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Bad Credit? You May Still Qualify For A Credit Card!
By Ed
Let's face it: in order to buy or sell so many things in today's society you simply must have a credit card available in order to complete many transactions. Sure, you could pay cash for many things, but how convenient [or safe] is it to carry around a wad of bills? If you lose the money, it is gone forever. Not so with a credit card as that little plastic device can be easily replaced. What do you do if you have bad credit? Are you locked out from getting a card? Happily, the answer is a resounding no. You have some options that can help put a new credit card in your wallet.
Bad Credit: What It Is
Before we take a look at applying for a credit card , let's examine some things that could cause you to have a bad rating:
--Late payments on car loans, rent, mortgage, bills, etc.
--Medical bills you cannot afford to pay.
--Legal judgment against you including: child support, lawsuit, etc.
--Loss of job, big reduction of income.
Any one of these things can harm your credit rating, making it more difficult, but not impossible, for you to get a card.
Bad Credit Credit Cards: What The Offers Are
If you apply for a credit card, please know that the consumer requirements are different than for offers for people with good credit. Still, these cards can be a good idea to help you build
your credit rating back up; it won't improve overnight, but it can improve with your disciplined repayment plan. Here are some things you must know about a credit card:
Your APR will be higher. Some offer low APRs for the introductory rate, while other cards will offer a variable rate. Overall, the APR will be higher.
Default rate. If you are late with payments, you may find yourself paying a much higher default rate.
Annual fee. Expect to pay an annual fee as high as $100 per card, less if it is for a secured card.
Other fees. Depending on the offer you select, you can be charged an account set up fee, program fee, annual fee, and a participation fee.
When shopping for a card, only commit to getting one that fits your budget. Between the fees and the higher APR, you could find yourself with an offer that doesn't work with you. Still, by using a credit card, you can reestablish your rating if you use it and pay it down quickly and on time.
Just remember: having doesn't make you a bad person. Sometimes circumstances in your life can adversely affect your credit standing, but you can take charge today by finding a card that fits your lifestyle.
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