Where to Find Bad Credit Credit Cards

1. Where to Find Bad Credit Credit Cards A bad credit card is a credit card that can be gotten even with a bad credit score. The bad credit card cards provide an opportunity to individuals with poor credit to increase their credit score. There are usually two types of bad credit card cards. Improving credit with secured and unsecured credit cards Secured credit cards require a down payment that will become your credit limit. They are the most popular because they provide instant approval. They will report your payment activity to all 3 credit reporting agencies. So, it will quickly help you to build or improve your credit score. One of the best features of secured credit cards is that after a year, they will become unsecured. Meaning the bank company will SEND BACK your security and make your credit card UNSECURED with the SAME credit limits! Secured credit cards tend to have low interest rates and low application fees. Sometimes they don’t even have an application charge. Since the credit limit is your collateral. Secured credit cards allow people with bad credit to have a credit card reporting on their credit report with a high credit limit. In fact, some secured credit card financing companies will allow you to deposit up to $5,000! Unlike unsecured credit cards that tend to have low credit limits since there is no security. An unsecured bad credit credit card is one that DOESN’T require a security deposit. These bad credit cards are good for people who don’t have money to put down as a security deposit. They sometimes charge a processing fee that they put on the credit card reducing the initial credit balance. Some people do not like this since the initial credit limits on unsecured credit cards can be quite low when compared to secured credit cards. In some cases, they give you a $300 initial credit limit and charge a $200 fee. So you pay on the $200 every month until its paid-off and then you will have an unsecured credit limit of $300. If you don’t have the security deposit, unsecured bad credit cards give you the chance to start building your credit. When researching for the right bad credit card. You must consider three things in particular: 1. Does it require a security deposit. If it does, how much. 2. If it’s an unsecured credit card, what is the opening balance and how much are they charging in fees. 3. Are there any monthly fees associated with the credit card. Some bad credit credit cards may charge a monthly fee for reporting your payment history to the credit reporting agencies. Whether you decide to obtain a secured credit card, unsecured credit card or BOTH. Just get started! Secured credit cards and unsecured credit cards are great ways to improve your credit. Especially if you are someone with bad credit.