Credit cards for a bad credit history

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Building Credit History » Credit cards for a bad credit history

Credit cards for a bad credit history


Updated: December 26, 2012

The content is accurate at the time of publication and is subject to change.
All the information regarding individuals previous credits raised and repayments made are recorded. This compilation of this information is known as credit history. It is an indicator of an individual's credit worthiness. It shows weather one is responsible in ways of paying the credit which he has raised on time or weather he has a tendency leaning towards late payments. The credit history is one of the important factors that credit card agencies and other loan sharks look for prior to sanctioning credit cards or loans. Hence one should try to keep his credit history as tidy as possible. Bad credit history Certain individuals might have a habit of late payments. These late payments of credit incur finance charges. Late payments or any deviation from the payment protocol might dent ones credit history and lead to the creation of a bad credit history. A person with a bad credit history should try to pay away his debts as soon as he can and covert his bad credit history to a good one. The failure of which has serious repercussions. It is an uphill task to find an agency that would issue a loan or a credit card to one with a bad credit history. There are various methods to regain a good credit history • Try to make payments on or before time. • One can use the option of balance transfer credit cards • Change spending habits. • Reduce the number of credit cards owned • Analyze your annual credit reports for any errors. Credit card options for a bad credit history The two basic types of credit cards available are secured and unsecured credit cards. Unsecured credit cards ore ones which carry no initial deposit. These cards are usually issued to individuals with a clean credit history. Secured credit cards are ones where an initial payment or a security is required. The initial payment is deposited in a savings account. If an individual fails to pay the balance the bank has the authority to invade his account and withdraw cash. This account is issued to individuals even with bad credit or bankruptcy. A past foreclosure does not qualify for a secured credit card. There are many processions that can be used as security. Certificates of credit, fixed deposits, car, home these are some of the processions that can be offered as security in order to get a secured card sanctioned. Things you will need to obtain a credit card • Identification proof • An indebt knowledge of credit history • Secured credit cards Apply for credit cards at small financial institutions as they might stoop to any level in order to secure a customer. If your application is accepted try to make small purchases. Make sure that you clear the balance prior to the stipulated period. Approach your bank or any financial institution and find out the terms and requirements. Try to obtain a secured credit card. Another option to consider is to get a friend or a family member to co sign for a credit card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Autumn 2018: Best Rewards Credit Cards for Thanksgiving Shopping

Posted: November 8, 2018

Thanksgiving is coming, and whether you are hosting a meal or coming as a guest, your spendings are going to accumulate faster than you can notice. A holiday feast is a costly matter – each year Americans spend around $50 on a Thanksgiving ... Continue reading
The Best Credit Card for Earning Cash: Discover it® Cash Back

The Best Credit Card for Earning Cash: Discover it® Cash Back

Posted: November 2, 2018

You’ll have hundreds of dollars in your pocket in no time because you’ll earn money back on every purchase you make with this card. There are no restrictions on the amount of cash back you can get, and Discover even matches every penny you ... Continue reading
Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Autumn 2018 – Expert’s Choice

Posted: October 10, 2018

Nights are drawing out, the wind is colder every day and you already feel the lightest breath of winter on your face - autumn is here. Holidays are over, kids are back to school and all you are left with are hefty holiday bills that you ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!