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does guaranteed credit merchandise card help increase fico score? I have seen tehse offers coming in my junk mail? Till now I’ve been deleting them but someone suggested it’s a good tactic for raising score. Anyone tried it?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Phoenix,

Welcome to the forum.

I think guaranteed credit merchandise card is very good tool to improve you credit score but you need to invest here carefully. You need to check whether it is valid and legitimate or not. If you use a valid and legitimate merchandise card, it will increase your current high credit limit and will have a positive impact on your credit.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Fri Apr 25, 2008 12:41 pm Post subject:

i truly don't even know what a "guaranteed credit merchandise card" is.

i don't blame you for tossing all those solicitations - all they do is clutter the mailbox.

if you are unsure, and you desire a credit card, there are countless alternatives; offered by banks, credit unions, american express, etc. why not reach out to one of those to seek a new card if you desire one? i wouldn't just take the next offer that comes in the mail if i didn't know where it was coming from.

Guest

I got such a card once. They didn't even verify my credit, employment and there was no interest involved. But they reported it to the credit bureau as open revolving account with $8500 as the credit limit as soon as I started off after paying $90. I made a small purchase of $80 so that it would reflect on my credit report.

Usually such cards are good for a year. I got it from a website offering such merchandise cards.

gmakerley · Posted: Mon Apr 28, 2008 7:40 am Post subject:

i still don't get it

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

You are better off doing the credit card that comes from you bank or other well known financial institution. They will definately report your credit and you will increase your score by making the payments on time.

I would not invest money into a card that should be giving you credit. goodluck with your goal here, hope you find a card that will enable you to reach your goals. Please keep us updated, especially if you find a card that works for you.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

These days it is very hard to find any reasonable card, especially of your credit score isn't good. The interest rate now a days is outragoes. Sometimes there are cards that offer the no interest no payment deal. You just have to be careful to have the balance paid in that time period or they will add on all the back interest.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I gave up on getting a card, seems like the rates at way to high, and the fact that they can raise it anytime they want to just because they checked your credit score keeps me out of the running for a card.

fireyone_02 · Joined: 20 Mar 2008 Posts: 280 2.09 Dollars($)

Believe it or not it is probaly for the best. Once you get one most can up your interest rate at any given time after an alotted time period. I have a card that I only had to pay $30 a month on and sometime later without me spending more they upped the payment.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

It is a real pain in the rear end, the entire process, trying to filter out what card charges what. You go online and look for descent rate, forget it if you don't have good credit.

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

You must have a lot of patience if your score is bad and you want to apply, I feel your frustration on this Barto.

jbarto65 · Joined: 04 Nov 2007 Posts: 622 -0.15 Dollars($)

I have been working on this for quite some time, my problem is that sometimes I get behind and this will through back months of work. It gets really frustrating.

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Does guaranteed credit merchandise card increase fico score?