I have horrible credit would like to improve that any suggestions on credit card? I have No debt good income.?

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  • 1 decade ago

    You don't want to get an unsecured credit card, you want a secured one. This has to be paid on every month, has a limit determined by the deposit you placed on the account supporting it, and requires no other collateral. The link provided gives excellent examples on how to shop for one, though you'll probably get this with the bank you use if they offer discounts to long standing members.

    First, this only works if you use it. Put down a large purchase that almost maximises the card, then pay slightly higher than the minimal balance. What this does is prove to the credit bureaus that you're interested in following a payment schedule. A credit score means your profitable for the banks, nothing else, and this is why they lend money.

    Repeat this process every time you buy off a major item until the bank refunds your deposit in full. By this time you should own probably a new television, washer, dryer, and computer. These are things you would normally buy over time, so you might as well spend a few dollars more per week and get your credit built up.

    This is going to be taking some time, but by the time you're finished you'll have a credit score well within the higher peeks of your income bracket(the rich follow different scales than us poor people, so don't expect to get 850 without owning a pair of houses outright). Don't look at your score as the end all, be all. This is just proof to banks that they should lend money to you cheaply, nothing else.

    PS: Work on your writing, your sentence should read: "I have horrible credit and would like to improve my score. Any suggestions for a card? I have no debt and good income." I'm an English tutor, I help people with this, and I'd say this line in a paper would garner you a failing grade, as Word or Open Office would find your spelling mistakes and not your grammar ones.

  • CatDad
    Lv 7
    1 decade ago

    If you’ve had recent defaults, charge-offs, late pays, then you need to understand that you'll have bad credit for at least 2 years after these major events have happened as your credit rating is most heavily weighted on what’s occurred in the past 24 months After that time you’re credit rating will start to go back up.

    - It can be beneficial to get secured credit card, the kind where you put up a security deposit and your credit limit is equal to that. You can use this to gradually rebuild a history of on-time payments

    - Stay out of further financial trouble. Each new default creates a brand new cycle of bad credit that will last another 2 years.

    - pull your credit report and check for errors. Dispute anything that's not correct. annualcreditreport.com is the real free site to check your credit file for free once a year without a credit card.

    https://www.annualcreditreport.com/ - NOT freecreditreport.com -

  • Anonymous
    1 decade ago

    How can someone with "no debt good income" have horrible credit?

  • 1 decade ago

    Yes dont use your credit card!!! the credit card is a lie you use your money and you have to pay double sometimes triple what you paid for it,when you use a credit card,the best thing to do is go buy a green dot card,at a cvs you can fill it with money and it will never go down to the negatives it only uses the amount of money you have in the card.The only reason you should have a credit card is for emergency's only or if your planning on buying a house and they need your credit card...

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  • 1 decade ago

    You should probably hire a financial advisor. . . I did and trust me it was so helpful.

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