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
Most credit cards will not approve an applicant with bad credit and no income. Credit card issuers want to know that if they grant you a line of credit, you will be able to pay it back. However, there are circumstances in which a person with no income needs to get a credit card - a stay-at-home parent, for example, whose spouse provides income, or a student supported by a parent. In those cases, it might be best for the person who is not earning income to be an authorized user on their spouse... 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
Many banks offer credit cards designed specifically for people who are rebuilding their credit scores. No matter how low your credit score or how damaged your credit history, there is a credit card that is right for you. Some of your options include: An unsecured credit card. Some of the credit cards for people with bad credit will... 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
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