situation you describe.
- Usually the type of card that you're looking for are geared for people with good to excellent credit. Think about this, do you think rewards should be given out for lousy credit? Of course not, it's the nature of the beast. Not all people with bad credit are bad people at all, I'm not saying that. Bad things do in fact happen to good people, I definitely belive that. But the best credit card to get if you have lousy credit would be Orchard Bank. First Premier and New Millenium both build your credit but that's after you have to pay a balance racked up in fees, so don't even mess with them. Captial One's pretty easy to get but they don't report your account correctly to the bureaus (they don't report your limit). In the credit game, in order to get respect (low fee or no fee and low APR) you have to earn or gain repsect. Bank of America and Wells Fargo both have secured cards with fairly low annual fees if you don't mind putting up a security deposit to get the same amount in a line of credit. Take care of the card, and usually after a year, you'll get the deposit back with interest and the card converts into an unsecured card. That's if you want to go that route. Hey look, I know that I may have been a little abrasive in my answer, and I'm sorry about that. But, I've been there before myself, and I've seen firsthand what works. Also, I posted links to the websites for those companies I mentioned Take Care and Good luck!
- If you already have bad credit-perhaps you shouldn't be using credit cards. Use your debit card or cash-you can't spend what you don't have.
- I have listed a internet souce below that list both secured and unsecured credit cards for bad credit. They provide this list for free with summaries of each card.
- Major credit card issuers like Discover, American Express and Chase offer a credit card for bad credit holders. A 'shopping' card offers you an unsecured line of credit from specific sellers. Use these cards to increase your credit rating, since the credit bureaus will be informed about your timely payments.
- Unfortunately, you're going to pay some fees if you have bad credit. The only way the credit card company can reduce their risk is to charge you. But eventually, with regular on-time payments-- you should be able to qualify for better offers with lower APR's and less fees. It will just take time... Here's a great list of credit cards to help build or repair your credit history: http://www.asapcreditcard.com/unsecured-offers.html Hope this helps. GOOD LUCK!
* Some answers may have been provided by Yahoo! Answers.