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Bring credit back on track

Posted on: 09th Jan, 2012 01:56 am
I presently have a horrible credit because I have made some bad financial decisions in my life. Now I want a credit card company issue me a card so that I can rebuild my credit. Are there any companies that don't have an outrageous interest rate that will help me get my credit back on track?
Hi Guest,

With a bad credit score, it will be very difficult for you to qualify for a credit card. All the credit card companies will want you to have excellent scores in order to get a credit card with good rates. You can, however, apply for secured credit cards with your local credit card companies/credit unions. You may be able to qualify for those secured cards and this will help you in rebuilding your credit.


Posted on: 09th Jan, 2012 02:26 am
Hey Guest,

I'd have to agree with Jerry, one of your only options to start building credit from a low point is to apply for a secured credit card.

A secured card requires a collateral deposit that becomes the credit line for your account. For instance, if you put $300 in the account, you can charge up to $300. You may be able to add to the deposit to add more credit, or sometimes a bank will reward you for good payment and add to your credit line without requesting additional deposits.

Hope i could help!
Posted on: 10th Jan, 2012 10:53 am
Pete's suggestion is a valid one. I'm going to up the ante, and suggest that you do it two times - get two secured cards if you can afford the $300 or so that lenders will require at a minimum.

Once you obtain a card (or cards), be sure to use them and use them sparingly. In fact you ought to use each one (assume you have two) only once per month, charging something that you're going to be purchasing anyway.

When your bills come, pay them in full as soon as you receive them. This will eliminate any interest charges and begin to build back your credit standing.

Not only will you be able to have credit again, but you'll be able to boost your credit scores and gain access to further credit down the road.

Don't go to First Premier or any of those companies that charge you an arm and a leg to establish an account. Instead, seek out a credit union in the area that might help you, or visit Bank of America, which offers secured card accounts.
Posted on: 13th Jan, 2012 01:06 pm
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