No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
@Lambo23 wrote:
A relative of mine has terrible credit along with 10 collections on their reports. No way they will ever be able to pay them back. They have been on her reports for 4-5 years now. They are going to try and get a secured card through capital one. If they only get one for 300$ limit and have to pay for things that are over 300$ can they "force" payments from the bank to the secured card?
If you go overlimit, there can be a fee and they can jack up your interest rate. Why would they ever need to go over $300?
@Lambo23 wrote:
A relative of mine has terrible credit along with 10 collections on their reports. No way they will ever be able to pay them back. They have been on her reports for 4-5 years now. They are going to try and get a secured card through capital one. If they only get one for 300$ limit and have to pay for things that are over 300$ can they "force" payments from the bank to the secured card?
If the purchase is for an amount above the line of credit, the charge will be declined. In such case the amount of the purchase that exceeds the available credit, would have to be made up through another form of payment.
Also, since you are already talking about maxing-out the card, before you have even received it, you should remember that doing so will cause the credit score to drop even further than it already is.
Your relative needs to re-evaluate the need to apply for any credit, secured or not - as the options are already severely limited - burning the last available bridge is something that has to be very carefully considered.
Another option is to open a PayPal account and request the debit card.
That can be linked directly to a personal checking account to cover any amount that is not in the PP account.
@NonSufficientFunds wrote:Another option is to open a PayPal account and request the debit card.
That can be linked directly to a personal checking account to cover any amount that is not in the PP account.
Does that report? What a cool idea.
@InvincibleSummer3 wrote:
@NonSufficientFunds wrote:Another option is to open a PayPal account and request the debit card.
That can be linked directly to a personal checking account to cover any amount that is not in the PP account.Does that report? What a cool idea.
Sorry, No - PayPal is a debit account. It can be used to obtain a fee-free debit card, but it is not a credit card, and does not report.
@NonSufficientFunds wrote:
@InvincibleSummer3 wrote:
@NonSufficientFunds wrote:Another option is to open a PayPal account and request the debit card.
That can be linked directly to a personal checking account to cover any amount that is not in the PP account.Does that report? What a cool idea.
Sorry, No - PayPal is a debit account. It can be used to obtain a fee-free debit card, but it is not a credit card, and does not report.
Ah, I see. Thanks for clarifying.
@NonSufficientFunds wrote:
Also, since you are already talking about maxing-out the card, before you have even received it, you should remember that doing so will cause the credit score to drop even further than it already is.
Your relative needs to re-evaluate the need to apply for any credit, secured or not - as the options are already severely limited - burning the last available bridge is something that has to be very carefully considered.
This. Times a million.