What credit cards are made so that you are instantly approved or denied?
Actually most of the companies allow you to apply online instantly. But you have to find the right card that you can apply for. To do this, goto the following site and find the card you want in student section and apply online. This site only has cards that you can apply and get a decision instantly. Good luck!
How many credit cards should you have to rebuild credit?
I would take out no more than 2. I would start out with a secured card. Granted you would have to put a deposit upfront to secure a line of credit, but the deposit would also garner interest while you're proving your creditworthiness. You could start out small, like $200-300 or larger like $1000-2000. Either way, I strongly suggest you to continue to use your debit card and pay cash like you've been doing, and make small purchases that you can pay off in full every month (around $20-50). I would only use the credit card in dire emergencies. After the secured card becomes unsecured, then you could receive offers for other cards, but chances are just the one card could work just as well. Be sure to dispute anything that was involved in the identity theft and make sure that you have a POLICE REPORT. Your "good accounts" (rental, club, cable, cell, etc.) CAN be reported through this reporting agency called PRBC. (http://prbc.com/default.php?) This is for REAL. You can have your good credit reported and complied in a scored report that can be considered with your traditional credit reports. It's become increasingly popular and I'm certain that it will help you out immensely.
What credit cards are good to build credit when I have no credit?
If you have the income to support it, go for it. Go for a non-rewards card as they are easier to get. Citi has a number of them. Bank of America has a basic card as well as a rewards card or two so if you get the basic card now you may be able to upgrade later. Also you could ask if you can get an unsecured card from whoever gave you the secured card. Good luck!
How many credit cards is too much to affect your credit score?
You could have 50 cards and as long as you kept them in good standing, low utilization, no lates, etc. they won't hurt your scores - you would take small dings for inquiries though.
If you are adding 3-4 cards, and you already have a good card portfolio that has fairly good history, the inquiry dings should be small. After 6 months the inq's will be less of a significance on your scores and at one year they will have no impact at all.
Available credit is not debt.
I can see only one card that you currently have that is probably keeping your scores from actually being higher than they are now. That would be the Cap One card.
Cap One is notorious for not reporting credit limits, they only report high balance - that makes it look like you are over utilizing the account.
How do I switch credit cards and not affect my credit score?
Yes, it is true. Having active credit cards on your record is no problem. It shows that card issuers are willing to extend credit. If these cards have no balance on them, you should have no trouble getting a new card. Apply and start using it.
If there are balances on your other cards, it is a different issue. You should pay them off, or transfer them to the card with the lowest interest rate and pay that off as quickly as possible. Then make sure you never have a balance on a card that exceeds about 30 percent of the credit limit.
Paying the monthly charges in full each month is the best policy. It also means not paying any interest.
I have VERY bad credit but in an effort to add some positive to my credit history I got a secured credit card from First Premier Bank. Secured meaning that I had to pay money up front to get the card. Not the best scenario but my only option given how bad my credit is. I have a low credit limit but that's okay for me because I am just using and paying it off to help my credit.
Before you do anything, do some research on the credit card industry. Find out the tricks of the trade in the industry. I'm assuming that your younger, probably colllege-aged, correct?
This is where I would start. The first thing I would do is check out the "Secret History of the Credit Card", a documentary by PBS Frontline. This is a comprehensive study of the credit card industry. So check that out here:
Next, I would check out this PDF document entitled "College Students and Credit Cards" from the US General Accounting Office (GAO). It covers many of the ins and outs on student credit cards as well as legislation regarding on-campus credit card solicitation. This is overloaded with information but essential to understanding how credit card companies target young people.
Next, I would check out this book entitled "Strapped: Why America's 20 Somethings Can't Get Ahead". This book goes deep into the subject of why young people get hamstrung so early on in life with credit card debt. Will be a must read for my children.
Then, I would check out this 2007 Credit Cards Survey, which is a published survey of 20 credit card issuers and 83 different credit cards on the good, the bad and the ugly of a wide variety of products, services and industry practices in the credit card industry:
After you've done all of that, only then would I take a look at some credit card resource sites online:
These are sites that have a wide selection of student credit cards from a wide selection of card issuers. I would not recommend going to a single card issuer site like a Visa, Mastercard, Discover or American Express site. They'll only be soliciting their specific products.
Credit card resource sites like the above mentioned tend to be card issuer "agnostic" and do not have a preference or specific product that they are beholden to. That gives these sites the ability to offer relatively unbiased information and recommendations on card products.
"If you tell the truth, you don't have to remember anything."