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I have credit cards and my score is about what yours it. Shitty from a ch7.... just be careful - all youre going to get with this score is high interest, high fee cards. I didnt apply for any - I kept getting offers in my mail until I signed up to not receive them anymore. Cap1 will give you one and WaMu too... non secure but like I said - high interest, high fee.
^^^ that's the gist of credit policy with most lenders these days. A 600 credit score will get you approved for a 'subprime' credit card ... which will typically carry an 18% regular interest rate, a 28% 'penalty' interest rate (or even higher if state usury laws will allow it), will charge an annual fee, and will have a credit limit of $5000 or less. In order to get approved for a 'prime' credit card i.e. a card which carries a <8% regular interest rate, no annual fee, and a five figure credit limit, you're probably looking at a 750+ credit score.
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^^^ agreed that in your situation a 'subprime' credit card account which is being paid off in full each month would help your credit score to improve ... to some degree.
PS Capital One sucks donkey d___ ... but then again there are rumors of financial problems at WaMu ! HSBC also offers a 'subprime' card (if you don't mind dealing with a Chinese bank), as does Citi (if you don't mind dealing with an Arab bank). Actually, your best option might be to use a local credit union, if there is one located near you that you are eligible to join.
If a credit union will give you a card. I had banked at my place for 5 years and they wouldnt even give me a SECURED card. They sent back my cahiers check...
WaMu gave me a $1300 limit but denied my husband whos credit score is 665 and mine is under 600.
Cap 1 will only give you $300 and will up it to $500 after 3 months
Damn right they do! CP1 assholes.
Thats how I started out with my CP1 card. I'm about to close their card. I've had over 3 years of on time payments and they won't raise my limit any more or give me a lower rate...when I have two other cards with lower rates, higher limits and are in good standing. F-them.
From experience research the details and companies before you apply for a card especially since you are in the lower ranges.
I had a citi and a discover card right out of college with no credit score. I've made a few late payments so I bet my credit is SHIT, but they both came witha $500 balance that raised about $100 every 3 months I paid on time.
Please watch this report before getting to involved with credit cards:
Cutey-which website did you use to get your credit score? There are so many and they all charge. >:(
is the only truly free one but its a bitch to get your TransUnion report through them. Experian and Equifax are fine tho.
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^^ but be careful that you havent had any late payments on ANYTHING because of the Universal Default. My dad had a creditcard for years and asked for a lower APR and they upped it to 24% because he had a Ch7 6 years ago - that card was the one thing he didnt put through the bk... but because he had bad marks in other places (even with perfect rep with that card) they upped it. He was POd
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what?! My credit score is above 750 and always has been, and I have a shitty high-interest sub-prime $3k-limit credit card! I feel ripped off now. Why?
Like every other 'catch 22' situation, a low credit score is guaranteed to get you disapproved for a 'prime' credit card ... but a high credit score is NOT guaranteed to get you approved ! The underwriting bank or credit union will also apply their own creditworthiness criteria - which may consist of the stability of your income / employment, your debt to asset ratio, your debt to income ratio, the length of your credit history, home ownership and/or business ties to the local area, and who knows what else.Quote:
When I was 20 my score was around yours and I couldn't get approved for more than $3500, and they were reluctant to give me THAT without some sort of secured thing.....I just didn't have much stuff on my credit
Also, in many cases, the underwriting bank or credit union will condition the approval of a 'prime' credit card to a banking 'relationship' existing between the applicant and the bank / credit union i.e. a savings account, checking account, car loan, CD etc. I believe that this new wrinkle is being driven by the scarcity of 'cash' i.e. the bank or credit union only has X number of total dollars available for new 'loans' (i.e. credit card limit in this case), so the bank or credit union prefers to restrict their deployment of new 'loan' dollars to good customers rather than 'strangers'. Or viewed another way, the bank or credit union figures that the amount of money they will be 'losing' by approving an 8% credit card will be made up for by being able to potentially charge you fees on your savings / checking account etc.
This is one of the more nasty 'dirty little secrets' that the credit card underwriters are including in the terms of new / modified card agreements (such as renegotiated credit limit or interest rate). Being 31 days late on a utility bill can now cause your credit card interest rate to permanently increase from say 8% to 24% (or even higher in states where usury laws allow it). All it takes to trigger the 'penalty' interest rate is one payment default being reported by ANY account appearing on your credit report.Quote:
^^ but be careful that you havent had any late payments on ANYTHING because of the Universal Default
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