Are there any legitimate credit cards out there for people who have not a lot of established credit?
Jul 30, 2010 in
Business FAQs
For the past year or so I’ve had a secured credit card with a limit of 0. But I got my credit report and since the limit is so low, even though I’ve been paying the card like I’m supposed to, my credit score really didn’t reflect positively on it. So are there any not rip off cards out there with decent credit limits that a person with limited credit history can get?
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3 comments
Quizzle.com on July 30, 2010 at 5:19 pm
Hi @Wakum6! With a secured credit card, your credit card company probably won’t increase your credit limit unless you’re willing to deposit more money as a security deposit. The initial funds you put down were an assurance to the creditor that you will repay your debt. Typically, the amount of your security deposit dictates your credit limit. That said, it doesn’t hurt to ask what it would take to increase your credit limit.
Another option may be to ask your credit card company if they’d be willing to switch your secured card over to a unsecured card. If you’ve demonstrated responsible use of credit for at least six months, the creditor might be willing.
Otherwise, I really like Bankrate as a credit card comparison site. It’s an objective source and has a lot of important details on each credit card so you can make a smart decision about what’s right for you. There are options out there, assuming you’re older than 21 years of age – it’s just a matter of picking the right option. Good luck!
TROJAN on July 30, 2010 at 5:19 pm
Ask your provider to increase your credit limit. Provided each and every monthly payment has been paid by the due time, and you have never breached your limit, he cannot really refuse your request
Mad Men on July 30, 2010 at 5:19 pm
Use CreditCards.com. They have a lot of credit cards.