Getting a CC with bad credit

juice13610 · 06-05-2008, 07:49 PM

I had awesome credit, attempted a credit consolidation with a scammer, credit got ruined, and they had almost no luck at all getting anyone to agree to a lower interest rate, and we couldn't afford the payments; the answer? Chapter 13. Yeah

So, its been about 7-8 months since then and I think my credit has went up 100 points or slightly more. So...Is there any credit companies that give some credit, but don't charge outlandish monthly fees or startup fees?

I mean, $8-10 is one thing, but I'm seeing places that want $29.99 a month and a $500 startup.
Any suggestions?

centex · 06-05-2008, 09:33 PM

Take the money and get a decent secured card through one of the major banks...you can then plow more into the savings end of it and increase the limit. Some of the banks will go up to $25K on a secured card with next to no fees other than interest at whatever their usual APR happens to be...

Hedwig · 06-05-2008, 11:45 PM

And I believe that Bank of America secured does not report as secured, which is another plus.

I saw someone recommend that you go to the BoA site and apply for a regular card. You will almost surely be declined, but then they offer you a secured $500 limit card for $99, and give credit increases.

I don't know if it's true or not, but it's surely worth a try.

jlynn · 06-06-2008, 08:31 AM

Can you apply for new credit while in a 13?

apexcrsrvc · 06-07-2008, 10:22 AM

I think so. You may also consider removing as many of the derogatory items as possible to further increase your scores. That should lead to better products.

thomasz · 06-09-2008, 12:29 AM

thanks, i think this problem does easier.

ronb · 06-14-2008, 08:36 AM

I have to agree with the others. Make a plan of attack and then get a secured card that reports to all 3 agencies. That is probably the best method to get a positive history started again.

I had a similar situation where my credit was basically ruined. I ended up with two secured cards with limits of $500 and $350 respectively, but they were reporting. Unfortunately, they are both with Crapital One and now that my scores are back up near the 700 mark, they STILL won't increase the limits.

Lessons learned while dealing with CrapOne.

Good luck with your situation.

Ron

Hedwig · 06-15-2008, 02:38 PM

With Cap One, you'll probably have to apply for a prime card, then cancel the first one. I don't think they'll convert secured to unsecured.

If you need a secured card, try BoA.

apexcrsrvc · 06-17-2008, 01:32 AM

Is time of the essence in increasing your scores?