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.
An unsecured card is where you will be extended a line of credit. These cards will often come with some 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.
To receive a secured card, you must open and deposit money into an account. The credit limit on your card will be equal to the amount of your deposit, which is used to secure the card.
Secured cards work the same way as unsecured card-you will have monthly bills and an interest rate. If you close your account on good terms, your deposit, which earns interest for you, is fully refundable.
Secured and unsecured credit accounts both report to the three major credit bureaus. Shopping cards are another choice.
This card we do not recommend! It will only be accepted at a certain retailer which is often another part of the credit card company.
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.
The last option is the prepaid debit card. This is similar to a bank card or checking account. You can deposit funds by direct deposit and pay your bills using a feature called bill pay.
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.
Don't think that you just have to live with a poor credit rating. You may contact the credit bureaus to dispute the negative items and have them erased without waiting seven years.
There are numerous credit card options out there, even for those with poor credit. Before applying for a card, be aware of all the associated fees and if the card reports to the three credit bureaus.
An unsecured card is where you will be extended a line of credit. These cards will often come with some 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.
To receive a secured card, you must open and deposit money into an account. The credit limit on your card will be equal to the amount of your deposit, which is used to secure the card.
Secured cards work the same way as unsecured card-you will have monthly bills and an interest rate. If you close your account on good terms, your deposit, which earns interest for you, is fully refundable.
Secured and unsecured credit accounts both report to the three major credit bureaus. Shopping cards are another choice.
This card we do not recommend! It will only be accepted at a certain retailer which is often another part of the credit card company.
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.
The last option is the prepaid debit card. This is similar to a bank card or checking account. You can deposit funds by direct deposit and pay your bills using a feature called bill pay.
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.
Don't think that you just have to live with a poor credit rating. You may contact the credit bureaus to dispute the negative items and have them erased without waiting seven years.
There are numerous credit card options out there, even for those with poor credit. Before applying for a card, be aware of all the associated fees and if the card reports to the three credit bureaus.
About the Author:
For more about Bad Credit Credit Cards or for a review of the Total Visa Card an unsecured credit card visit us. For a free credit consultation call 1-800-253-3735.
0 comments:
Post a Comment