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cashbackcredit cards with bad credit?

leiff 829 50 August 16, 2016 at 03:38 PM
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Last Edited by leiff August 16, 2016 at 04:00 PM
ABOUT ME-i responded to a mailing for a new credit card. it is CreditOne bank platinum visa, i didnt notice until later it had $75 annual fee. i just assumed i would be denied. It has been 7 years or so since ive had a credit card. I had credit chase/citi/amex/ accounts i all defaulted on. Amex account i settled for a 10k settlement on a 30k ballance, but i think that was with a collection agency so im guessing AMEX still wouldnt take me on as a new customer again with my poor credit. citi/chase both sued me but no action taken since i had no assets or income at the time. i dont know if all accounts eventually went to collection or if that matters. This new Credit one CC that just approved me has %1 CB but only for gas/groceries. These categories are mostly useless to me since i do mostly costco shopping and dont drive. Anyone recommend better casback cards for me to try? My credit score is very low i forget how low. What is the easiest way for me to get a free credit check in case i should do this? one benefit of this $75 dollar credit card that says i got approved for is free credit monthly score. I dont have a bank account in my own name though i said i did in the CC application. the bank account has my name as a "truste". the account belongs to my mom and i use a debt card linked to the account but i dont think the bank account is in my name as the name on the debt card shows only my moms name. Currently my only source of income is SSI direct deposit into my moms truste bank account that i use. I applied to discover it recentlyand i was denied. i believe reasons cited delinquents/derogatorys. Again- I have no credit cards or debt cards currently in my own name. Thanks for reading..
MY QUESTIONS ARE-
Anyone know of a any good CB credit cards that i can get without opening my own bank account?
Any recommendations on better credit cards i should apply for that i might get accepted? ideally with better cashback or lower annual fee? in which case i would cancel this one.
Is it true since it's been more than 7 yeas since i defaulted on my old credit card accounts my credit score should be improving on its own?

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#2
Getting more credit cards sounds like an excellent plan.
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#3
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#4
Not sure why you linked to my other thread. I was inquiring on that thread for my mom's amex account, not my own. The reason for me creating This Thread is help with re-establishing my credit enough so I can get a good cash back card , (And Or )any recommendation on any cards to apply to in the mean time to help with this. Thanks.
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Last edited by leiff August 16, 2016 at 04:49 PM
#5
I'm going to completely agree with vaultaddict and ask why you think after that post you want to get more cards? And IF you think it IS a good idea... why would you think that companies would want you to stiff them again.......?

I'm not trying to be negative, but the truth speaks for itself on this one.

Here's my advice.
Get a creditkarma.com account and see what your credit factors look like. This will let you know the likely reason why someone would decline you. If almost all of your factor categories are not at least in "good" order, you should probably avoid attempting to get a card with bonus perks.

The $75 fee is not appropriate for someone in your situation. The "free credit score" has no value. That is being offered by everyone and free websites. creditkarma and creditsesame are two of the largest.

You can also get free credit reports as mandated by law from annualcreditreport.com. You can get your full legitimate and FREE credit reports from the top 3 bureaus and see what they have to say about you. You do not get a score with these (and you DON'T need one). Just pay attention to the accounts and anything they list about your credit. People hold onto the score and it's not nearly as important as they make it out to be. It is important to a point, but not that point.
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#6
Quote from eekthecat View Post :
I'm going to completely agree with vaultaddict and ask why you think after that post you want to get more cards? And IF you think it IS a good idea... why would you think that companies would want you to stiff them again.......?

I'm not trying to be negative, but the truth speaks for itself on this one.

Here's my advice.
Get a creditkarma.com account and see what your credit factors look like. This will let you know the likely reason why someone would decline you. If almost all of your factor categories are not at least in "good" order, you should probably avoid attempting to get a card with bonus perks.

The $75 fee is not appropriate for someone in your situation. The "free credit score" has no value. That is being offered by everyone and free websites. creditkarma and creditsesame are two of the largest.

You can also get free credit reports as mandated by law from annualcreditreport.com. You can get your full legitimate and FREE credit reports from the top 3 bureaus and see what they have to say about you. You do not get a score with these (and you DON'T need one). Just pay attention to the accounts and anything they list about your credit. People hold onto the score and it's not nearly as important as they make it out to be. It is important to a point, but not that point.
Thanks for the comments, I'm curious about why you say this credit card that just approved me for $75 is not appropriate for my situation, but I guess you mean I should should be trying to get a card with no annual fee? I would definitely like to have at least one credit card with my name on it. If I don't apply for or don't get accepted for a better free card I guess I can keep this $75 card for a year and hopefully that will improve my credit score to the point I can get a better cash back card next year
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Last edited by leiff August 16, 2016 at 06:30 PM
#7
Quote from leiff View Post :
Thanks for the comments, I'm curious about why you say this credit card that just approved me for $75 is not appropriate for my situation, but I guess you mean I should should be trying to get a card with no annual fee? I would definitely like to have at least one credit card with my name on it. If I don't apply for or don't get accepted for a better free card I guess I can keep this $75 card for a year and hopefully that will improve my credit score to the point I can get a better cash back card next year
A card with a $75 fee does not seem appropriate for your situation. If you can't get a decent card, then you are better off getting a secured credit card at your local credit union. After about a year or so they will usually move it to an unsecured card. Most credit union cards won't have a fee either. It's probably not a card with a lot of perks but it won't have that fee. I don't think keeping this card is going to do you a lot of favors as it sounds like you fairly recently received this card.

