Is it worth it?

[trickrtreat]

With all of the extra fees and higher rates that you pay for these cards, is it worth it to have them at all?

[berlinlife06]

I have no idea! I don´t have any credit cards with a fee. I had Amex, but when they offered Blue, I changed... Blue is without any fee.

[aquariancore]

I got an Orchard the fee isn't so bad and I have built my credit rating higher with it. It was non secured.

[berlinlife06]

Quote:

Originally Posted by aquariancore I got an Orchard the fee isn't so bad and I have built my credit rating higher with it. It was non secured.

How can you build higher credit rating? I have no idea what's mine, and I rather not look into it right now... but I'm curious.

[louisgodwin]

Quote:

Originally Posted by berlinlife06 How can you build higher credit rating?

I've heard you can buy an inexpensive piece of furniture (perhaps between $300 - $500) on credit and simply pay all the small installments on time, and that will significantly improve your score.

[harmony_mom]

My friend would take a cash advance out and put it in her savings account for a couple of weeks and then she would take the cash back out and pay the credit card balance. It's a kind of a cheat, but she said it raised her husbands credit score by 5 points in a month. I'm not even sure if that's significant. I have read though that you need to use your card on somewhat of a regular basis to raise your score. I personally just use mine for regular everyday purchases that are budgeted items. That way the card is getting used and I know I have the cash in my budget to pay it off each month. On the original question, "Is it worth it?" I think that it's worth it because bad credit closes so many doors for a person. Credit is such an integral part of financial health that paying a few fees to repair your credit is definitely worth it in the long run.

[aleo1203]

You have to start rebuilding credit somewhere so yes sometimes it is ok to pay the higher fees. Just use your credit wisely and your score will creep back up. Check out the link in my signature for more tips.

[trickrtreat]

I guess that does make sense. However you can get it, just get it, but don't get crazy with it.

[Jenna]

Quote:

Originally Posted by trickrtreat I guess that does make sense. However you can get it, just get it, but don't get crazy with it.

That's it exactly right. A couple of cards that you keep no balance on (paying it all of monthly) and not charging more than 20-30% of the available credit each month - that's the fastest way to raise your credit score.

If you have bad credit, you can't avoid the high fees - Ive been there, am still there to some degree. But the better your credit gets, the better terms you will qualify for, and getting credit won't be as expensive.

It is definitely worth it!

[student377]

YES -if u pay off every month and have no annual fee, while recieing rewards,
NO -if u carry balances and have hight interest