Advance Fee Credit Cards
Some companies promise to get you a credit card no matter how bad your credit is.
Heres what can happen if you pay them the $200 or more they usually ask for:
You receive a credit card thats only good for over-priced merchandise from their catalog.
You get applications for secured credit cards. A secured credit card offer requires you to deposit $500 in a bank account to receive a credit card with a $500 limit.
You receive nothing at all.
Secured credit cards from a legitimate bank or credit union can help you re-establish credit. Many banks and credit unions will give you a secured credit card with no upfront fees or charges. If you want one of these, go to your own bank or credit union and apply for one.
Other scams involve credit cards with a low credit limit of $300 or so. The bank making the offer charges you an application fee, a processing fee, annual fees, a rush approval fee, and a high interest rate that starts the day you open the account. These charges may eat up as much as 90% of your credit line! Remember, if you want a secured credit card, go to your own bank or credit union and...
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