Monitor your credit factors on credit karma and credit sesame and make sure you get at least in the 700s before you start applying for cards. Your major factors should all be "good" or "green". If you have derogatory accounts on record it will be hard to get a decent card so make sure you either settle those or wait until they drop off.
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#8
Quote from eekthecat View Post :
A card with a $75 fee does not seem appropriate for your situation. If you can't get a decent card, then you are better off getting a secured credit card at your local credit union. After about a year or so they will usually move it to an unsecured card. Most credit union cards won't have a fee either. It's probably not a card with a lot of perks but it won't have that fee. I don't think keeping this card is going to do you a lot of favors as it sounds like you fairly recently received this card.

Monitor your credit factors on credit karma and credit sesame and make sure you get at least in the 700s before you start applying for cards. Your major factors should all be "good" or "green". If you have derogatory accounts on record it will be hard to get a decent card so make sure you either settle those or wait until they drop off.
What do you mean when you say Credit Union? Just to confirm -the reason you say I should cancel my newly approved credit card is because I can get the same benefit for free from a secured credit card? Is this right? I'm familiar with a secured credit card I think. I noticed on Discover website besides credit cards they offer secured cards. Will this discover secured card help me get Discover cash back credit card Later? If so ill cancel this new credit card I just got since I'm pretty sure my fico is sub700 I won't try applying for any other cards and instead get a secured card. Thanks.
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Last edited by leiff August 16, 2016 at 06:57 PM

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#9
there's no reason to cancel a card you've already opened (unless you are unable to use it responsibly), but try to downgrade it to one without a fee before the annual fee is due (it's usually waived the first year).

you should not be chasing cash back or rewards, just try to re-establish credit by keeping the balance low and paying it off every month.
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#10
Quote from tresh View Post :
there's no reason to cancel a card you've already opened (unless you are unable to use it responsibly), but try to downgrade it to one without a fee before the annual fee is due (it's usually waived the first year).

you should not be chasing cash back or rewards, just try to re-establish credit by keeping the balance low and paying it off every month.
There is a reason if they won't let you downgrade to a no fee card. That isn't a 100% given.


To the OP:
For your situation. I see no earthly reason why you would be a person that would have a card with ANY fee. So yes, because this card has a $75 annual fee, this card is not the right fit.

Because your credit score is low you will have fewer credit card options. You are in a rebuilding phase in your life and you need to build and take care of your credit.

Cash back/bonus cards are not the right fit for someone in your situation. The LAST thing you should be worrying about is rewards. You need to get your finances in order, your credit up, and have a bit more understanding before you start chasing rewards from cards. It will only get you into more trouble if you do not.

A credit union is like a bank but they generally offer more favorable terms and/or products. They usually will work with you a bit more than a large bank. Mileage varies but that is my take on it.

Bottom line, stop worrying about getting a rewards card -- you have a long road ahead of you before you get one that's worth a flip. Good reward cards are offered to high credit folks as a general rule.
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#11
Quote from vaultaddict View Post :
Getting more credit cards sounds like an excellent plan.
laugh out loud

nod
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As the username says ...
#12
what is the webpage they told you to go to for the offer? I think I received the same one. Looking into the annual fee
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#13
since no one said this.

get your own checking account. as a trustee on someone else's account, you shouldn't be using it for your own personal use. you are an authorized signer on the account and not a joint owner.
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so i spent time making a signature. only to realize that you couldn't put an image in the signature. please enjoy the link to my signature, assuming it works.

http://imgur.com/FtBghZ2
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#14
Quote from dealblister View Post :
what is the webpage they told you to go to for the offer? I think I received the same one. Looking into the annual fee
It's the credit card with the sideways palm trees on the picture. the annual fee is 75 for the first year 90 every year after that. I think I'll try applying for a card without fees and then cancel this one. I applied for a discover secured credit card that has cash back with no annual fee I applied for but I don't know if it will work with my bank account seeing as it's not in my oh name.
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#15
Quote from leiff View Post :
It's the credit card with the sideways palm trees on the picture. the annual fee is 75 for the first year 90 every year after that. I think I'll try applying for a card without fees and then cancel this one. I applied for a discover secured credit card that has cash back with no annual fee I applied for but I don't know if it will work with my bank account seeing as it's not in my oh name.
oh ok. I don't think that is the same one. What is the URL or link to the application for the credit one card? maybe I'll apply for that instead. thanks!
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