I’m attempting to rebuild my credit, and have been trying to find a card that will approve me without charging me a buttload of fees upfront! Anyone have any ideas?
Thanks 
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{ 7 comments… read them below or add one }
Sounds like a problem. If you already had “damaged” credit and now have multiple inquiries from your applications it’s likely you’r FICO score has reached a serious low.
Your best bet is to find a secured card (where you provide a cash deposit equal to the credit limit) and to use it conservtively (making small purchases each month and paying them off right away) for 6 months to a year.
Pull your credit report (with FICO) after a year (and make sure you’re not applying for more credit during this period) and you should be up to a respectable score which would get an unsecured card approved.
Yes, get a secured credit card! You can even get one from Bank of America, and with consist ant payments, you will be able to turn it unsecured! Just remember to always pay on time, whether it be the minimum or not!
There is NO positive side to credit card use. You will spend more if you use credit cards. Even by paying the bills on time, you are not beating the system! But most families don’t pay on time. The average family today carries $8,000 in credit card debt according to the American Bankers’ Association.
Now let’s talk about the rebates. If you were using a credit card at 5%, you would have had to have spent $80,000 to get $4,000 rebates on new cars that lost $6,000 of value when you drove them off the lot. That is not a good deal!
MugWug is right I am taking out two secured cards from bank of america and citi and they seem to help alot
Try department store cards, alot of them over versions that work like a regular mastercard or visa and can be used anywhere. Interest rates will be high, so you don’t want to carry a balance, but they usually do not have annual fees.
If you want to repair your credit, either payoff your bad debt, or wait the 7 to 10 years for it to get off your records. If you try to rebuild your credit while having that black cloud over your head, your options are extremely limited. No reputable lender will deal with you, unless they have a high profit margins attached to compensate for the high risk.
APR or ANNUAL PERCENTAGE RATE is the rate at which the interest is charged. It is denoted in percentage. While shopping for a card, go for the card whose APR is as low as possible. But APR should not be the sole deciding factor. You should also factor in other expenses like any fees and costs, penalty fees and balance transfer charges.
When the card issuer fixes the interest rate, they take into account the risk associated with the financial transaction. This risk is enhanced if your credit score is bad. Poor credit score means higher rate of interest and vice versa. A clean credit record ensures you get lower APR from the issuer.
http://pay-your-debts.com/category/Tips-to-choose-a-Bad-Credit-Credit-Card.html