TOP CREDIT RESOURCES » Credit Cards

Are there any credit card companies issuing unsecured cards to people with bad credit?

admin — Wed, 21 Jul 2010 20:45:17 +0000

I am wondering if there are any, decent, credit card companies out there that are issuing unsecured cards to people with bad credit. I am tryin to rebuild mine and already have a Premier Card. I need another to continue. Any suggestions?

Get a credit card from local bank and pay it in time. You also can use this service to avoid common mistakes while buiding credit and pre-estimate future scores for different scenarios of payments – credit-report-score.10001mb.com

What advantages and disadvantages do credit cards and a debit card?

admin — Sun, 18 Apr 2010 21:40:30 +0000

I need help i need to know what are the advantages and disadvantage between these two cards a debit and a credit card.

Debit card:
PROS: the money comes right out of your account. you know how much you have and how much you have to spend.
CONS: Money comes right out of your account. lol. If you overdraft, you get fees added.
Credit cards are what get people, like myself, into trouble.
PROS: You can pay for things you normally wouldn’t have money for, or to use in emergency situations.
CONS:They accumulate interest charges and you pay more for your purchase. Fees.

All in all, a debit card is your best bet. If you can stay away from using a credit card, do it.

How high can my credit score climb if I have only credit cards in my credit history?

admin — Fri, 16 Apr 2010 23:26:34 +0000

My current credit score is 745 and I’ve built it solely by using credit cards and paying on time (but never had any loans). Somebody told me that the abscence of installement-paid loan will prevent my score from climbing much higher. Is it true? Should I take some consumer loan to boost my credit score since I am planning to apply for a mortgage in the near future?

You don’t need an installment loan. More often than not, they pull you DOWN. Who told you that? If you are looking for the free credit score national site, check out this site

http://Free-Credit-Score-National.com/

Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating for free, fast and secure.

Hope this help,

Is an advantage to use multiple secured credit cards to build up credit?

admin — Fri, 12 Mar 2010 16:22:07 +0000

I am applying for a secured credit card after bankruptcy (due to medical bills), Is it to my advantage to get 2 or 3 secured credit cards to build history or only use one? I dont really need or want any loans/credit cards right now and I am big on paying cash but I need to rebuild my credit rating. Will 2-3 secured cards build my credit faster then 1 secured card?

I totally understand you wanting to pay cash for everything you buy, and not wanting to have any loans or credit cards, but you’ve got to understand that credit is a game, you just have to learn how to play it.

These unsecured cards are the only thing that’s going to help you rebuild your credit. Even more, in most cases, than getting negative marks removed from your credit report.

I took my credit score from 580 to over 700 in under 6 months by doing two things, disputing negative marks on my credit report, and getting these merchandise cards.

See what you’ve got to understand is that the biggest mistake average people make with their credit, is that they pay everything off in full every month. In order for your credit score to steadily rise, you’ve got to keep a 10 to 30% debt to credit ratio on all unsecured debt, i.e. store cards, credit cards, and merchandise cards.

You determine your "high credit limit" by simply adding up the credit limits on all those cards or unsecured debt, and simply have balances that add up to 10-30% ratio of your high credit limit.

For example let’s say you have three credit cards with a $5,000 limit each, so you’d have a $15,000 high credit limit. So you’d need to have a balance from these three cards of at least $1500 to get, and keep that 10% debt to credit ratio, and of course like I mentioned you could keep a higher balance than that, as long as that ratio never exceeds 30% you will certainly see your credit score rise consistently.

Now the problem for most people with bad or problem credit is that they simply can’t get approved for regular credit cards, so they must get these merchandise cards instead. The key here is that a merchandise card and a "regular" credit card report and are considered the same on your credit report. So the credit limit on the merchandise care gets counted as part of that high credit limit we talked about earlier.

So for example: Joe wants to raise his credit score. He currently has two credit cards that have $2,000 limits on both. So currently his high credit limit is $4,000. But he has maxed out both of them. So his debt to credit ratio is 100%…not good.

