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MY credit is bad and i NEED to improve it... what credit card

should i apply for that has the LOWEST interest rate

Answer Question
 
Anonymous

Asked by Anonymous at 5:11 PM on Feb. 4, 2009 in Money & Work

Answers (7)
  • Yes, make sure you pay ON TIME so that it is reported as good. Do not charge it until it's maxed. If you pay late or skp a payment, they may increase the interest rate
    Anonymous

    Answer by Anonymous at 5:19 PM on Feb. 4, 2009

  • If your credit is bad, they aren't going to give you a good rate. I would recommend staying away from credit cards all together since they can be a slippery slope into more debt. If your credit is bad because of debt, contact the companies that you hold accounts with and discuss payment plans. If your debt has already been cleared and you are looking to build credit, utility accounts, savings, car payments and things like that will all report positively and begin to improve your score. Opening another credit line actually shows up as a credit obligation against your income, meaning if you want to get more credit for something in the future, it can make you look overextended and lenders wary of giving you credit.
    Anonymous

    Answer by Anonymous at 5:19 PM on Feb. 4, 2009

  • The previous poster is somewhat right. Utility bills do not show up on your credit report unless they are in collections. Car payments are a good way, a bank loan, paying off old debt. But, a credit card will help boost your points too if you pay monthly
    Anonymous

    Answer by Anonymous at 5:37 PM on Feb. 4, 2009

  • Don't worry about the interest rate because if you have bad credit you will not get any special offers. If your goal is to get good credit then you should plan to pay everything you charge in full by the next month so that you don't get charged any interest. Once your credit goes up you will then see better offers and qualify for them.
    SylviaNCali

    Answer by SylviaNCali at 6:31 PM on Feb. 4, 2009

  • I dont think you should get a credit card if you have bad credit already.Save and pay off debt and pay bills on time, usually getting more debt,loans,or such will hurt you more. = ) Good Luck mommy!
    sweetest-sin7

    Answer by sweetest-sin7 at 6:46 PM on Feb. 4, 2009

  • There is no such thing as low interest rate with bad credit! Even people with decent credit are getting interest rate hikes in this economy. I wouldn't get a card at all.
    MissAlisabeth

    Answer by MissAlisabeth at 9:32 PM on Feb. 4, 2009

  • Try this: www.squidoo.com/getmecredit
    pupmom

    Answer by pupmom at 1:27 AM on Feb. 6, 2009

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