Find A Bad Credit Credit Card And Repair Your Credit
If you are trying to rebuild credit, getting a bad credit credit card is a good way to start the process. Regardless of your credit, today there are plenty of
bad credit credit card companies willing to set up a new account for you. The trick will be to make sure you aren't being really overcharged on fees,
penalties, interest rates and more as these cards can be expensive. Don't just take the first card offered to you, read below to see how to compare
bad credit credit cards and choose the best deal.
Some lenders rely on the fact that you may have very bad credit, and that you don't believe you can get a regular credit card. They charge all kinds of
outrageous fees, as much as $200 on your first statement, simply to open the account. Bad credit credit card companies will charge fees such as a
high annual fee, a one-time application fee, a monthly fee, and on top of everything will also charge you a high rate of interest in excess of 10% for
If you know where to look for a card, you can find a good deal even if you currently have a serious credit problem. Most card companies will look at
your credit rating, and your income, but for bad credit credit cards, the most important factor will likely be your income. If you can demonstrate that
you have the money to pay the card each month, the lender is more likely to give you a card.
If your credit history is bad and you also don't have the income to support a new credit card approval, you can apply for a guaranteed, or secured
credit card. These cards require that you put down a deposit in the amount of the credit line you request - usually about $300. The bank keeps your
cash on hand in case you fail to repay the balance, in which case they will just keep your deposit. However if you can demonstrate a good credit
history, it is possible that you will be able to move up to an unsecured card at some point.
When you are looking for a card, be sure to check the terms of the different offers before