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A year ago this month I had paid off all my debt of a total of $ 7,000. Bankruptcy wawasn’t filed. I did settle with the creditors just to pay it all off. It was the lack of knowledge. My credit score has jumped up significantly in the last 4 months but I am still considered a “high risk” consumer by a few points. I bring in a healthy amount of income monthly and need to improve my score for future purchases. I would rather stay away from making a down payment in order to get a credit card but will do it if needed. In my situation what would you suggest? Also, how will the economic disaster affect me in this situation?

4 Thoughts on What’s the best credit card that I can be approved for with my bad credit and one that would help improve it?
  1. Reply
    August 14, 2011 at 12:48 am

    You most likely need to start with a “secured card”. Do it for a year and let your life and our economy settle.

  2. Reply
    James W
    August 14, 2011 at 1:41 am

    HSBC offers several high risk card options. Most of the options you are eligible for, however, are secured card options. Once you are reestablished your credit history through secured cards you can apply for unsecured debt then secured debt and so on.

  3. Reply
    Paul S
    August 14, 2011 at 1:44 am

    I don’t know what your credit scores are….but you can get a credit card with fair credit. You can apply for an unsecured credit card under the bad or fair credit catergory. Your interest rate may be a little high and a low credit line, you may also have to pay an annual fee for the card but you have to start building credit somewhere. Use the card wisely knowing your going to pay the bill in full when you receive it in the mail.

    If you don’t get approved for an unsecured credit card then try a secure credit card where you have to take cash and put it on the card and then use it to pay things.

    Either way you will build credit this way and then after a while you will be offered lower interest rates and a higher credit line.

    You should have 2 master or visa cards and 2 retail store cards. 4 cards total to build your credit with. Because when you go for a car or home loan banks want to see sufficent credit lines open.

    Try to keep your balances below 35% of your credit line, don’t be late, don’t keep moving to different bank cards, and don’t close your card because this can all hurt your credit score.

    Also when you do apply for each card wait 2-3 months after you get approved for card before you apply for the next one…don’t apply all at once….as credit bureaus don’t like to see you apply for alot of cards at one time.

    I reccomend you try
    This credit card site approved me quickly for a few credit cards to rebuild my credit.

    Also if you have negative items on your credit report such as lates, or collections from when you had problems a year ago….you may need some credit repair….your credit scores should be at least a 680 to qualify for the best programs and rates. But with the credit crisis going on today the score may be more like a 720. A credit repair service can help you remove the negative items and raise your credit scores. Visit I know they offer a free consultation and they may be able to help you.

    Good luck with establishing new credit!

  4. Reply
    Super S
    August 14, 2011 at 2:05 am

    see my web, my answer is here

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