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Wednesday, March 30, 2005

Trying to Rebuild my Credit


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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:27 pm
Post subject: rebuilding credit

ADA JOYCE
Date: 8/30/2000 9:12 pm CDT

HI ALL!

I JUST FOUND THIS SITE TODAY AND FINALLY FELT THAT THERE WAS SOMEONE HERE TO HELP ME. JUST SPENT 27 BUCKS ON MY PHONE BILL TO GET LESS INFO THAN I HAVE GOTTEN HERE. AFTER TRYING TO OVERCOME A DISABLING ILLNESS, I AM TRYING TO GET MY CREDIT WITH MERCHANTS BACK UP TO PAR.

BEEN THRU BANKRUPTCY AND ALL. NOW THAT IT`S OVER, I HAVE APPLIED FOR A MASTERCARD AND ACCEPTED AND NOW I WANT TO TRY MERCHANTS WHO OFFER CREDIT CARDS JUST WITH THEIR COMPANY TO THOSE OF US WHO HAVE NO OR BAD CREDIT.

HAVE ALREADY BOOKMARKED YOUR SITE AND HAVE QUITE A FEW PEOPLE IN MIND TO SEND HERE. PLEASE GUIDE ME ON THIS ISSUE AND THANKS


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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:28 pm

Board Monitor - CA
Date: 8/30/2000 10:52 pm CDT

Ada,

Thanks for your post and comments! You might want to look at our "Poor Credit Report" if you haven't done so already. Click on "Card Reports" and then click on "Poor Credit". I would suggest that you consider a secured card. Many only require small deposits ($200 for ex.) and secured cards typically have much more attractive terms than unsecured cards. Be sure, if you decide to apply for a secured card, that the card issuer reports to one of the three major credit bureaus (click on our "Credit Report" link for more info. about credit bureaus) and that the issuer doesn't report the card as being secured.

Hope this helps and good luck! Keep us posted on your progress.

Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.CardRatings.org


CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!


Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:29 pm

Eugene Skorodinsky
Date: 8/31/2000 3:12 am CDT

> I would suggest that you consider a secured card.

Curtis, I think she's past that. I understood she allready has a card.

Ada, as Curtis said, make sure the card issuer reports to credit bureaus, and with good credit behavior, you'll start getting offers sooner than you might expect.

I don't think, though, that it is so important that the issuer does not report the card as secured. Credit analysts probably know which issuers don't, and low balances with those issuers are almost a dead giveaway.

Now, maybe they don't speculate that far, but then again, maybe they do. With credit, one of the problems is that consumers can only imagine themselves in the issuer's shoes but they can not actually get there.

Eugene


CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!


Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:30 pm

Ada
Date: 8/31/2000 2:06 pm CDT

Hi again:

Yes I applied and was accepted at 1st-net card and also opened a checking with CompuBank. After 3 months with no overdrafts, I will receive a debit card. Should I continue to apply to other companies? Such as merchants who offer credit cards for their companies only? If so where can I find such companies?


CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!


Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:31 pm

Board Monitor - CA
Date: 8/31/2000 4:53 pm CDT

Ada,

The Net-1st card which you are referring to has a $96 annual fee in addition to a $89.95 processing fee. Needless to say, these fees are quite steep and we only recommend this card for someone who is turned down for a secured and/or unsecured card. Although the Net-1st card is one of our sponsors, we only rate it with three stars. I would suggest you apply for a secured card if you haven't already. The terms are much more favorable.

Hope this helps!

Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org


CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!


Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:31 pm

Eugene Skorodinsky
Date: 9/1/2000 2:03 am CDT

Ada wrote:
-------------------------------
> Should I continue to apply to other companies?

You can try, just do not overdo it. If you get declined two or three times, don't pursue it, every new credit request hurts your rating.

If you allready paid those steep fees for your current credit card account, and you can use it for a year without any more fees, just keep using it responsibly every month, and it alone might be enough to repair credit to the extent that you can get an unsecured no fee card.

I would not recommend applying for a secured card IF your current card issuer reports to credit bureaus. A couple of months before your new annual fee will be posted, try getting another card and dump this expensive one.

> Such as merchants who offer credit cards for their companies only? If so where can I find such companies?

Big department or electronics store chains have their own cards - Macy's, Sterns, PC Richards (it's very difficult to qualify for this one, though). You can ask any sales person in a store if they offer their credit cards.

Eugene.


CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!


Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:32 pm

dave
Date: 9/4/2000 3:48 am CDT

i'm a fan of Orchard Bank for credit building. you might want to take a look at their website. The card is easy to get and the interest rate is reasonable for people who are restoring credit.

here's why I like Orchard:

1. credit limit increases every six months or more.
2. friendly and competent customer service reps.
3. check acct. activity and pay at the Orchard website. It's free, too. By paying on line, you decide your own credit rating instead casting your fate to the Postal Service.
4. unlike many banks, orchard does not levy a late charge if the payment arrives a day or more after the due date on the statement. so you are less likely to get hit with surprise charges.
5. after a while, orchard will lower your interest rate and waive the annual fee on good accounts but you'll probably have to ask. All credit card companies offer great opportunities for assertiveness training!
6. reasonable about merchant disputes. had two and Orchard found in my favor on both.

I do not work for this bank and never have. I'm just an account holder who loves this bank and has stayed with it even though my credit is now very good.


CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

posted by CardRatings.com at 5:53 PM

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