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This topic contains 6 replies, has 3 voices, and was last updated by  precedecoiltie 3 months ago.

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  • #143939

    precedecoiltie
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    When you apply for a credit card the lender needs to know if you are going to pay them back. They’ll check your application against records held by a credit reference agency, such as TransUnion (formerly Callcredit), Experian or Equifax.You may receive a credit score automatically in the mail after being denied credit if your credit score was the reason that you were denied. Otherwise, you can purchase your credit score directly from FICO via myFICO.com or through any of the three credit bureaus. Some credit card issuers, Discover and Capital One, make credit scores available to their cardholders. Alternatively, you can obtain free versions of your credit score from CreditKarma.com, CreditSesame.com, or Quizzle.

    #143940

    exponentdizziness
    Participant

    Beware of websites claiming to offer free credit scores as a gimmick to sign you up for a subscription credit monitoring service. If you have to enter your credit card number to get the “free” credit score, it’s a sure sign that you’re enrolling on a trial subscription and you’ll be charged if you don’t cancel.

    #143941

    dipperbloating
    Participant

    There are very few credit cards aimed specifically at people who have bad credit. The Capital One Classic Platinum approves applicants with credit scores as low as 577 according to CreditKarma.com. The card has a 22.9% regular APR and $39 annual fee. You may be able to get the annual fee waived if you ask.

    #143942

    precedecoiltie
    Participant

    Orchard Bank credit cards were previously a good option for people with bad credit. However, the company who issued Orchard Bank cards (HSBC) was acquired by Capital One in 2012 and the Orchard Bank cards were discontinued.

    #143943

    exponentdizziness
    Participant

    Retail stores have a reputation for approving applicants who have bad credit. You have a better chance of getting approved for a limited purpose credit card that can only be used at that store rather than a credit card backed by Visa or MasterCard. Be aware that retail store credit cards come with low credit limits and high interest rates. The best way to manage a card like this is to only charge a small amount and to pay your balance in full each month.

    #143944

    dipperbloating
    Participant

    Too many borrowers dismiss secured credit cards because the cards require a security deposit to be made against the credit limit. A secured credit card that reports to the major bureaus is better than having no credit card at all. Many secured credit cards can be converted to unsecured credit cards after a year of on-time payments.

    #143970

    precedecoiltie
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precedecoiltieWhat is bad credit?