No Credit Check Credit Card [mortgageapply.blogspot.com]
Question by : What is the best credit card for someone to get with no credit/bad credit to help build reestablish credit? What kind of credit card with the lowest fees would be best to get to help build/reestablish credit? We've already been denied a credit card through our local bank. Best answer for What is the best credit card for someone to get with no credit/bad credit to help build reestablish credit?:
Answer by SPIFIMAN1
Try Capital One, H.S.B.C., Orchard Bank and First Premier. After my bankruptcy back in 2001 I used all 4 over the years and still have my Cap-1 card today. I raised my score over 150-points in just 18-months by using the cards for everyday things I would normally pay cash for and paying them off in full before the due dates avoiding any interest fees. Good luck.
Answer by Use Your Noodle
A secured card with your bank or credit union.
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With the amount of debt going down but delinquencies going up, it is safe to say that many Americans are in over their head when it comes to their finances. If this is the case, a no credit check credit card may help the consumer who is starting the process of rebuilding.
While many desperately look for ways to make a significant dent in the money they owe, many find it virtually impossible and because of that, find themselves in bankruptcy, or with accounts in collection or even worse, a court judgment against them.
When this happens, your scores plummet and as a result, qualifying for any loan becomes much more difficult. There are a few options for those that have made mistakes with their finances. One of those is a no credit check credit card. These come in two forms: prepaid and secured.
The concept behind a prepaid account is quite simple.
Since there is no money loaned, there is no need to check your past. You will receive a card in the mail that looks exactly like a major Visa. It can be used anywhere you see the logo displayed.Whatever you first deposit is equal to your spending limit. You can't carry a balance which means there is never interest or over the limit fees. You can fund it by direct deposit or by bank transfer or sending a check. Direct deposit is the preferred way since it doesn't come with any fees.
Most of us know of unsecured accounts. This means that a bank is loaning you the money with terms that require you to pay it back. A secured account is the opposite. This is often no credit check and this requires you to make a deposit in a separate account before you are issued a card. What you have to do is open an account with the issuing bank and keep a balance in the account at all times.
The amount of money that you keep in your newly opened account is equal to the limit.
If you want more buying power, you can deposit more in your account.One reason to get this is because it will report to the three major bureaus. Simply by paying your monthly bill on time you will create a record of positive payment history. This is very important when your score is being calculated. Experts claim this piece of information accounts for up to 40% of your credit score.
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