Credit Cards For No Credit
James asks…
You are considering applying for one of two credit cards. Credit card “A” has an annual fee of $?
You are considering applying for one of two credit cards. Credit card “A” has an annual fee of $30 and charges interest of 10 percent. Credit card “B” has no annual fee, but charges an interest rate of 15 percent. If you carry an average balance of $500 on your credit card, the lowest total annual expenses you could have with Credit Card “A” would be:
admin answers:
Cards with no annual fee are usually better because after you balance is paid off then you don’t have to keep paying them money. You don’t want to have to cancel a card for the sake of your credit score, so the no fee card is better. Maybe you can find a card that offers 0% interest for 6 months or a year. The fee takes away all of the benefit of the lower interest rate and may end up costing you a little more.
Carol asks…
Is there any credit cards you can get with no credit?
My Credit is really bad from long ago. I am trying to pay it off an reestablish credit. Any credit cards i could apply for? Thanks!
admin answers:
Bad credit is still better than no credit. There are many special offers for people with bad credit history. Of course, credit cards for bad credit history have fewer benefits and more limitations than credit cards for good credit. Go to http://www.rebuild-credit-cards.com/ They offer many options for bad credit or no credit.
You can apply for a secured credit card. It requires a deposit with the issuing bank. This amount, to secure a credit card, is usually only in the hundreds of dollars. It is held as collateral while the bank issues credit of some percentage of the deposited amount often 100%. In many cases, the card is reported to the credit bureaus as a normal (i.e. Unsecured ) card. This allows the cardholder to establish a positive credit history over the duration. Based on good payment history over an extended duration, some banks will then issue the customer an unsecured VISA or MasterCard.
You can find several guaranteed approval (pre-approved) credit cards for bad credit. However, your application for this kind of cards is also analyzed by banks and in some situation the approval might be denied. Consider all the requirements carefully because rejections hurt your credit score.
And, of course, start working on rebuilding your credit history. There are several approaches you can find at http://www.credit-land.com/articles/articles_page_68600_1881780_12.php
Good luck!
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