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Credit Cards with Bad Credit or No Credit

by Isabella Craig on 2014/09/02

How to Responsibly Use Credit Cards with Bad Credit or No Credit

Credit cards with bad credit or no credit are prone to abuse, especially if you have no specific credit card debt repayment plan.

People who acquire this type of credit card usually have existing card balances that they need to pay off immediately to save up a little on interest payments.

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The best way to avoid excessive charges from credit cards for bad credit or no credit is to use them only to pay off an existing debt, in case you are taking advantage of lower rates and transferred balances to your new card.

Pay off your card balance consistently in the next 6 months.  Lowering down your credit card balance will decrease your credit utilization ratio and consequently, increase your credit score.  When this happens, you can negotiate for a better rate or extend the 0% or low-APR promo.

Only pay for good debt and avoid bad debt.  Never buy anything that will not earn you money on credit.  If you want new clothes, accessories, gadgets, etc., don’t use your credit card.

Instead, pay for them in cash.  On the other hand, you may use your card to pay for good debt—or anything that will help you earn money such as purchase of equipment, education, investment, and others.

Always negotiate for improved rates or terms periodically Maintaining a strict payment plan and periodically asking for a decrease in rates or extension of promo periods can help you become a better credit card user.

If you think that you have greatly improved on your financial behavior, make your creditors and card issuers notice by constant negotiation and show of evidence.

Credit cards with bad credit or no credit are pretty handy, as long as they don’t cause you to pay more than you usually would with your existing credit cards.  Furthermore, to be a truly responsible card holder, you should never miss the chance to pay for your debt on time.

Courtesy of CreditCardShoppe.com