jamey g asked:
I fear I will not qualify for any credit cards but I dont want to apply for a bunch and then just lower my already low score even more. I have absolutely no open accounts anymore so I have no way of paying any payments on time to rebuild my shitty credit.
Thanks everyone for all your great advice!
http://1mortgagecalculator.info
I fear I will not qualify for any credit cards but I dont want to apply for a bunch and then just lower my already low score even more. I have absolutely no open accounts anymore so I have no way of paying any payments on time to rebuild my shitty credit.
Thanks everyone for all your great advice!
http://1mortgagecalculator.info
No one will give you an unsecured line.
Open a secured card with Orchard Bank. I think the minimum is either 250 or 500 bucks.
orchardbank.com
After two years, they give your money back and it’s a regular card.
Your best bet is a secured credit card. This is where you deposit money with the credit card company, typically $300-$500 to start, and that becomes your credit limit. You can charge up to that amount. When I went thru a bankruptcy thanks to my now ex-husband, the only card I could get was a secured card. I applied thru Capital One. After 6 months of on time payments, Providian offered me a non-secured credit card. I was able to rebuild my FICO score from about where you are, to, as of August 2008, 821. I still have both of those cards and my credit limits are in the thousands…more than adequate. Also, after a year of on time payments, CapOne refunded the money I paid in to secure the card, with interest and its a regular credit card earning rewards. Be careful though, make sure you read the agreement carefully and be picky about which company you go with. Some cc companies take advantage of people in your situation, knowing you can’t get offers for many cards, and they charge RIDICULOUS fees…sometimes amounting to hundreds of dollars to set up the account. I think I paid Capital One a $25 or $50 fee at the time to establish the account and an annual fee of $25 for the first couple of years. That’s not bad at all. Good luck.
It is highly unlikely that any bank will give you unsecured credit card with such credit score. You can try, but most likely banks will not even bother with reply letters, explaining why you’ve been denied. A secured (prepaid) credit card looks like realistic option for you.
And after some months of careful and prudent usage of this card you (theoretically) suppose to start getting offers from banks for regular credit cards.