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 Posted: Mon Nov 26, 2007 11:06 am |
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Are they a good idea if you want to improve your credit???
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jaydanielle1
Joined: 24 Oct 2007
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| Posted: Mon Nov 26, 2007 11:37 am |
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Not if you have to pay for them. If you have to pay an account set up fee, a high annual fee, etc. which when they offer you the credit card they say you have a $200-$300 limit and then charge all these fee to it just so you can get the card, and the amount you have left is like $50-$75 no...don't do it. I have been burned by those types of cards. Try and get one from your bank or credit union or a legit company. Because they won't charge you all those fees.
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puddlejmpr
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| Posted: Mon Nov 26, 2007 1:34 pm |
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good info puddle....definitely read the fine print! The annual fee, set up fee and whatever else fee will be charged to the card in advance.
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volleyballmom
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| Posted: Mon Nov 26, 2007 2:09 pm |
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HSBC aka Orchard Bank will not work with you if you get past due. They turn you right over to an attorney and you will wind up paying twice what you owe.
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frogpatch
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| Posted: Tue Nov 27, 2007 7:16 am |
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o i know about the hsbc, i owe them about 700 dollars and the credit limit was 300
but if you have bad credit your bank probably will not give you a credit card, will they?
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jaydanielle1
Joined: 24 Oct 2007
Posts: 544
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| Posted: Tue Nov 27, 2007 7:20 am |
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jay--Check with them to see if they have any type of secured card. You give them whatever amount you want as collateral, they keep it in a savings account. On your credit report it is shown just like any other card. If you want a limit increase, you deposit more into the account. I've had one of these for a couple of years.
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Jessi
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cajunbulldog
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| Posted: Tue Nov 27, 2007 1:24 pm |
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The big thing is to research your options...also don't just jump into a card because you're approved. some of these cards will bleed you. I asked one once (my credit was horrid) 'why would i pay you $150 in fees annually and other fees, to have a $200 credit line?' they couldn't give me a respectable answer ( i think it was a citi card at the time, this was 5 years ago)
If you can't get something from your bank like a secured loan/card, then wait. an offer will come to you eventually and you will be approved. I waited for about a year and finally got a card that had a $300 credit limit with a $20 annual fee and that limit is now raised to $3500 within a year's time or so. so please be patient and do some research. I remember feeling oh i need a credit card i need one, i was very impatient but am glad i waited because the waiting paid off for me and after being through consolidation i now use my credit wisely or i don't use it if I can't pay the debt off. good luck let us know how you do
Also, the card i have now, my company will waive the annual fee i just have to call it's a capital one card.
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debtstinker
Joined: 08 Oct 2007
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| Posted: Wed Nov 28, 2007 11:27 am |
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oh, thanks everyone! great ideas, i will look into the secured cards from my bank 
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jaydanielle1
Joined: 24 Oct 2007
Posts: 544
Debtcc Points: 5712
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| Posted: Thu Nov 29, 2007 12:10 am |
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Hi jay
A secured card is definitely a good option when it comes to building credit. You can see your an improvement in you score once start making timely payments for at least the minimum required amount to the creditor.
Take care n best of luck
Nelly
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goodnelly
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| Posted: Thu Nov 29, 2007 6:32 am |
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In my opinion, I wouldn't get a secured card. My credit was almost more than shot at this time two years ago - I had about 5 or 6 outstanding accounts with most being sent for collection, even had to pay a $300 security deposit to PSE&G to get service for my apartment last year. I don't even know what my score was, but I'm sure it was pretty low.
Last year, I began paying off most of the accounts that had negatives on them, and didn't even think of a credit card of any type(I only have a debit card). Fortunately for me, all the accounts I was paying off was reporting to the CRAs - even the ones with the CAs. Last month, I brought my report down to 1 negative, and checked my score...Surprised to say, it was in the mid-600s.
One thing I'm trying to do is see if I can get PSE&G and Comcast to report my account status on my reports, since I haven't missed a payment since I opened my accounts 16 months ago. If you have bills like these, maybe you can ask them to report it as well, if they don't already. This way you can build your credit by continuing to do what you do now, and not have to worry about another credit card - I'm still not looking into credit cards.
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| Posted: Tue Dec 11, 2007 3:59 pm |
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do they report to your credit bureau?
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dave mason
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| Posted: Wed Dec 12, 2007 11:26 pm |
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Any account you open, your dealings with it will be reflected in your report.
Take care
Nelly
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goodnelly
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