Reloadable prepaid/"burner" Visa cards?

[billdeserthills]

Every credit card I get has a high interest rate, the point of a credit card for me is using it as a temporary loan. Last time I ruined my credit, I got a secured card from US Bank for $300. at the end of 6 months US Bank doubled my card to $600 and returned my $300 deposit. After that I got unsecured credit cards from Chase and Capitol one

 

[dangerranger60]

One of my kids is self-employed and even with good income had the same credit issues. He started with a Capital one card that had a high rate only if he did not pay in full each month.
Within 6 months they were offering a better rate and revolving credit. [ he could make a large purchase and pay it off over time]. He is still self-employed but has a longer history that he could point to when it was time to buy a house. He got some good credit counseling. It's not just for those in credit hell. It helps people understand what banks are looking at to build your score. Then just changing how you fill out credit apps can make you look better.
Good Luck DR

 

[CamoDeafie]

Well. Yay. Apparently that one credit account I had that has been long closed... has been removed from my record (seems they remove from records after 7 years after closing?).. so bam my credit score is now a big fat ZERO, 0. -671 just from them removing that account. so clearly, now I no longer qualify for any decent looking credit card oh well.

 

[dangerranger60]

Its time to sign up for credit counseling. You need to learn how Banks use the info to create a credit score. You don't have no credit, you have no recent credit. Counseling will explain the simple things you can do to build credit quickly. Good Luck DR

 

[Alexx1401]

Well. Yay. Apparently that one credit account I had that has been long closed... has been removed from my record (seems they remove from records after 7 years after closing?).. so bam my credit score is now a big fat ZERO, 0. -671 just from them removing that account. so clearly, now I no longer qualify for any decent looking credit card oh well.

There is really no such thing as a zero score. Here is an article that will help you understand it;

What Having No Credit Score Really Means | TDECU

Here is what you need to know if you have no credit score. TDECU can help you build or rebuild your credit.

www.tdecu.org

 

[CamoDeafie]

There is really no such thing as a zero score. Here is an article that will help you understand it;

What Having No Credit Score Really Means | TDECU

Here is what you need to know if you have no credit score. TDECU can help you build or rebuild your credit.

www.tdecu.org

Tell that to Equifax

Yes I'm aware that it essentially means "no recent credit score"

But because of this; it also means I don't qualify for most cards anyhow (like having a 671 score really qualify me for them.. ), except "secured credit" and possibly cosigned cards.

 

[Alexx1401]

Tell that to Equifax View attachment 1962760

Yes I'm aware that it essentially means "no recent credit score"

But because of this; it also means I don't qualify for most cards anyhow (like having a 671 score really qualify me for them.. ), except "secured credit" and possibly cosigned cards.

Read the article and it will explain to you how to fix your credit. If you want credit? If you are looking for some instant fix? There is no such thing. The cards you can start with will NOT be great rates with great perks. They will let you get started IF, you can handle credit. Now if you can't? As in you can't handle charging stuff and paying it off each month? Then there is no "fix". No one is going to give you a top of the line deal until you start to show them you are going to be a good customer.

 

[CamoDeafie]

Read the article and it will explain to you how to fix your credit. If you want credit? If you are looking for some instant fix? There is no such thing. The cards you can start with will NOT be great rates with great perks. They will let you get started IF, you can handle credit. Now if you can't? As in you can't handle charging stuff and paying it off each month? Then there is no "fix". No one is going to give you a top of the line deal until you start to show them you are going to be a good customer.

Have read it.

Again, based on what Credit Karma/Equifax/Transunion says, best I can do would be either cosign, or secured credit with "good chance of qualifying". The rest are "fair" for 29.99APR with $40/mo fees to "poor" for 27% APR with lower or no fees.

So at this point.. I'm like.. why bother?

 

[JRuby]

We went through a failed business and my credit rating was pretty bad. To build up credit I went to my bank and got a card that had a 1000$ prepaid on it. I used the card every month for a few purchases and would pay that balance off every month. Over time my credit rating went up and I closed that card out. I have a visa debit card today and no other credit cards. My credit rating was at 850 so I must have done something right.

 

[dangerranger60]

There are simple small things you can do to build a credit rating without paying a $40 a month service charge. But you need someone in your state [ useful local info] that can help you get the things you are already paying cash for to count toward your credit score. It will be simple things like getting a gas card that has you buying your weekly gas on a card, a Target card, or an Amazon card. These are easy to get and used by the companies to get you to buy from them, and the reward for you is reported credit.
Call your local credit bureau for a Free counseling session. Most of it is aimed at getting out of debt but they can also help with no recent credit too. DR

 

[Member 24198]

We went through a failed business and my credit rating was pretty bad. To build up credit I went to my bank and got a card that had a 1000$ prepaid on it. I used the card every month for a few purchases and would pay that balance off every month. Over time my credit rating went up and I closed that card out. I have a visa debit card today and no other credit cards. My credit rating was at 850 so I must have done something right.

Out of curiosity, why is your credit ruined if it was a business that failed? Were you not using a business card under the business?

 

[JRuby]

15 years or so ago we had a fabric store on Sandy Boulevard across from Parkrose hardware that went south. Shortly after my credit rating was about 517. It was a combination of getting laid off and the business taking a dive. We restructured and ended off paying our creditors off. Looking back we could have done things differently. Hind sight is 20-20. In those fifteen years since we are in a much better place financially.

 

[Member 24198]

15 years or so ago we had a fabric store on Sandy Boulevard across from Parkrose hardware that went south. Shortly after my credit rating was about 517. It was a combination of getting laid off and the business taking a dive. We restructured and ended off paying our creditors off. Looking back we could have done things differently. Hind sight is 20-20. In those fifteen years since we are in a much better place financially.

Gotcha. I'm glad things are working out now.