- Personal Finance
Choosing Bad Credit - Credit Cards
Having sub-par credit can hurt people in many ways. One option for getting yourself out of that deep dark hole is to use a credit card responsibly. If your credit is bad and you are searching for a credit card, then you might want to check out bad credit credit cards. These cards work like regular cards but are designed for cardholders that are high risk. Because you have a low credit score you are viewed as being high risk by credit card companies. You need to use bad credit credit cards responsibly or your situation is just going to get worse. If you believe there is the remotest possibility of defaulting on this card then don't even apply for it. Before you apply for any bad credit credit cards make sure you check out all the common terms listed for these cards.
Fees - While typically the annual fees for credit cards need to be avoided, when it comes to bad credit credit cards these fees are standard. These cards usually charge a fee of $50 or more. This helps to protect the credit card company. This might be something you have to accept when you have a low credit score and need a card.
Another type of fee you may run into is known as an 'enrollment' fee. This again is something people with good credit ought never to accept, but with bad credit credit cards this enrollment fee is quite common.
APR - Most of the APR rates on your bad credit credit cards can be quite reasonable. They usually fall at around 10%. This is pretty good for a bad credit credit card. Look for cards with the lowest interest rate. This helps you to be able to repay your charges more quickly and give a positive boost to your credit score.
Credit Bureau Reporting - Be sure when you apply for any bad credit credit cards that they report to all major credit bureaus. That will help you to gain back your good credit. It does no good to diligently pay on any card that doesn't help your credit. You might need to call customer support to ask if they do this and it's well worth the call.
Credit Limits - Your credit limit on a bad credit credit card is usually fairly low. The most you may see is about $1,000. They do this for your own protection. With a lower limit you have a better chance of paying your balance off on time. Higher balances are more difficult, so don't view your low balance as being a disadvantage.
Bad credit credit cards might just be what saves your credit. When you need to boost your credit, then you should consider grabbing one of these very unique cards. Remember to use them responsibly, and in a short time you can see your credit rating looking 100% better.
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