Credit Cards For Fair Credit » Credit Card To Establish Credit http://credit-cards-for-fair-credit.com Credit Cards For Fair Credit Thu, 24 May 2012 10:56:41 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 What is the best credit card to get for someone with no credit, to establish credit? http://credit-cards-for-fair-credit.com/9799/what-is-the-best-credit-card-to-get-for-someone-with-no-credit-to-establish-credit/ http://credit-cards-for-fair-credit.com/9799/what-is-the-best-credit-card-to-get-for-someone-with-no-credit-to-establish-credit/#comments Wed, 27 Jul 2011 21:37:23 +0000 Author I am one of those people starting to realize that having no credit is worse then bad credit. I'm wanting to get a new car (all of the cars I've had up until this point were paid in full) and I know that im going to need some sort of credit. Soo.. im wanting to get a credit card..to establish credit. What card should I get? And how do I go about getting it?...please only serious answer. Thanks.


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    ]]>     http://credit-cards-for-fair-credit.com/9799/what-is-the-best-credit-card-to-get-for-someone-with-no-credit-to-establish-credit/feed/ 5     Why can’t I get a credit card? http://credit-cards-for-fair-credit.com/3747/why-cant-i-get-a-credit-card/ http://credit-cards-for-fair-credit.com/3747/why-cant-i-get-a-credit-card/#comments Thu, 22 Jul 2010 21:36:50 +0000 Author

    I am 19 years old and a college student. I want to get a credit card to establish credit and to help later down the road in life (like a car or house). I don't have a job, but can pay for anything I charge. I am actively looking for a job though I must add. I have tried places like Capital One, Bank of America, Citi, and Chase. I have read that it is good to try and open up cards with stores. I applied for Wal-Mart and Target. I don't understand why I cannot get approved. Is it because of my job history? My mother said that was the reason why, but my friend says they don't report that and that isn't the reason why. I am so confused by this and really want to establish credit. Is it my job history that is preventing this? My friend, who said the job thing earlier has had jobs and is 11 months older than I am. He can get approved for most of any he applies for online in the instant approval things. Why can he and I cannot? Is it truly because of job history? Or another reason?


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    ]]>     http://credit-cards-for-fair-credit.com/3747/why-cant-i-get-a-credit-card/feed/ 12     Whats the best Credit Card to establish credit? http://credit-cards-for-fair-credit.com/2881/whats-the-best-credit-card-to-establish-credit/ http://credit-cards-for-fair-credit.com/2881/whats-the-best-credit-card-to-establish-credit/#comments Tue, 06 Jul 2010 07:12:34 +0000 Author

    I'm a sophomore in college and I want to establish credit. I want to know whats the best card to choose? Someone told me to try citi student credit cards. I'd like to keep up my credit so in 6 months to a year I can get a nice used car because finding transportation to work is becoming difficult. With the economy all crazy is now a good time?
    I do have a checking and savings account.
    Also. I have to get a car because my younger sister is pregnant and someone has to bring her to doctor appointments and pick her up from school while my parents are at work.


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    ]]>     http://credit-cards-for-fair-credit.com/2881/whats-the-best-credit-card-to-establish-credit/feed/ 4     How do I have a FICO score when I have not established credit yet? http://credit-cards-for-fair-credit.com/962/how-do-i-have-a-fico-score-when-i-have-not-established-credit-yet/ http://credit-cards-for-fair-credit.com/962/how-do-i-have-a-fico-score-when-i-have-not-established-credit-yet/#comments Sat, 15 May 2010 17:43:46 +0000 Author

    I am 23. I went to the bank today to get a credit card to establish credit. The banker told me that I have a FICO score of 798 which she told me was very good. I am confused because to my knowledge I have never established credit before. How is this possible?


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    ]]>     http://credit-cards-for-fair-credit.com/962/how-do-i-have-a-fico-score-when-i-have-not-established-credit-yet/feed/ 4     Using a Credit Card to Repair Credit http://credit-cards-for-fair-credit.com/12/using-a-credit-card-to-repair-credit/ http://credit-cards-for-fair-credit.com/12/using-a-credit-card-to-repair-credit/#comments Thu, 15 Oct 2009 15:01:34 +0000 Admin http://credit-cards-for-fair-credit.com/?p=12 Many people these days have seen their credit ratings drop as a result of today’s economy. Inevitably, these people will begin a credit rebuilding process at some time and using credit cards is an important part of the equation. The problem is, using the wrong credit card, the wrong way, can actually hurt your credit rather than repair it. Here are a few tips you should consider. 

    1. Never use a credit card that advertises “everyone is approved” or something similar. These credit cards are fee ridden and rarely offer you the chance to increase your credit limit. More times than not, the card will have a $300 balance and already have a $100 in fees just for opening the account.

    2. Use secured credit cards. If your objective is to repair your credit you must exercise some fiscal restraint. Secured credit cards have much lower rates and fees; however, you do have to make an initial deposit. This deposit will be your new credit balance.

    Begin with a $500 deposit and make regular deposits to the account, as you would a savings account, to raise your balance. As your credit limit rises so will the influence and credibility the credit card makes on your overall credit report.

    3. Do not use the card whatsoever! Seriously, when the card arrives simply activate it and shred it up, just remember to pay the annual fee each year. You do not need to use the credit card to establish credit. Remember, the goal is to repair your credit, not to go back into debt.

    The variables on the credit report that influence and help to establish credit are, length of time the account has been open, the credit limit, the balance vs. the credit limit ratio and of course the payment history.

    4. If you use the credit card, which you shouldn’t, NEVER let your balance exceed 50% of your credit limit. Doing this will trigger the credit card company to start snooping and begin to derogate your credit score. “Maxed” out credit cards are viewed as a liability, not an asset.

    5. Repeat the steps above. The more credit references you have that have ZERO balances the better. Be sure to use a different bank for each account so that you have more than one company reporting positive information on your credit bureau.

    The best feature about using a secured credit card is the ability to control your own credit limit. I can’t stress enough the importance of building a higher credit limit. Since a secure card acts like a savings account, meaning you get your entire deposit back if you close the account, it’s safe to send money in to the bank on a regular basis. This will increase your credit limit.

    The key to using revolving credit is restraint. If you have multiple references in the bureaus that show zero balances, this demonstrates to creditors that you aren’t at risk for bankruptcy and that you have ample room in your budget to take on additional credit.

    Once you establish your revolving credit you need to concentrate on your installment credit. Installment loans are loans that have a beginning and an end to the payments, like a car loan or personal loan. Doing this is a little more difficult than establishing revolving credit, but it can be done.

    You can establish installment credit the same way you established revolving credit. What you need to do is seek out the small private banks in your area, stay away from the big banks like Bank of America. Most local banks will allow you to make a deposit and take out an installment loan against the deposit. Simply make payments on this loan for more than 12 months and presto! You have established installment credit. 

    Nobody said repairing credit would be easy, again it takes time and restraint. However, if you follow the steps I’ve outlined it’s almost guaranteed to raise your credit score.


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