Bad Credit

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Bad Credit FAQs:

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Leo Zhu,

CreditLand Consultant on Credit Card Questions:

We should admit that bad credit history is really unpleasant thing for any credit card holder. And of course arise such questions like: “How can I improve my credit score?”; “What card can I get with bad credit?”; “How to avoid bad credit?” and so on and so forth. Here you can find answers on these questions or address your own question to our experts.

You can apply for a secured credit card. You will need to put down a security deposit to get this card. A minimum security deposit is around $200 and it gets you the equal line of credit. Continue reading

If you have bad credit and no income, it will be difficult for you to be approved for most credit cards. But there are some cards that you can apply for. Try a credit account like Fingerhut, which offers guaranteed approval and no credit check – or get a prepaid card instead of a credit card. Continue reading

There are many cards available for people with fair credit. Your credit limit will depend on your credit score as well as your income – the card issuer will want to know that you have enough funds to pay the minimum balance due on your card each month. Continue reading

A credit score between 620 and 680 is usually considered to be a fair or average credit score. Continue reading

Yes, there are many banks that offer credit cards specifically targeted toward people with poor credit. You may be given a low credit limit ($500 or less) to begin with, and be aware that your card will likely have a high APR. If your credit is very bad, a secured card might be your only option. Continue reading

Yes, but the cards that are available post-bankruptcy usually have very high fees and APRs. It is better to wait a while and get your financial footing before taking on a new line of credit. In seven years the bankruptcy will disappear from your credit report. Continue reading

No, probably not. It depends on exactly how bad your credit is. In general, creditors will not issue a high line of credit to someone with poor credit history. You will have to rebuild your credit by taking out cards with smaller limits first. Continue reading

A secured credit card requires a security deposit to act as collateral for the line of credit. They are designed for people with limited or damaged credit who want to rebuild their credit history. Unlike prepaid cards, payment activity is reported to the credit bureaus. Secured cards often have high fees and APRs so be sure to review the terms and conditions carefully. Continue reading

Security deposits vary depending on the card and your needs. They usually start around $200 and go up to $2,500 or more. Your line of credit will generally be equal to your security deposit. In some cases it may be more. Contact the issuing bank with specific questions. Continue reading

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Choices for Bad Credit: Prepaid, Secured and Unsecured Cards

February 28, 2015