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Re: New credit cards with a bad rating?


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Posted by Paul (216.127.82.98) on June 09, 2004 at 18:20:55:

In Reply to: New credit cards with a bad rating? posted by Clueless on June 09, 2004 at 13:23:13:

There are two sub-prime “shark” banks that would offer you an “unsecured” MC/Visa card right now. They are Cross Country Bank and First Premier Bank. Both charge setup fees of about $270 for a $300 line of credit. In reality, you only get $30 of credit. Don’t bother with them. Terrible terms, terrible reputations.

Unsecured $300 cards like Household (Orchard) Bank or Capital One would require two consistent years of good credit. They offer cards to people with any number of charge offs, but they need to be two years old, and you need to have made all payments to everyone on time for the past two years. You probably wouldn’t qualify because of all your recent mortgage lates.

Your only real option for a MC/Visa is a secured card right now.



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