Hi, I am in the process showing that I can pay my bills own time...LOL....I don't have any credit cards, but a lot of collections. I was going to buy a new home and the finance guy told me to get a gas card or some type of credit card and pay on it good for 6 months to show that I can pay my bills. My score is currently Equifax - 598 - Exp - 585 TU - 592. The only problem is that I have all OLD credit and nothing new and solid....can anyone guide me to a credit card that I may get approved with these scores. Thanks a lot guys....
Check with your local credit union. Some will actually report a secured card as unsecured. The loan agent will be able to tell you. Credit Unions are more friendly than commercial institutions. If you have the $ to set a aside it may work for you. That is what I did and after 1 year, the Credit Union unsecured my deposit, kept my account open and doubled the limit without having collateral $ in the account. Then I opened a signature loan for $1000.00 cashed the loan check, set it aside in a checking account along with $68.00 and some change to cover finance charges, and set up automatic payment to the signature loan. Round and Round we go, and up went my score like prices at the gas pump. My credit card was subsequently increased and I recieved a $4,500 unsecured line of credit from another bank.
Re: Need Credit Card 2 Help Score.. Be prepared for high fees, but as somone who is in the same situation, I have an "Orchard Bank" account adn to be honest they have been great to deal with aside from the nearly $250 in original fees. I now have a $400 limit card that I pay off each month and it seems to be helping a bit! I have had several other high fee cards in the past - steer clear of the Rewards 660 card - you can't use it at gas pumps, and the payment process is a nightmare.
Try CorTrust Mastercard, some may scream! The credit line starting off is $250.00 and $175.00 start up fee. BUT only $50.00 annual fee. CorTrust pulled Exp. Keep in mind this card is to create positive credit reporting!! Stay away from Aspire Visa! Annual fee is $150.00 even for perfect paying customers. The best thing to do is go to your bank or credit union and take out a secured loan against your own funds. **BEWARE** please make sure the loan does not show on your credit as secured. Demand a savings account or cd as collateral! Ask if your loan will show as secured!! If it shows secured.. pass and move on to a financial insituion that won't show your loan secured. Hope this helps...
What about nonconventional credit -I spoke to a lender last year that they accept credit references from utilities that are in your name and a landlord if you are renting.
