What are some good credit cards for credit repair that AREN’T scams?
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jacquefromtexas wants to know:
I’ve never had a credit card (although my credit sucks) and heard they’re a great way to repair credit. Any tips?
I’ve never had a credit card (although my credit sucks) and heard they’re a great way to repair credit. Any tips?
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Capital One has a card for repairing credit with a $25 annual fee. The first 6 months is 0% interest and after that it is 14.9% which is low compared to many others that can go all the way up to 35%!!!!! Good Luck
I can personally vouch for this one but it used to be called First National Bank of Marin.
Get a secured credit card.
Check with major banks in your area. Bank of America has one of the best secured credit cards around. Fair prices and interest. This card does not charge interest if you pay in full when due. Many other firms will charge interest even if you pay in full and have a lot of other fees.
Orchard is very pricey on their fees.
I would agree with the first post – capitalone.com
I got a credit card from them after I filed for bankrupcy and it really helped me out to repair my credit. Now I have two credit cards from them one with a 500 limit and the other with a 3000… They have really helped out with a lost cost.. Other compaines out there charge an arm and a leg as far as annual fee’s and APR’s
First all, if you’re trying to repair your credit, the APR shouldn’t matter because if you’re really committed you will pay off all bills in full every month!
Try the credit cards offered by your bank first. Banks have a soft-spot for their customers and that can be a positive factor in their credit approval.
Next, look at cards offered by Chase, CapitalOne or Citibank. These are reputable company.
Orchard Bank should never be a choice if you’re building credit. In my opinion, their lending practices border on predatory. Fees are outrageous, and they are not very good at disclosing hidden ones.
If your credit is as bad as your say, be prepared.
You may be denied.
You may be offered a secured credit card.
You may be offered a credit card with a higher rate.
If you’re denied for credit, don’t keep trying. Wait for at least 6 months before you try again. When you apply for a credit card, the lender will get your credit report. The more you apply for credit, the lower your score can get and less like you are to be approved for credit.
Vicious cycle, right?
If the credit card has a high APR, consider accepting the card. The high APR will only affect you if you carry a balance at the end of each statement cycle. BUT pay off everything when the bill comes.
If you do this, you won’t see your credit improve right away. It may takes anywhere from 1-7 years to repair your credit.
If you were offered a secured credit card, think twice. Lenders don’t just look at your credit score or whether you have a good repayment history. They also look at the type of credit lines you have.
capital one ,providian and household