Poor Credit Credit Cards
Credit cards with easy approval requirements are known as poor credit credit cards. You could be approved for secured, unsecured, prepaid and shopping credit cards.
Unsecured cards offer you a line of credit and often come with high fees ranging from $150-$200.
With a low credit score, each of these cards will unfortunately have fees. An unsecured card is the riskiest type, so they will therefore have the highest fees.
With a secured card, you open a bank account and secure it with a deposit. Your card is then issued with a credit limit equal to the amount of your deposit.
With a secured credit card, you will have monthly bills and an interest rate, just like an unsecured card. You deposit earns interest and is 100% refundable, provided you close your account on good terms.
Additionally both an unsecured account and a secured account will report to the major bureaus. Another choice is a shopping card.
We do not suggest getting this type of card, because it is only accepted at a certain retailer, often part of the credit card company itself.
Thus you may have higher costs on the merchandise. Also you will have either a monthly membership charge and/or a large down payment. Further this card will likely only report to one bureau.
Prepaid debit cards, the final option, are similar to a bank card or checking account. You can use bill pay for your bills and can place funds into your account through direct deposit.
You must, however, pay careful attention to the fees associated with prepaid debit cards. One of the most popular cards charges a convenience fee of $1.00 for every purchase you make with the card.
If you have a poor credit rating, your credit choices unfortunately are dramatically reduced. Despite what you may think, though, derogatory items are removed from credit reports on a daily basis.
You don't have to live with the high cost of bad credit, even if your credit report is damaged. By contacting the credit bureaus and having negative items removed, you won't have to wait seven years for them to be taken off of your report.
Even though you may have a low credit score, you do have credit card options. However, when choosing a card, be sure to investigate the associated fees and whether or not the card will report to all three of the major credit bureaus.
Unsecured cards offer you a line of credit and often come with high fees ranging from $150-$200.
With a low credit score, each of these cards will unfortunately have fees. An unsecured card is the riskiest type, so they will therefore have the highest fees.
With a secured card, you open a bank account and secure it with a deposit. Your card is then issued with a credit limit equal to the amount of your deposit.
With a secured credit card, you will have monthly bills and an interest rate, just like an unsecured card. You deposit earns interest and is 100% refundable, provided you close your account on good terms.
Additionally both an unsecured account and a secured account will report to the major bureaus. Another choice is a shopping card.
We do not suggest getting this type of card, because it is only accepted at a certain retailer, often part of the credit card company itself.
Thus you may have higher costs on the merchandise. Also you will have either a monthly membership charge and/or a large down payment. Further this card will likely only report to one bureau.
Prepaid debit cards, the final option, are similar to a bank card or checking account. You can use bill pay for your bills and can place funds into your account through direct deposit.
You must, however, pay careful attention to the fees associated with prepaid debit cards. One of the most popular cards charges a convenience fee of $1.00 for every purchase you make with the card.
If you have a poor credit rating, your credit choices unfortunately are dramatically reduced. Despite what you may think, though, derogatory items are removed from credit reports on a daily basis.
You don't have to live with the high cost of bad credit, even if your credit report is damaged. By contacting the credit bureaus and having negative items removed, you won't have to wait seven years for them to be taken off of your report.
Even though you may have a low credit score, you do have credit card options. However, when choosing a card, be sure to investigate the associated fees and whether or not the card will report to all three of the major credit bureaus.
About the Author:
For more about Easy Credit Cards or for a review of the Baby Phat Rush Card a popular prepaid credit card visit us. For a free credit consultation call 1-800-253-3735.
posted by Debt Consolidation Loan at
12:35 AM
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