Last edited by Deogol; 04-27-2009 at 08:58 PM. Reason: Audience specification





As alluded to earlier, the true 'cost' of credit is most expensive for those that need credit the worst (i.e. subprime), and less expensive for those that really don't need the credit (i.e. prime). Even so, prime credit card rates and fees are also rising as the issuing banks attempt to utilize their prime borrowers to help fund the losses created by their subprime borrowers.
Trust me, I know the deal about credit cards. I had two with a $500 credit limit when I got an apartment with my ex in 2005. Lived with him for a year and a half and he destroyed my credit, cause everything was in my name and he wouldn't keep a job long enough to get a full paycheck, and he would take my money from me and go spend it on his buddies or girls he was trying to fuck. I'm trying to fix my credit now, and it's hard to do that without a credit card. I know secured cards are easier to get than unsecured, and with credit as bad as mine, the fees on any unsecured card I get are going to be outrageous, and I'm not paying them. I have Bank of America, so I already know about the cash back thing with the debit card. But I'm not at all concerned with the weird benefits some credit cards have. I just want one card with a low limit that I can use for one thing and one thing only, like gas, so I can gradually build up my credit again.




Okay, the credit card just came through the mail
They gave me a 3000 dollar credit line, and a 1500 cash advance limit.
I still can't seem to find the fees (they were careful about not including them in the mailer packet) so i have to look it up online... but i'm still on the fence of whether i should keep it and be EXTRA careful to pay everything on time... or just burn it
ETA: It is a capital one credit card... and there IS a annual fee of 39 dollars...





^^^ yes it's a subprime card, but near the best type of subprime card available i.e. 'the cream of the CRAP'
In comparison, a prime card might carry an 8% 'normal' interest rate, zero annual fee, a $10,000 limit, and some sort of useful perk (like free miles, rebates of a couple of % on certain purchases,etc.)
you're already stuck paying this fee, so you might as well keep the card open for the year you paid for already to help build your credit rating !!! Just be extremely careful to ALWAYS send your monthly payment in a week before the due date - never go over the limit etc.ETA: It is a capital one credit card... and there IS a annual fee of 39 dollars...









^^^ no problems whatsoever ... in fact I wouldn't bother waiting more than the year that you have paid for.
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