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rusty | Can i get a credit card to help my credit? |
I have alot of bad accounts open and Im trying to pay all of them. How can I get a credit card to help me rebuild my credit, and which one should I get. |
 |
 
$m¤¤v¥ £¤¢¤
 |
Here's the REAL answer.
It takes positive credit to build credit, but what would really help your cause if you were able to pay those bad accounts in exchange for getting it removed from your reports because just paying the bad accounts won't help your score that much at all. They need to be removed as if they never existed in order to really help your credit.
I posted several links that explains this in detail:
http://www.creditinfocenter.com/debt/settle_debts.shtml
http://www.creditinfocenter.com/debt/neg_rating_after_settle.shtml
http://www.creditinfocenter.com/debt/CanCreditorSue4SettlementDifferences.shtml
http://www.creditinfocenter.com/debt/ActualDebtSuccesses.shtml
http://www.creditinfocenter.com/debt/debt-negotiation.php
If you're able to get all or some of those bad accounts removed, then you're going to need to open up a new account or 2 to replace the bad credit. The best credit card to get would be a secured credit card because you would have to place money upfront that's used as collateral in order to establish a credit line. You can also think of this as a way to start up a savings plan because the deposit of the secured card is sometimes linked to a savings account or certificate of deposit, which can gain interest while credit is rebuilding so, the deposit isn't sitting there. Also secured cards allow more control of the credit limit because it can be increased by adding to the deposit which can help your score because the higher the limit, the more cushion you have between the total debt you owe and the available credit. The best way to use the card would be to make SMALL purchases ($10-20/month max), pay it off, and increase the limit every month. This way, you're showing activity, keeping the balance paid, and increasing the limit. Usually after paying off the balance for a year, the card upgrades to a regular card, and more importantly, you get the deposit back since it's not needed anymore, which I would suggest starting an emergency fund with it.
These are just a few ways that you can help rebuild your credit
I'm confident it will work.
good luck and thanks for reading |
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RanaBanana
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The best thing you can do for your credit is to pay off bad accounts & make them good, not open another one. |
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EMT13
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Bad accounts as in just late or charge offs? Are they with collection agencies? Were they from bills or credit cards? If credit cards are they open or closed and if closed who closed them you or the creditor. How old are the bad accounts?
Hopefully before you just randomly started paying all these "bad accounts" you first pulled your credit reports to check them for errors, cleaned up errors and verified all the accounts listed. And if you felt any of them were not yours or had errors you also asked the creditors to validate the accounts. Collections agencies must be able to prove the debts are yours BEFORE you pay them anything.
As for a rebuilder card I'd suggest CrownJewelers (you won't get an actual card but it reports as a card with a $1500 limit if you make a purchase), National City's secured card with a $36 annual fee payable at $3 per month, and once your score is over at least 630 then Walmart. WalMart may start as low as $75 but with good payment history and use (don't keep a balance) about every 4-5 they'll increase your limit. Know you FICO before you apply for WalMart or National City!!! |
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TFrancis
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Yes there are credit cards to help rebuild bad credit. Check out the cardoffers.com website. They have credit cards that are especially made for people with bad credit (http://www.cardoffers.com/introCreditCards/selected/category/card.asp?category=Poor+Credit ). I also have to add that it would be wise to pay off as much as you can before apply for a credit card. The last thing you want is to add another bill to your to your stack of other bills, no one wants that to happen. I hope I answered your question...Good Luck! |
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Babs
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DON'T DO IT.
Borrowing from Peter to pay Paul is never a good idea and a credit card is the most expensive form of borrowing. Go to the citizens advice bureau and ask for their help. They will analyse and prioritise your debts. They will negotiate a structured plan with your creditors to enable you to pay your debts off.
But once you have done this you must change your spending habits otherwise you will find yourself back where you started in a few years. |
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Marianne
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Try the offers taht come in the mail even people with no great credit get offers. You can restablish your credit and the terms that you get aren't very favorable. You may have to put some cash down to get a credit card. But good luck and remeber that your credit is a process. You may not have everything that you need taken care of in a matter of months because it didn't take you a matter of months to get your credit did not get that way in a matter of months. |
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Smart Cookie
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Get your other stuff paid off first...getting another card will give you liscence to spend money you dont really have and eventually you'll find yourself drowning in debt. |
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twowords
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I wouldn't get a credit card to help your credit. For one, with bad credit existing, your interest will be outrageous! (Like 28% or more) then you'll probably get behind with this new card.
I'd go to your bank, get a loan to say, replace carpet. Ask for $300 or so, keep it under $500. Then, since you are not really buying carpet, pay off your loan with the bank on time, and before the final due date. This will help your score increase.
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