credit repair?
Does anyone know of a store card (NOT a secured Visa or MasterCard) that has proven results for re-building credit history? In other words, a relatively low interest rate (preferably below 20%), or a low annual fee or a low line of credit ($500 or less) so I can give my friend some suggestions when she eventually asks me for them?
Public Comments
- I would suggest she get a car loan if she wants to rebuild her credit. This will increase her score just as quickly, and is easiest to get. However, if it absolutely has to be a credit card, I would suggest Best Buy (no annual fee and great rates when purchasing). All others are pretty much the same. Same interest rates and no annual fee. Hope this helps.
- Here are some of the links http://bestcreditcardratings.com/no-credit-history http://bestcreditcardratings.com/prepaid_credit_cards/
- I work in the credit card industry, and I know firsthand that the type of credit card that you're asking for doesn't come around that often. Orchard Bank(HSBC) is the only thing that even comes close to what you're looking for. There are some non-secured cards out there with low limits, but a lot of them are loaded with hidden fees that take up the majority of the available credit before the card is even activated for use. To be honest, secured cards are the better option, becuase if you're going to have to put up any of your own money, it might as well go to a deposit that you have a chance of getting back, instead of throwing it away on hidden fees. At least with the secured card, you can set your own limit. Also, knowing that the deposit is your own money, you're more likely to be conscious of how the card is managed, which gives more incentive to keep the balance paid off on time every month. My suggestion is that you shouldn't purchase more than what you're able to pay off on time every month, which means, make small purchases, then pay it off every month. This way, you're building credit without seriously going into debt. I posted the link to Orchard Bank and a couple of the best secured cards out there. Hopefully, this will help Good luck!
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