Bad credit and/or credit repair cards

Credit Cards For People With Bad Credit – Do A Little Research

Are you one of many people today that needs to find a company that offers credit cards to people with bad credit? There are many reasons your credit rating may fall. Unexpected illness, job loss, mismanagement of credit can all lower your rating and there isn’t anything you are able to do. Even if it’s just a month or two of delays, it’s a delinquency that will show and bring your credit rating down. Even something that is not of your doing such as identity theft can make a shambles of your credit. It is a period of time that you have to look a bit harder to find a company willing to help you re-establish your credit. They normally will do this by offering you a credit card for people with bad credit.

By researching, you will get an idea of the types of credit cards for people with bad credit that is available today. It will also show you the price you ultimately have to pay to restore your credit worthiness. That price is called interest. Most of the companies that offer credit cards for people with bad credit charge 25 to 30 percent annual percentage rate or APR. Companies such as Providian Financial, Orchard Bank, Citibank and Capital One all have plans to give credit cards to people with bad credit. Because of this price (interest) you need to manage your money and credit issues much wiser than before as there wouldn’t be many other choices after these.

By doing business with one of the above preferred companies is they do report to the 3 major credit scoring companies. What this then does is starts you back on an upward movement with your credit rating. Of course that is conditional on you making your payments on time each and every month. The extra interest you pay by using a credit card for people with bad credit is a small price to get your credit back on solid ground.

Another way for a person to secure a credit card for people with bad credit is with what is called a Secured Credit Card. This is a very helpful way to regain a credit card and proceed to restore your credit. How this works is some companies that deals with credit cards for people with bad credit requests a savings deposit that equals the credit limit on the card. It looks and works the same as any other credit card. Now some institutions that offer this credit card for people with bad credit will increase the credit limit by doubling or tripling the savings deposit amount. These cards also report to the credit agencies so you are improving your credit rating with these types of credit cards for people with bad credit also. This types of programs will over time become regular credit cards and the deposit plus interest credited back to the account holder.

Bad credit, credit cards are just like regular credit cards but with much higher interest rates and usually an annual fee, sometimes $50 a year and higher. Bad credit, credit cards can save your credit or make it worse if your not careful. Bad credit cards with guaranteed approval are available, but usually these types of bad credit cards charge twice the amount in fees and interest rates. The average consumer needs to be sure they are mentally and financially able to take the responsibility of credit once again, before applying.

Debit Cards

To get a debit card you need to open an account with the bank of your choice and make a deposit to the account. The bank is not actually giving you any credit at all. The purchases that you make with the debit card are taken from the funds that were deposited into the account, be aware that most banks do not report debit card activity to the credit bureaus. Most credit experts recommend that you start rebuilding your credit from secured bank credit cards, and then in time when your credit starts to improve switch to unsecured ones. Orchard bank and First PREMIER bank are just a couple that have great options for repairing bad credit.

Credit Card Deals

Bad credit credit cards are considered the best choice for credit card deals if your credit score is below 550. In today’s market there are many companies offering credit cards that are specifically designed for those who have less than a perfect credit score. Make sure you take your time to compare bad credit options thoroughly. once your credit score reaches the 650 range, you will be eligible for some of the best interest rates and lines of credit.

There are a few different types of bad credit credit cards available today: Prepaid, Secured, and Unsecured. Secured credit cards for bad credit usually have much better interest rates than unsecured cards for bad credit. Most APR rates on bad credit cards are very reasonable offered by credit card companies considering the risk they take on bad credit applicants.