Bad Credit Credit Card - What You Qualify For
Many of us have experienced difficult financial times, and some of us are currently dealing with rough times. These monetary setbacks can result in undesirable credit scores and can make it nearly impossible to secure credit from any lender.
Fortunately, there is a way out of this dilemma. You can start by building positive marks on your report, that will help your score. The difficult part is finding a lender that will give you the chance to do this.
Usually a card has a limit, and you are able to purchase goods and services up to that limit. You are required to make a minimum monthly payment set by the lender, and there is usually interest charged for any unpaid balance every month.
However you may only be able to qualify for a secured or a prepaid offer. Below you will find brief descriptions of how these work.
Also you may qualify for an unsecured offer. However this will have a high interest rate and many fees.
Pre Paid
With a prepaid card, you first make a deposit into your account and then can use it to make purchases. Your purchases are deducted from the money you have in the account.
You can add money at any time, and many will allow you to deposit your paycheck or government check directly.
There are no interest fees, but there may be an initial activation, monthly, or transaction fees. Some will report to the three bureaus, which can help build positive marks.
Secured
These require you to make an initial deposit into your account to cover all or a percentage of your limit. This decreases the lender’s liability and supplies you with purchasing power.
If circumstances prevent you from making an on-time payment, the lender is able to take the payment from your initial deposit. Many do not require a credit check, so you don’t need to be as concerned about your past mistakes.
Some have annual fees and higher than average interest rates. Your activity will be reported to the three bureaus.
Unsecured
These do not require a deposit and are structured to give you a second chance. The limit is typically around $250 - $300, but you will be given the chance to increase this once you have proven you are responsible.
These usually come with an annual fee and high interest rates around 20%. Your activity will be reported to the bureaus.
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