Low credit score...looking to get a credit card to help bring it up...?

Me and my husband had a rocky start but after years of working on it we finally have it together....We now have 3 children and pay outrageous rent. Does any one know of a bank that works with low credit scores as far as home loans or credit cards....we make excellent money. All the bad in our credit reports are 5 plus years old. We have never had a credit card and figured that if we could get someone to give us one we could get something positive showing on our credit. We would also like to know about any first home buyers programs out there for people like us! Any advise/suggestions??

There's a bank in one of the Dakotas called "Bank of Hoven." This bank offers secured credit cards, which is a Visa or Master Card that is secured against a savings account.

The great thing about Hoven and secured credit cards is that no merchant will know that your card is secured except you and the bank. The credit card works the same way as an unsecured credit card, with the same basic interest rates. You purchase merchandise on your credit card and you will get a bill every month.

The trick is, you make a deposit into a savings account at BOH, and that is the limit of your credit card. If you deposit $500, that's your limit; 1,000, your limit; 5,000, your limit, and you can up your limit as easily as upping your deposit in your savings account.

The best thing is, if you ever got into financial trouble and you couldn't pay your bill, you ask the bank to pay off your credit card and close your account. They will pay off the outstanding balance and send you the rest.

This is the best way to get a credit card AND up your credit score WITHOUT the risk of crashing and burning should one of you, God forbid, lose a job.

Also, SKIP department store cards. They are difficult to get, have a ridiculous APR (24%!) and will not actually help you for some time. With a VISA or MC, you can shop at Dillard's or wherever, and you're saving money by NOT having a department store card that is useless for anywhere else you might need it, and by being spared the 24% interest.

Also understand, EVERY inquiry on your credit is a negative hit on your credit. That means every time you apply for a credit card, it counts against you, so the secured credit card is actually a really good way to go.

Concerning your credit scores, get your credit reports and have a good, serious look at them. The reporting agencies are notorious for having serious mistakes that can really negatively affect your credit. Dispute anything that's older than seven years. Dispute anything that you're absolutely not sure is your debt. Dispute any false address, wrong names, ANYTHING that is not 100% accurate. The credit reporting agencies have 30 days to verify the debt is yours, and if they can't prove it, it must come off your credit report by law, and they have 30 days to do it.

Also, don't get more than one major credit card. Keep your savings in the one bank, and this way, you'll never be racked with out-of-control debt. Lots of people only have one credit card with a really high limit so that they never have more than one bill, which makes good sense, especially since more than 80% of America is literally two paychecks away from total financial ruin because they are so strung out on credit.

One more thing: Interest accrues every 30 days. That means if you go to Home Depot and buy a saw for $25 with your new credit card, as long as you pay the bill to your credit card company WITHIN 30 days of the debt, you CANNOT be charged interest.

I did all of the above and it saved my bacon, let me tell you. But the best part was buying a pair of shoes for $60 from Nordstrom's, turning around and sending $30 into BOH, never getting charged interest, and watching my credit score go up and up and up.

Good luck to you both, and good for you for your hard work in getting your debts behind you.

You need to start small. Apply at local stores, and take out a small loan ($200) at a high interest place; then make sure you pay off your balance to show that you are responsible. Once you start doing this, your credit score will raise and you will be in a better position to obtain bigger lines of credit (ie, banks, major credit cards, etc.).

Since you have not bought a home within the last 3 yrs., you probably are eligible for "first home buyers" programs. Any realtor should know about this and be able to help you qualify. I had one contact me via the internet after I looked at some homes in my city via the computer.

Hope this helps.

A credit card is one way to build up a credit score. You will inevitably be charged exorbitant rates but those will go down in a few years. Of course, if you apply and are rejected, that will negatively affect your credit score.

The whole trick to building good credit is to show that people can lend you money, and that you will pay it back. So, try the following:

a) If you're guaranteed a credit card, then get one, otherwise, wait a while.

b) If you do qualify, then make sure you spend a lot, and pay it off each month. Little things like groceries, telephone bills add up. Can you put your rent on a credit card?

c) Other things you can do is open an account at a clothing store, like Old Navy. Buy lots of clothes and pay those off. Sign up for a gym membership for a year and make sure you pay regularly.

Get my drift? After a few years your score should be in good shape.

I recommend the Orchard bank card. It is for people with bad credit. They report to credit bureaus to help improve your credit score.

There are plenty of programs available to first time buyers. I'd suggest using a mortgage broker that can shop many companies (we do sixty). Be sure to get with a broker that knows what they're doing, will keep you in the loop during the process and that you can trust. Huge issues and it's a huge transaction. Perhaps the biggest purchase you'll ever make.

Advice below is correct - start small with low balance credit card and be sure to pay them off. Things will improve slowly but surely. Contact me if you need anything else - all the best!!

Hey, join your credit union if you have one, we were in the same boat as you, and they were able to help us, also try (orchardbank.com) there pretty good with giving second chances, hope this helps. Good Luck

go to www.Orchardbank.com and hit apply now, once you put in your info they tell you what you qualify for. Sounds like you may have things built up enough to get and unsecured one..but if not, the fee is pretty cheap considering it builds your credit... i know you can get one because i got one a month after bankruptcy!

The length since delinquency is a plus, but I'm sensing you've done little to re-establish considering you don't have a credit card. Plenty of banks will give you credit cards, but do some homework; get the best apr and watch out for fees. Home loan is something you should think about after you've rebuilt your credit.

got a good and positive feeling about credit after bankrupcy.well as i see it million and million of people go thru thi every day.but these people treat you like you got the plague.i guess it not their fault its what life dealt you so deal with it.its a scary thought it took me 40 years to see credit is our life blood being second to god . thanks - cal living in illinois peace

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