Need help finding a scam-free credit card for poor credit!

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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CirclingSkies
 
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Location: Brooklyn NY

Need help finding a scam-free credit card for poor credit!

Postby CirclingSkies » Mon Nov 03, 2014 11:18 am

Hello!
I really need to find a credit card, ideally with these features:

- Instant approval, (like they'll mail it to me tomorrow)
- Decent credit limit $300+
- Minimal start-up/annual/monthly fees
- Usable name like Visa or Mastercard
- No credit check or acceptable if I have poor or fair credit


Does such a card exist? I have poor credit due to a mountain of student loans, and I understand that I need to rebuild that credit, but I also need a little bit of credit on hand to get to my next paycheck. I need it right away. Is there a good card option for me? I just heard of the Horion gold card... is that a scam?
Thanks! Sara


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PlyrStar93
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Postby PlyrStar93 » Mon Nov 03, 2014 12:28 pm

Capital One secured card is something popular in the rebuilding market. In addition Bank of America and others also offers secured card.

There are a few others that are also not rip-off in terms of pricing: Open Sky, First Progress, FNBO, etc. Not familiar with those and no personal experience (well...), but Capital One is something many people talk about.

Just avoid First Premier, Credit One, Continental Finance, Horizon Gold and something like these and you should be fine.

Bottom line, read the Schumer Box along with the small font texts after that form. Take some time, read carefully so you would be sure about pricing and other terms.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

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lobbythis
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Postby lobbythis » Mon Nov 03, 2014 3:13 pm

PlyrStar93 wrote:Capital One secured card is something popular in the rebuilding market. In addition Bank of America and others also offers secured card.


Unfortunately, OP mentioned they need it immediately because they are living off of credit...

This is a dark road OP.

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PlyrStar93
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Postby PlyrStar93 » Mon Nov 03, 2014 3:36 pm

lobbythis wrote:Unfortunately, OP mentioned they need it immediately because they are living off of credit...

This is a dark road OP.

Yeah just re-read OP's post and realized that. So probably can't go with secured card right now.

And yes, getting credit which you can't pay off while in heavy debt can put you into even worse debts, OP. Hope you won't get into that abyss.

Getting a card instantly in this situation can be really difficult. Those guaranteed approval unsecured cards are generally rip-offs.
CirclingSkies wrote:I just heard of the Horion gold card... is that a scam?

Horizon Gold, as OP mentioned (which I didn't notice), is something that should be avoided in any case - even worse than First Premier tiers. It's basically a line of credit which can only be used in their own portal selling overpriced stuff. It is not a Visa or MasterCard, not even Amex or Discover. It charges fees totaling ~$300 a year. When they sell an item there are shipping fees and others that need to be paid but cannot be paid by the Horizon account. Lastly, they don't necessarily report it to bureaus. Just reviewed information for this card yesterday.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

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otter
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Postby otter » Mon Nov 03, 2014 4:15 pm

CirclingSkies wrote:Hello!
I really need to find a credit card, ideally with these features:

- Instant approval, (like they'll mail it to me tomorrow)
- Decent credit limit $300+
- Minimal start-up/annual/monthly fees
- Usable name like Visa or Mastercard
- No credit check or acceptable if I have poor or fair credit


Does such a card exist? I have poor credit due to a mountain of student loans, and I understand that I need to rebuild that credit, but I also need a little bit of credit on hand to get to my next paycheck. I need it right away. Is there a good card option for me? I just heard of the Horion gold card... is that a scam?
Thanks! Sara


Welcome to the forum... hope you stick around and learn more!

A few of the things in your post remind me of myself many years ago. Trust me, I've been in your shoes and actually probably much worse... Years ago I lived in Florida where it is against the law to obtain more than one payday loan at a time... well, I had four payday loans going on more than one occasion and a bunch of maxed out credit cards. So trust me when I say there is a light at the end of the tunnel- you just need to be patient and not lose your way.

I don't know a whole lot about the details of your circumstances so some of my advice is likely to be seen as generic, but it is universally true:

  • You say you need credit BUT that is the worst time to seek credit. I know that sounds counter-intuitive but it's true. When you NEED credit, you play in the creditor's court; not your own and they can dictate whatever terms they please. That's why all the cards for "bad credit" have such terrible terms.
  • Credit cards are probably the worst thing you could get right now (other than payday loans, loan-sharks, etc) What you need to do is get positive cash flow. You can do that by cutting expenses taking another job- many other ways. Sometimes you have to do things drastic- you live in NY,NY one of the most expensive places in the world to live. Have you considered commuting? Or if it's that bad maybe moving.
  • I know it's hard, but one of the best things you could do right now is save money. Yeah, I know you are probably thinking, "What money?". Hopefully, there are a few life lessons you could learn out of all this and eventually you'll come out of this stronger. I know I did once I finally learned my lessons.
Good luck and if you have any other questions, there are lots of people here to help.
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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