Getting Credit Cards or Rebuilding Your Credit

jsherack By jsherack, 26th Feb 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/32bvbgsb/
Posted in Wikinut>Money>Credit Cards

This article will discuss on how you can build or rebuild your credit.

Getting Credit Cards or Rebuilding Your Credit

Credit Can Be Both Good and Bad!

Having credit places many people into major debt but if used responsibly is a good thing to have when needed. Unfortunately many people abuse credit and live beyond their needs by purchasing many unnecessary or unneeded items! This is known as impulsive buying where many of us are guilty of including myself some time ago. If you want something or need it, you have to ask yourself the big question. Can I afford it? You must ask yourself this question before you make the purchase. Keep in mind that once you build credit or reestablish your credit you want to keep your credit in good standing!


It Takes Credit to Get Credit

What exactly does this mean? Years ago many creditors willingly gave credit to people who had no credit. This is because they did not consider them a credit risk. Now a days creditors sometimes place people with no credit along side of people with flawed credit when making a credit decision. I personally think that this is unfair for some of those individuals who have never had credit. Although these decisions vary from creditor to creditor. Many creditors like to see a person have some type of credit history with at least 6 months to a year of on time payments. You also do not want to get any type of credit account where some companies will give you the credit and charge you up to 30% interest. Even if your credit is badly damaged you should leave this as a last resort.

Creditors That Can Help You

There are a few companies that can help you establish or rebuild your credit that I will discuss below:

Fingerhut

Fingerhut has a fresh start program where you can establish your credit. They require $30.00 down payment and usually give you an initial $180.00 line of credit. But before you apply for the fresh start credit program, try appling for a regular credit account. The most they can say is no and if that's the case use the fresh start program. Some Fingerhut items can be a little expensive and the interest is also higher than most credit accounts, but if you make payments on time after 6 months you can try applying for credit cards and other credit companies.

Seventh Avenue

This is another company that easally approves people for a line of credit and has some decent items. Like I mentioned before it doesn't hurt to apply for any of these programs because the most they can say is no.

Wards

Formally called Montgomery Wards is another company for establishing or rebuilding your credit. There are times where they will simply give you a line of credit or still approve you for a purchase and require a down payment. If they require a down payment that's also good because you just established another line of credit.

EZ Credit Warehouse

I have researched this company and they have laptop computers starting at $43.00 per month. They also have other items like jewelry , TV's, tanning beds, cell phones and more. You just go to their website ezcreditwarehouse.com and fill out an online application and then they will send you a preapproved notice requiring you to send them documents such as photo id, your job earnings and bank statement if you have a bank account. They have been in business for 13 years and have many positive business reviews.

Blair

Blair is a company that carries clothing and will offer you a line of credit. This is another online store to check out.

Figis

Figi's offers online candy such as chocolates and chocolate gift ideas. A little pricey so keep that in mind!


Credit Card Companies Not To Use

Although you probably get an initial line of credit of $300.00 I do not suggest you to use First Premier and I'll explain why. The first is that with some of their cards they require a processing fee sometimes in the amount of $60.00. Now the reason people are applying for credit is because they need credit. I do not feel that any legit credit card company should charge you a processing fee! Another reason is their high interest rates. They will give you a monthly invoice, which of course you would pay. Then if you do not use the card and check in the middle of the month money will be taken out of your account. If you then call customer service their response is that their billing cycle fees including their interest roll over into the month after you have paid them for the month! When you challenge them further their response is we are a substandard company. I have dealt with them in the past and I am warning everyone now not to use them! I have credit cards now and they never charge me again in the middle of the month. I pay my bill monthly and I'm good to the next month with no charges in between. If you still insist to use them consider all the factors I have mentioned. And if you still use them don't say that you weren't warned!


Credit Card Companies to Use After You Build Credit

Once you build up your credit after about 6 months to a year I recomend you applying for a credit card with a reputable company. One that I recomend is Capitol One. I personally have a Capitol One credit card and I think the company is very good. There are many different levels of credit cards with low interest and cash back as well.

There is also the Chase credit card. They too have some simular features that many of the top companies have. I would make this another choice.

Once you establis your credit you can have many options by researching all the various bank credit card companies. At this point with established credit you can be more selective rather than desperate. I would check online with as many bank credit card companies as possible and be sure to go to the actual banks secured website to apply. The last thing you want to have is your identity stolen and your credit ruined as well as your personal information. This happens to people much too often and can be your worst nightmare! When you go to bank websites read all the fine print including the interest fee, monthly fees if there are any, etc. And remember credit is a good thing to have as long as you don't live beyond your needs. Having a credit card on hands can really bail you out in such events as you car suddenly breaking down, home repair, etc. Once you're at this point just make sure that you always pay your bills on time because if you don't you can damage your credit rating. When making your purchase with a credit card make sure you shop and find the best price for your item. I personally use Ebay and Amazon 90% of the time. I find good deals on the items I'm looking for with them. Also be sure to real the sellers feedback rating before you make a purchase.


Thank You for Reading My Article!

I hope that you found this article helpful. Keep in mind establishing or rebuilding your credit is situation where you have to be patient and persistent! Don't give up and if you have bad credit don't think that you'll never get credit again. Everyone has hardships in their life's including myself. My credit was damaged years ago when I went through a divorce. When your actually able to talk to creditors and banks you'll find that they can be very understand some situations. Hey some people that work in banks could have had some credit issues at one time or another. Trust me in time you will get the credit you want and just make sure that you're responsible. I thank you once again for reading!

Tags

Build Your Credit, Credit, Credit Repair, Re-Establishing Your Credit, Rebuild Your Credit

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author avatar jsherack
I have to websites with over 140 traffic packages to promote your business. Visit my site AffiliateWebsiteBiz.Com & Ebay Store below:
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