Are any of the credit card companies that offer credit for people with bad credit legitimate?
by Author on Tuesday, September 7th, 2010 | 9 Comments
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Orchard Bank, H.S.B.C. and First Premier are, I know because I used them all rebuilding my credit after a BK several yearsa go.
look if you find one that will give you a card with out and excess fees up front and less than 21% interest i would take it — but use wisely and insure you pay on time to get your score back up!!!
orchard bank and cor-trust bank are good cards stay away from credit one bank will rip you off in a heart beat
Many of them are – indeed – legit, but they come at the cost of a HIGH INTEREST rate and a LOW LIMIT ($300 or less). So be cognizant of that before you apply. You may want to go somewhere like Lending Tree to compare and contrast and get a feel of what’s available by interest rates.
However, this will slightly dent your credit score a couple of points since Lending Tree will field your information to various creditors and the inquiries and have a negative impact.
We’re in the Information Age, so you can bypass Lending Tree and search for yourself. But, don’t apply until you find the right one.
My blog, How To Get Good Credit Gab, provides the opportunity to share thoughts, ideas and experiences about obtaining good credit and emphasizes the importance of building and maintaining good credit and the perils of personal financial mismanagement. This may help you resolve your problem.
Yes.
New Millennium Bank offers a Platinum Visa or MasterCard with no credit checks and you are approved regardless of your credit history. I would suggest checking them out at http://mysite.verizon.net/ressg6c7/rightcharge2/id113.html
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-people-with-bad-credit.htm
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.
There are a ton of companies out there who will offer you credit even though you have bad credit. The bad thing about most of these people is that they do not have your best interest in mind.
I would suggest going with a secured credit card – one where you put down a deposit before being granted credit status.
For more info about secured credit cards, check out
http://www.creditave.com/credit-cards/secured-credit-cards-what-you-should-know.html
A good site to get these types of cards is http://dwp_insverizonnet.ecreditdirectory.com/categories/bad_credit_credit_cards