Bad Credit-Good for nothing, Credit score-Future depends on the Past!Bad credit card is an option for people with bad credit. There are the secured ones and the unsecured ones too. The secured credit card requires you to deposit a certain amount as security for your debts, in case of nonpayment of debts the deposit takes care of the debts. The unsecured credit card like a regular one, comes with a credit line but a smaller one and unusually with a high interest rate, the credit line can be increased based on the good payment history provided by the credit bureaus. These cards are easily approved.
These credit cards help to reconstruct the declining credit score, a welcome change! Though these credit cards have unusually higher APR, higher annual fee, enrolment fee etc it is worth the effort- restoration of credit scores. The credit card company reports your case to the three major ones Experian, Equifax, and TransUnion, if the card company doesn’t find a reason to report your case to these agencies, then it is a “no”, look elsewhere. Remember it is an opportunity to rebuild your credit, no one give credit to bad credit people, so be grateful. Once you have the bad credit card, remember it is for rebuilding the credit, just do that! Make payments on time, stick to your credit limit, failing to do so will make you make you pay more. Always monitor your credit report for transactions, ask for one!
The main bad credit cards are categorically: Prepaid Bad Cards- not a credit card in that sense; it is more like a debit card. Begin with opening a bank account, loading a deposit to your account- your preset credit limit. The money that you spend on purchases is subtracted from this account, needs fund reloading, for you only spend what you have. A relief for people who don’t qualify for a real credit card, it sets a gradual process of improving credit rating. Secured Bad Credit Cards- Good credit cards. Begin with opening a bank account, making a deposit to your account- your collateral security credit limit depends on the amount deposited. The money in the saving account is held back by the issuing bank, upon any nonpayment. Higher interest rates and fees are attached to these types of cards. See to it that the bank reports your case to the credit bureaus as it will affect your credit score. Unsecured Bad Credit Cards- Just like a real credit card, except the interest rate and fees are unusually higher than normal cards. These cards start with a low credit limit and increase with the good maintenance. The opening fees are large, and rate of interest as high as 25% and annual fees might go high enough. See to it that the bank reports your case to the credit bureaus as it will affect your credit score. The cost may be high but it definitely improves you credit rating.
Bad credit cards- cards with a good intention!
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