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I am trying to raise my score, my credit report is not diversified so was thinking about taking out a small card to use and raise my score, does anyone know a card that is good for this purpose? I don't want any major amount, $300 would be okay with me, just need to get a payment history going.
One that does not have huge fees or see saw intrest rates would be nice.
I looked at some cards, am not real happy to pay for credit, in fact, absolutely refuse some of the terms, HELP
cards
I have The Imagine Card. It's been pretty good.....$300.00 limit. They take a $20.00 payment, from your checking account, every month. Kind of a 'bad credit' credit card. I don't know if THIS is something you're looking for.
One of the most effective 'quick' ways to boost your credit is to open a 'pre-paid' credit card with any major bank -- you give them $300, and then you use your new 'credit' card which has a $300 limit (your own money) -- instead of using cash, you now have a credit-building 'tradeline' on your credit report.
Another great method, if your spouse has better credit than yourself, is to have him/her add you to their credit card. Your score will bump up.
That would be my suggestion also. The prepaid card is most definately a good way to go. Here is another suggestion for you. How about something like a discover card that offers offers like no interest or in some cases extremeely low interest for a year. You could use it for a year build up your credit then get rid of the card. there are so many credit card places offering deals like this that you could do something in that line here and there. When you close the card just have them note..closed at customers request and it will look good.
I can't agree with 'closing' the bank card -- closing any retail cards, YES. You are correct that 'closed at customer's request' doesn't look bad, but I would want the borrower/individual to have as much 'available' credit as possible -- if they just bought a pair of shoes every six months and paid the card off, that activity and all that available credit is a good part of their credit picture, and the longer they keep that card, the better! Also, asking to have the limit raised -- "I'm going to need to buy a set of 4 tires for my car." -- will also do wonders for your score. ...(just don't buy the tires...)
Does the imagine card cost anything to open?
Charles, can you tell me any banks that offer this type of trade line that you are talking about? I have never heard of this before, thanks in advance.
Fireyone, I see your point, I don't have any cards right now, I was thinking about doing the fingerhut thing just to have some good credit on my report, does fingerhut report to the credit reporting agencies? Does anyone know, they are easy to get and they could be paid really quickly.
Traditional VISA, MASTERCARD, AMEX, DISCOVER will do this -- Frankly, when you credit stance is good, and your balance approaches 50-70% of your limit, the creditor will often raise the credit limit as a matter of course, since they don't want to responsible for hurting your credit, if you are a good, routine customer. When your scoring isn't so good, the best tradelines to have are 1] mortgages, 2] bank VISA,MC, AMEX cards, and then 3] installment debt.
Thank you guest for a very informative answer, believe it or not 1] mortgages, 2] bank VISA,MC, AMEX cards, and then 3] installment debt are becoming a great part of my vocabulary these days. LOl, I have been working on this for quite some time now. thank you for your input.
I found a great website that discusses all types of cards, just google "askmrcredit" they discuss the pros and cons of each of these cards that are listed above.
I found that the imagine card charges $150 a year, has anyone else found any different information on this card?
Goodnatured Fingerhut has such high interest..I would not reccomend them. I wasn't talking about closing bank cards..just the retail ones. A bank card is excellent to have. A yearly charge of $150 sounds sooo high. I still think your best bet would be a secured visa or mastercard.
I think so as well fire...God I saw fingerhut once and ran screaming. I think lots of online or other retail stores will get you coming and going! i've been paying on my Sears account now for too many years on a $400 credit limit, went over my limit years ago, and my payments do nothing. i've contacted Sears (and Dell for that matter, in the same boat with them) they said essentially that's nice, your deal, pay us nothing we can or will do for you. oh yeah and by the way if you're a day late there's a $25 fee on top of the high interest rates they love to topple you wtih. i never ever recommend a retail card. prepaid bank cards, while i didn't know much about them until now, sounds like the way to go. ilike the idea of giving the bank my own money, using it as a credit line, and keeping within that balance all the while you are rebuilding your credit. good luck, good!
With what company, do you recommend any in particular, I have had no luck and frankly am really tired of looking, about to give up.
Benefits Credit Card
This was a spam post--Morningstar
What is the name of the company, I would want one that I recognize, not some fly by night company.
I never heard of this. It would be beneficial for people honestly trying to restore credit. Goodnatured laet us know if you check it out.
HATE IT, I am not looking into anything that is fly by night, It is really tiring shopping for these products, like buying a new car, pain in the duppa!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :twisted: :twisted: :twisted: :twisted: :twisted:
Yep so remember after all that "shopping" be sure to stop back and tell us what "bargains" you find in case someone here could use a "sale or two".
Tired of it for now, I am waiting on a dream card to fall in my lap, LOL, I am not looking anymore for now. I need a break from all the crap.
Yeah after a while it does get aggravating. If you find a "dream card" let us know.
Probably won't happen any time soon, I have quit looking all together, getting frustrating, too much crap to deal with, fees and maintenance fees, they must be crazy, I would never pay that much to get a card, credit help or not.
It is absurd and the rates are always going up. I am paying all but one off here at my house and only leaving the discover open..hopefully with n o or little balance. Got me a lot of work to do this year. YIKES.
credit card
I have the Imagine credit card. I received an e-mail, from them, stating "they are raising their % rate a bit." OMG!! The %, on Imagine is ALREADY high ...because of the KIND of credit card it is ('bad credit' credit card.) I may end up just paying it off and getting rid of it.