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Credit card with poor history?

I have one delinquency in my credit history that I'm trying to fight because I was a minor at the time of membership. It has been making it very hard for me to do things with such bad credit at such a young age.

Does anyone know of even a store credit card that will accept me? I tried so many in hopes of getting my credit back up but no one wants to accept me!!!
I am currently awaiting word from babies r us but its a MasterCard so I highly doubt they will accept :(

Answer Question
 
youngfirsttimer

Asked by youngfirsttimer at 3:33 AM on Sep. 29, 2009 in Money & Work

Level 2 (10 Credits)
Answers (6)
  • I would fight that hard because minors can not enter under contract of any kind. You would need to have a legal contract to get a hit on your credit score. But as for your question try Target. My sister had some issues and Target gave her a card.
    Bingmom

    Answer by Bingmom at 3:43 AM on Sep. 29, 2009

  • old navy or gap. Gap was my first ever. HOWEVER now that I am older, once my (one last) cc is paid off, I will never have one again. interest is horrible. Ill save for something and buy it then
    Anonymous

    Answer by Anonymous at 4:02 AM on Sep. 29, 2009

  • How old is the credit card. And when you say you were a minor - how old were you exactly? Some states will recognize a person 17 years old as being competent to sign a contract. Any younger than that and you'll need to check the laws in your state - you shouldn't have been allowed to enter into a contract. Another question... how much is this debt? One debt would not make your credit that bad unless it's the only credit you ever had, and if that's the case, you're better off paying that off and waiting six months before trying to apply for a credit card. But don't do a store card - do an unsecured card and never use more than 50% of the balance and pay it off every single month.
    Remember, if you make 1000 a month and you have a 500 credit card - you do not have 1500 available to spend. You still only have 1000. Your credit cards are meant to substitute your income not subsidize it.
    PaceMyself

    Answer by PaceMyself at 4:07 AM on Sep. 29, 2009

  • Well said PaceMyself! I have worked as a Financial Services Manager for 11 years. Credit History is all about context. Someone who has a short time on the bureau even with an 800 score isn't the better credit risk compared to someone with a longer bureau time, but a lower score. You can learn some really great info about credit, and how it works at MYFICO.com. There is even a program that will teach you how to properly contest an item on your report. All you really need to do is write a letter to each of the reporting beraus, citing the account in question, and why you believe it should be removed from your file, list that you expect a response within 45 days retain a copy, and mail a copy. In your case it should be promptly removed from your history, because you were a Minor. You are also eligible for a FREE credit report every year through WWW.ANNUALCREDITREPORT.COM, to review the contents of your file for accuracy.
    Cheapsk8mom

    Answer by Cheapsk8mom at 6:36 AM on Sep. 29, 2009

  • I suggest you handle the discrepancy PRIOR to applying for more credit, with anyone. That way you are being extended credit TERMS that are accurate for your history. Why pay higher interest or fees because it looked like you had bad credit...wait until it is corrected. Another thing to consider when applying for credit is your income vs. expenses. Debt to Income Ratio is as important if not more important to a creditor as an indicator of your ability, and likelyhod to repay the debt. As an alternative, you might try a secured card with your bank, show that you are able to repay over time. After 6 months to a year, then apply for an unsecured card. Keep in mind a store card locks that credit up at only that store, you can't swipe your Macy's card for an emergency...a universal card is best. Try AmEX, after everything else is cleared up. They are not as readily accepted, but will provide draft checks to draw on account
    Cheapsk8mom

    Answer by Cheapsk8mom at 6:42 AM on Sep. 29, 2009

  • With the credit markets the way the are today nothing short of a good score will get you an unsecured credit card. You can however get a secured one. Thats where you put a deposit down with the company and as you use the card and have a perfect credit payment history using it they will slowly increase your credit limit.
    vbruno

    Answer by vbruno at 9:48 AM on Sep. 29, 2009

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