Need Credit Card, but not Credit

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5 posts
cashnocredit
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Need Credit Card, but not Credit

Postby cashnocredit » Sun Feb 22, 2009 3:00 pm

I stopped using CCs about 10 years ago since it was easier to track a debit card attached to my banking. This has worked great except that occasionally hotels and rent-a-cars balk at taking debit cards just because they say "debit" on them. I'm ok with the blocking debit card issue so it would seem that the ideal solution is to get a debit card with just the signature, CC, mode operational and without the word "debit" on it.

It looks like a standard CC is out of the question since my credit file looks like a giant black hole having not used or applied for credit in so long.

Any ideas?


AnthonyBarone
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Postby AnthonyBarone » Sun Feb 22, 2009 3:22 pm

I know what you mean. Rental car companies want us to have credit cards on file so they can charge you a fortune if you do damage to the car. Those folks know that it would be harder to force mandatory charges on a debit card because there probably ain't a big amount in the account its connected to. It's the same thing with hotels too.

The thing is if you give them a card that doesnt say debit on it I dont think there is anyway for them to know whether its a debit or credit card. If you dont want a credit card that is what I say you ought to do. Get a debit card that looks like a credit card and you should be home free on this one.

goober
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Postby goober » Sun Feb 22, 2009 5:37 pm

i dont think the paypal debit card has a debit logo on it. those come free with your paypal account too.

bozell
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Postby bozell » Mon Feb 23, 2009 2:40 am

i have a paypal debit card and it says 'paypal' and 'premier business card' on the front and that's it. it could most definitely pass for a credit card if you didn't know what a paypal debit card looked like.

cashnocredit
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Postby cashnocredit » Wed Jan 19, 2011 10:55 am

Update:

I got a WF secured card in March 09 then a Citi Secured in Aug. 09. These solved the car/hotel issue.

WF unsecured me in Oct. 2010 and gave me a CLI in Dec 2010. Citi (with their formerly GREAT apr on the security cd) is due to mature next month. No word yet on what they will do. They have dropped the max from 25k, which my card is, to 5k and apr from 4% to 1%.

Now I'm looking for a high limit (at least 50k) card, secured or not doesn't matter. I've heard Amex is offering secured CCs on a select basis with a minimum 10k and no max apparently. I was declined a preapproved Amex in Oct, apparently as a result of a mortgage I cosigned on but don't live at. I make no payments on the joint mortgage, I actually bought out half interest and we then refied it down in half. Other party pays everything including insurance and such. I just am instantiating wealth. If the other party can't pay I have the option of buying the other half and have plenty of cash to do so.

It really looks bad on my CR though as it looks like I walked away from a mortgaged home and am living elsewhere.

So it looks like my options are either:

1. A high limit secured card, possibly from Amex, but I would have to apply and provide enough other asset info to get their attention.
2. Get the other mortgage holder a cut on interest and re-fi it myself. This would turn it into a paid mortgage on both our CRs. Then, some time later apply for a standard Amex card. I could then probably get the limit up by using their bank for parking money.

Any thoughts, experiences, other ideas?



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