So what does he do? He gets several merchandise cards. One with a limit of $10,000 and two more for $5,000 each. So now, Joe’s high credit limit has suddenly gone up to $24,000. Now considering Joe doesn’t abuse his merchandise cards and only uses $1,000 between the three of them, he now has $5,000 in debt to his available $24,000 which gives him the debt to credit ratio of about 21%. Which as we talked about, is between the 10-30% range.

Now Joe will continue to make the minimum payments on all his cards in order to show a good payment history, and this will allow his credit score to quickly and consistently rise.

This example can be done the exact same way if you’re starting with no cards or no high credit limit at all.

Also, check out the credit secrets bible at the website I’ve listed in the source section of my answer here. I don’t make any money if you buy one, or whatever, it just really helped me get ahead in the credit game, and change my life as far as credit goes. I tell all my friends and family that have credit problems about it.

Hope this helps,
Matthew

Is it better for your credit score to close unused credit cards or leave them open with no balance?

admin — Sat, 23 Jan 2010 14:43:15 +0000

I have several credit cards that I have’t used in a long time. Should I close these accounts or leave them open? How will it affect my credit score?

if they dont charge you any annual fee leave them open coz if you close them it WILL lower your score

Are there any credit cards that offer unlimited viewing to your credit file and score?

admin — Fri, 22 Jan 2010 11:06:24 +0000

I have a cap one credit card and a credit card from my bank that i use every month. I also pay them off every month. I also have about 4 other credit cards with zero balance that I have left open to show good standing and lines of credit. I was told that wamu had a credit card that allows you to view your credit report and score. Is this true or is there some other company to check into about this?

I also have a WAMU card, have for over 2-years, it does indeed show your Transunion score and it’s pretty accurate I just had my credit pulled for a refinance on my home and the score were very close.

It doe’s not show your credit file though.

What should my credit ratio be for my credit cards?

admin — Tue, 19 Jan 2010 00:40:19 +0000

I’ve always heard its good to keep your credit/balances at a certain ratio to improve your credit rating. What should mine be? I have 2 cards: one with a $200 limit and the other with a $250 limit. How much should i spend on each?

In your case and with such low limits on both cards… I would stick to a simple $20 charge on each card per month that you can pay off when the bill comes.

If you want to carry a balance… only a very small one. I would not recommend carrying more than 10% of your credit limit as a balance into the next month.

This way you can "tease" your credit card company into giving you a higher limit. Simply because you are cautious and they can’t make a lot of money when you set your own limit at $25 per month.

If I combine 2 credit cards, will it hurt my credit score?

admin — Sun, 17 Jan 2010 16:56:26 +0000

I have 2 cards from capital one that I use every month, but pay off every month. One has a credit limit of $500 the other is $1200. If I call to combine the credit limits into one card will my credit score suffer since one account will be considered closed? Or will it remain the same since the limit will not change.

I am planning on applying for another credit card with a higher limit to improve my score, and I don’t want a lot of cards. Thanks!

You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – buildcredit.ifastnet.com

How does the cashback work on credit cards and debit cards?

admin — Tue, 08 Dec 2009 01:32:20 +0000

When I use my debit card at the store, it asks if I want like $0, $10, or $20 cashback. How does cashback work? And how would this cash back procedure work on a credit card?

Should I take a cashback amount when using my debit card? I see other people in line in front of me using their cards and when ask if they want cash back, some of them press no on the key pad.

Cashback only works on debit cards. Basically, if you ask for cashback, the cashier will give you that amount of cash, and add it to the amount that gets taken from your bank account. So for example, if you buy $5 worth of stuff and ask for $20 cash back, then they will subtract $25 from your bank account and give you $20 cash in addition to what you bought.

Cashback is basically a more convenient alternative to going to the ATM. It only works for debit cards, not credit cards.

What are the best credit cards for students?

admin — Sun, 29 Nov 2009 20:38:28 +0000

I am a college student looking to open a credit card. What are the best rates and cards targeted towards students? Do they accept applications even with little or no credit?

The Citi Forward card and Citi mtvU cards are both great reward cards for college students. They offer 5% rewards in spending categories like restaurants, movie theaters, book stores, etc.
The Discover Student card has decent cash back rewards too.

You can compare their rewards for your spending profile using this rewards calculator:
http://www.creditcardtuneup.com/?card_type=College+Student