Anonymous
Anonymous asked in Business & FinanceCredit · 1 decade ago

Credit cards with bad credit?

Does anybody have any experience of bad credit and being able to obtain a credit card, if so which one accepted you?

I have a few defaults from about 6 years ago which should be clearing soon but I know a high street bank still wouldnt accept me.

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  • Anonymous
    1 decade ago
    Favorite Answer

    The 3rd poster has the right idea. Check to see if secured cards are offered where you do your banking. How it works is simple, either your savings account or a seperate account you can make deposits in is used as collateral while you're establishing credit. This is better than the unsecured card offers for bad credit becuase at least you have a fair shot of getting the deposit back sometime later on as opposed to getting an unsecured card and paying an obscene amount of fees before the card even gets to you. A secured card also teaches how to manage a credit card properly since you're placing your own money at risk with the deposit. Also the deposit could and should be used to start up an emergency fund once the card does convert to a regular card. This way, you don't have to rely so heavily on your credit cards.

    The best way to manage the account would be by making SMALL purchases that can be paid of on time every month, while increasing the limit by adding to the deposit. Usually after a year or so, you get the deposit back and a regular card.

    I posted several links to some secured card companies, in my personal experience, Bank of America offers the best secured card overall.

    I hope this helps, good luck!

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  • Anonymous
    1 decade ago

    There are two types of credit cards: secured and unsecured credit cards. You have to choose between these two, based on various factors with the stable income being the crucial one.

    A secured credit card is obtained after making a deposit to the card company. You get the card with lower limit than the money you have deposited. An unsecured credit card does not need you to give any deposit. But the catch is that the bank may charge either higher interest or fees if you have bad credit. Hence find out the terms and condition before taking these types of cards.

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  • Anonymous
    1 decade ago

    Depending on how bad your credit score is you may have to get a secure credit card. Which means that you will have to make a deposit into a collateral savings account. The amount of your deposit will determine your credit limit.

    This may mot be what you want to hear but when you get a secure credit card and keep your account current and in good standing you will build or establish your credit to make yourself eligible to receive other offers for unsecured credit.

    If you are interested in getting a secure credit card, I would suggest getting a New Millennium Bank Platinum Visa® or MasterCard®. There are no credit checks and you are eligible regardless of your credit history.

    If you are interested in more information go to...

    http://mysite.verizon.net/ressg6c7/rightcharge2/id...

    But before applying for a secure credit card I would first trying to apply for a Chase Card.

    Whatever you end up choosing to do I would suggest going to a reliable site like http://www.rightcharge.org

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  • 1 decade ago

    In my experience there are two types of Bad Credit Credit Cards. One is a secured card, and the other has a much higher rate of interest. Both can be used to rebuild your credit worthiness after getting back on your feet. Secured credit cards are great for rebuilding your credit. You send the credit card company a pre deposit amount set by the company<!--This amount will be equal to your credit limit. Pay over your minimum every month and send your payment in before the due date and you will build your credit up gradually. Never miss a payment, be late on a payment, or go over your credit limit even by a small amount.

    http://best-loans.awardspace.com/credit-card-for-p...

    http://bestcreditcards.freehostia.com/

    You don't want the company to ever have to take from your pre deposit amount because they want you to handle your account just like you would an unsecured card. A great thing about this pre deposit amount that you send in is it can act as a savings account even earning a little-->bit of interest for you. After establishing yourself with the credit card company, they may decide to give you a unsecured credit card or increase the limit on the one you have with them without having to make another deposit. Secured credit cards are a good choice for anyone wishing to rebuild their credit history.

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  • 1 decade ago

    the only way you could go is go to the bank where you have your checking account at, if you have a good record of keeping your checking account in balance they could offer you emerging credit card account or a secured credit card account for you have to pay annual fees and higher interest rate. i always advise people, make sure you could pay it off maximum 3 months. maxing your credit card to a point where you cannot afford anything anymore is a way to disaster. credit cards are emergency alternatives to buy things of importance. not things of luxury.

    i also agree with the 5th poster that BofA have the best secured credit card (don't take me wrong even if i used to work there) but i see it work for my clients that i was able to help out during my course of work with the bank, they usually start you off from 300 to 500 dollars with an annual fee of 99 dollars.

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  • Anonymous
    1 decade ago

    DEBT IS DUMB..

    You don't need a credit score if you pay cash for items.

    You don't need a credit score to take out a mortgage.

    Buying a car on credit is the worst thing a person can do.

    http://www.daveramsey.com/etc/lms/drive_...

    Use a DEBIT/Visa you can do everything with this you can with a credit card except GO INTO debt.

    Don't be Normal, Normal is Broke and in debt.

    http://www.daveramsey.com/

    As I am 49 and digging out of 140,000 in consumer debt, now down to 40,000 I can say with all candor DEBT is the dumbest thing a person can do in their life.

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  • Anonymous
    6 years ago

    You possibly can instanly acquire a quick payday loan up to $1000 by using site: http://loans.servermatrix.org I obtained our payday loan despite the fact that I had really negative credit score.

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  • 1 decade ago

    Capital One accept most people with bad credit histories.

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  • Anonymous
    6 years ago

    You possibly can instanly receive an online payday loan up to $1000 applying this service: http://loans.servermatrix.org I obtained the payday loan even though I have really negative credit rating.

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  • 1 decade ago

    Get good credit by use any more times

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