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Limited Credit Card Is Quite a Deal
To some people it is inconceivable that a credit card might be called bad. How can it be bad when it was initially designed to give convenience, financial freedom and high social status? However, things change and credit card deals are not the privilege of the affluent only.
People of different incomes and statuses are eligible for credit today; so even if your salary is not that big or you are just starting out on your own, there is a special deal for you - credit card for limited credit.
You shouldn`t distrust bad credit cards and doubt their purchasing power. Their peculiarity is credit building power in case you`re too young and have no credit history, or you damaged your credit rating and need to repair it.
There are lots of bad credit cards offering instant approval. Banks and credit companies are loyal to customers attempting to repair their credit records, that`s why a bad credit card is an easily accessible tool.
You may wonder, why a tool? It is because bad credit card is designed in such a way as to help you obtain better spending habits and improve your credit scores.
Our site has an extensive collection of cards for bad and no credit, so compare them closely to choose a most suitable variant for your credit rating.
Secured Credit Guarantees
Secured credit cards may be good for applicants with fair to no credit ratings and in all cases they guarantee improvement of your payment history. Whether you have just graduated from college and have no credit as yet or you have failed to keep your good credit records, a secured card will give you a chance to make a good start.
The main requirement for you to qualify for a secured card is to protect it by a beforehand cash deposit. You establish a saving account with the company you want to get credit with. The size of your deposit will determine the amount of the credit limit you will get, so you can establish a most appropriate limit for your spending habits.
You can choose from among Visa and MasterCard secured cards and get instant approval for them easily. As a matter of fact, secured credit implies a much lower risk of the applicant, so there`s no need for a bank to deny.
Perhaps, the major drawback of a secured card is the issuer`s right to take the money from your deposit in case of debt.
In terms of costs, a secured deal for bad or no credit is just a boon. Lowest rates and incredibly moderate fees are guaranteed, just like your improved credit and bank`s loyalty.
Credit Card Deals for Bankrupts
Bankruptcy is often associated with incorrigible defaulters who pile up credit card and other bills and have no intention to pay the borrowed money back. However, reasons to file bankruptcy might be different from just defaults. A sudden illness, a job loss or even identity theft may drive you to take this desperate step.
Card companies realize that bankruptcy might be undeserved punishment, and so they offer special credit card deals to ease the bankrupt`s recovery. You may wonder the efficiency of such deals. You still remember that a single missed payment because of your sudden insolvency forced you to put a blot on your good name and strong credit.
If you want a cheaper but safer deal, a secured card would be your best choice. As this card is secured by your cash deposit, it offers lower interest and fees than unsecured cards. If you choose unsecured variant, you don`t have to deposit your own money but you are charged higher rates and fees.
Choose the best variant for your paying capacity and apply online.
A low score rating is a headache for millions of US borrowers. Fortunately, there are companies specializing in issuing products for this consumer group. These bank offers have special features like monthly reports to four major credit bureaus for instance. The key is to choose from the deals that require your score rating. By doing so, you have all the chances to get a credit card.
Credit History Center
Credit Score Basics
Credit score is a numerical expression of your creditworthiness. When it comes to applying for credit card, loan or mortgage or simply getting a job, your credit score will be closely looked at.
As credit cards are an integral part of the modern society, the need to keep credit scores in good standing has increased by times. The higher your credit, or FICO, scores, the more creditworthy you are, meaning that you are capable of paying on your credit card and are profitable for the bank.
Depending on your credit score which ranges from 0 to 850, you may choose a most suitable credit card.
A high score implies best rates and fees and more chances to qualify for them.
So, make sure it is in good standing when it comes to applying for a credit card.
Where Your Credit Score Is Found
Under the existing consumer rights, every American resident is entitled to get an annual free credit report which, along with your personal and financial information, displays your credit score number. You can apply for your free credit report at one or all the three national credit reporting agencies - Equifax, TransUnion and Experian, which use different score computation methods.
It`s best to know all the three variants of your score to know your chances when applying for a new credit card. Contact the bureaus by mail or phone or visit special web sites for the information needed.
It`s indispensable to know your credit score if you want to be approved for credit for sure.
How Your Credit Score Is Improved
A good credit score is indispensable for you to be approved for a beneficial credit card deal. There are quite a number of easy and not so easy steps to improve your credit score.
First, start to make regular monthly payments, which may increase you score by up to 20 points per month. Second, do not apply for new credit more than two or three times a year. Keep your old and good credit accounts open. Closing an account, you cut short your credit history with the issuer and it hurts your credit.
The last, and probably the most important step - try to erase late payments, defaults and bankruptcy records from your credit file. It will ease your way to better credit score.