I found a sight that offers both secured and unsecured cards for those looking to build credit. Many offer 0% interest for the life of the card (it says). But this just sounds fishy. Any experience with this or have any that you would recommend to help build credit? Rain...
What they don't tell you is the card expires on first use, then the interest rate goes to 29.99% You need a FICO of about 720-750 to get a 0% rate on a car, why should you think that a 520 FICO would get you the same rate on an UNSECURED credit card, when they can get 18% or more on a SECURED credit card. You were right to be suspicious. There are plenty of ripoff artists out there just waiting to sink their fangs into people with dinged credit trying to re-establish themselves.
Also, allot of these cards are not major cards. They are NOT VISA or Master-card. The adds make you believe they are normal Credit Cards, but the fine print will tell you differently. They are cards that can only be used to purchase over priced items from a select list of catalog companies... Be careful with sup-prime companies. Read all the fine print before applying.
