Credit Card with miles w/ bad credit
March 30, 2006 9:52 AM Subscribe
Credit Card Filter: I know there has been plenty, but this is a bit different, I searched and could not find anything related. I am beginning to work for a company who let's me use my own credit card for expenses. Problem is I do not have a credit card, I have a debit card. My credit isn't that hot. Basically, I am looking for a credit card that is easy to get and that I can get miles on. Remember my credit is whatever.
When I first moved to the U.S. I had zero credit history, as a result VISA, Mastercard etc turned me away. Discover had no problem though. Other people I've worked with have said the same thing.
posted by substrate at 10:14 AM on March 30, 2006
posted by substrate at 10:14 AM on March 30, 2006
Are the expenses you're incurring primarily for travel or are they for materials, hardware/software/documentation, things like that?
If it's travel, try to get a Diner's Club card, or get the company to underwrite a card for you. Diner's gives you 60 days to pay (although you pay in full - it's really a charge card) which is helpful when expense reimbursements are slow out of accounting.
You also may be able to put up cash against a secured card which would help you build some positive credit.
posted by Thistledown at 10:44 AM on March 30, 2006
If it's travel, try to get a Diner's Club card, or get the company to underwrite a card for you. Diner's gives you 60 days to pay (although you pay in full - it's really a charge card) which is helpful when expense reimbursements are slow out of accounting.
You also may be able to put up cash against a secured card which would help you build some positive credit.
posted by Thistledown at 10:44 AM on March 30, 2006
Why not have the company get you a business credit card?
posted by JJ86 at 10:46 AM on March 30, 2006
posted by JJ86 at 10:46 AM on March 30, 2006
When I first arrived in the US, I had the same problem. I got a secured card by giving them a deposit. Kind of a pain, but a good way to build your credit: I think it shows up like a normal credit card, so a few months of this will help build your credit back up.
posted by baggers at 11:34 AM on March 30, 2006
posted by baggers at 11:34 AM on March 30, 2006
Secured credit cards aren't a bad way to go.
I got one through my bank when I was rebuilding my credit. They often offer a way to convert your secured line of credit to a regular line of credit if you make your minimum payment on time for a consecutive number of months.
There were several benefits:
1. It looks just like a regular credit card, and they report your payment history to the credit bureaus.
2. If you get it through your bank and have direct deposit for your payroll checks, or at least a steady paycheck on predictable intervals, it will probably be extremely easy to set up an automated payment and meet their "pays the bill on time" requirement without even having to think about it.
3. Once you have it for a while, you get more offers that get better over time. It took me about two years to go from "secured credit card from my own bank" to "decent offers from major banks with good rates and reasonable lines."
Watch out for the ones that'll try to slip charges in against your secured line. I got an early offer for one that wanted me to send them $500, but offered less than $300 after they extracted assorted fees and charges.
One mistake I made that I wish I hadn't: Once I had some "real" credit cards, I closed out the original secured one. Reading I've done since indicates it would have been wise to just pay it all the way down or use it for small expenses I could pay off monthly, but keep it open, since the age of existing lines of credit counts in your credit score, too.
posted by mph at 12:11 PM on March 30, 2006
I got one through my bank when I was rebuilding my credit. They often offer a way to convert your secured line of credit to a regular line of credit if you make your minimum payment on time for a consecutive number of months.
There were several benefits:
1. It looks just like a regular credit card, and they report your payment history to the credit bureaus.
2. If you get it through your bank and have direct deposit for your payroll checks, or at least a steady paycheck on predictable intervals, it will probably be extremely easy to set up an automated payment and meet their "pays the bill on time" requirement without even having to think about it.
3. Once you have it for a while, you get more offers that get better over time. It took me about two years to go from "secured credit card from my own bank" to "decent offers from major banks with good rates and reasonable lines."
Watch out for the ones that'll try to slip charges in against your secured line. I got an early offer for one that wanted me to send them $500, but offered less than $300 after they extracted assorted fees and charges.
One mistake I made that I wish I hadn't: Once I had some "real" credit cards, I closed out the original secured one. Reading I've done since indicates it would have been wise to just pay it all the way down or use it for small expenses I could pay off monthly, but keep it open, since the age of existing lines of credit counts in your credit score, too.
posted by mph at 12:11 PM on March 30, 2006
what is your FICO Score? judgements, chargeoffs, collections?
you could probably get a worldpoints card from MBNA (not score based) or an AmEx Blue in the mid sixes
posted by Izzmeister at 3:54 PM on March 30, 2006
you could probably get a worldpoints card from MBNA (not score based) or an AmEx Blue in the mid sixes
posted by Izzmeister at 3:54 PM on March 30, 2006
try to get a card from a major company like AMEX or MBNA. or Citibank, too. Secured credit cards are a good way to rebuild, but i'd be careful if you think you might trip up again. generally, i dont find the miles cards to be worthwhile. some people might disagree.
posted by BigBrownBear at 6:59 AM on March 31, 2006
posted by BigBrownBear at 6:59 AM on March 31, 2006
This thread is closed to new comments.
posted by I Love Tacos at 10:10 AM on March 30, 2006