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Bad credit cards for those with poor credit scores

[Monday, January 3rd, 2011]

After the recent economic turmoil many individuals have found themselves with a poor credit score. In fact, they are seeing themselves in a position they didn’t think they would be in. A lot of people are finding it difficult to get credit line and at this juncture, some of them are turning to credit cards to help them restart building their credit history once again. If you don’t have a good credit history, a secured credit card is the first choice as the interest rate is slightly lower. A security deposit is required, however having obtained an approval, the card issuers will report to the credit bureaus, pushing your credit score up.

Simply applying and getting a credit card wouldn’t be sufficient. You will have to use the credit card as much as possible and also make the payments consistently. This could be tricky given that an approved bad credit, credit card has higher charges and interest rates. You don’t want to get an outstanding balance with a these credit cards as there APRs are high. Most importantly, you will have to choose a card that will report to the credit bureaus, as this is the only way your credit score will improve. Some secured cards will also permit you to set your own credit limit and will report your card activity. A good example is the First Premier Card.

See also

Q: Why You Need To Monitor Your Credit Score, Even If You Think Your Credit Is Fine

If you’re like most people, you’re used to getting flooded with offers to monitor your credit score. There are many services that offer credit monitoring, credit report downloads, credit repair, and on and on. And again, if you’re like many others, you delete these emails, toss the flyers in the recycle bin, and go on with your life, assuming your credit is just fine and you don’t need to check on it.

more ››
Q: Here’s How to Turn Bad Credit Into Good Credit

If your credit isn’t good enough, you won’t be approved for that loan you need. You also may not get the lowest interest rate on your mortgage, or the best rewards credit card on the market.

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Q: How to Avoid Credit Card Fees

Credit cards are a great tool for getting more from your money. With 0% promotional APRs, credit card rewards, and balance transfer offers, there are many ways to stretch your dollars and pay off debt.

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Q: How to Find the Right Card to Mend Your Credit

Finding a credit card when you have poor credit isn’t always easy. In fact, in can be downright frustrating. But in order to lift your credit rating out of the cellar—otherwise known as a subprime rating—you must find a credit card and prove that you are a trustworthy borrower once again.

more ››
Q: How to Lower Your Credit Score in 4 Easy Steps

Are you tired of reading about how important it is to have a good credit score? Well, maybe you’re right. Maybe you don’t care if you get the lowest interest rate on your mortgage, or whether you’re turned down for a rewards credit card that offers free flights and hotel stays. Even the prospect of a potential employer or landlord checking your credit doesn’t faze you.

more ››
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