Credit Cards! Help!?

On May 24, 2006, In Credit Cards, Credit Score, Misc, By MoreMerchant

Reader’s Question:
Credit Cards! Help!?
Does anyone have an idea on which credit card would be an ideal one for a first time? I just turned 18 and even though I don’t want one, it just seems like something you need these days. Help!

Readers Answer:
Capital One. When my son turned 18 they offered him one designed for teens with a spending limit of either $500 or $1,000. It seemed like the ideal card to teach him credit card responsibility.

MoreMerchant doesn’t totally agree with this answer on a first credit card. We recommend a secured credit card at your local bank. Start with $500 or so, and work your way up. A Secured credit card helps you build credit in a safe way.

 
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Credit Cards for Better Credit

On May 23, 2006, In Credit Cards, Credit Score, Misc, By MoreMerchant

Reader’s Question:
Does getting a credit card with someone with good credit help you slowly rebuild bad credit?
I used to have credit cards in which where sent to collections about 3 years ago. I’ve applied for credit cards, but they all deny me due to my credit history.

I was told if I have someone who has GOOD credit add me in their credit card account then that would help me bring up my credit score.

Answer:
Normally (more…)

 
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Credit Scores & Credit Reports

On May 1, 2006, In Credit Cards, Credit Score, Loans, Misc, By MoreMerchant

Credit scores are range from 300 to 850. The higher your score, the lower the interest rate you’ll get on bank loans and mortgages. Saving you a lot of hard earned money.

HOW TO BOOST YOUR CREDIT SCORE

# DO NOT CONSOLIDATE YOUR DEBT ONTO A LOW-RATE CREDIT CARD. If you do that, it could raise your debt to more than 30 percent of the card’s limit, and that will actually hurt your credit score. Instead (more…)

 
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