Looking for Credit Cards for Bad Credit?
Follow These Tips First

    credit cards for bad credit Credit cards for bad credit are popular these days because many consumers have suffered from poor credit scores due to the impact of the recent financial crisis.

    Fortunately, such cards are now available to give people with bad credit the chance not just to own and use credit cards but also to improve their credit ratings.

    However, there are still fewer options available in the market for such credit cards. Most credit card issuers are still hesitant to take risks in lending money and providing credit cards to people with poor credit.

    That is logical as they may want to deal with consumers who may not be able to pay their dues.

    If you are among those consumers, there is no need to worry. It could be harder to find credit cards for bad credit but there are several of these products in the market. Those cards may come with higher interest rates and heftier fees but they can be ideal tools to increase credit scores over time and help to establish a strong credit history.

    Here are some effective tips if you aim to obtain a credit card if you have bad credit.

      • Ask a creditworthy family member or close friend to make you an authorized user of an old credit card account. You may not have actual access to use the card, but you will be an authorized user so his/her better credit history can be lent to you. This way, you may use it as a leverage to possibly gain positive credit scores.

      • Find and apply for credit cards for bad credit consumers. You may not have a hard time finding such cards. However, as mentioned, expect to find options with higher interest rates and fees. You may not have any other choice but to make do with the available selections.

      If your intention is to use the cards to improve your credit scores, you may have to maintain a tolerable credit limit and try your best to observe more discipline when using the cards.

      Apply for a secured credit card. It would require you to make a significant deposit, which would serve as your credit limit. The deposit may serve as a security in case you falter to repay any transaction amount. You also may not exceed your credit limit when using this card.

      Just make sure the card issuer will report your card transactions to appropriate credit bureaus. This way, you can easily rebuild your credit record without taking much risk.

      What’s more? The secured credit card can be converted into an unsecured card after some time if you have already established a strong track of on-time payment of dues.

      • As a last resort, turn to subprime credit cards and/or prepaid credit cards. Subprime credit cards usually charge much higher upfront fees.

      On the other hand, prepaid credit cards may not be considered as real credit cards. It is like using your savings to make cashless transactions. Just beware because prepaid cards may not help improve your credit scores because the transactions may not be forwarded or reported to major credit reporting bureaus.

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