Credit Card For Poor Credit

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A poor credit credit card is one that does not have difficult approval requirements. Different types include unsecured, secured, shopping, and prepaid credit cards.

An unsecured card is where you will be extended a line of credit. These cards will often come with some high fees ranging from $150 – $200.

With a low credit score, each of these cards will unfortunately have fees. An unsecured card is the riskiest type, so they will therefore have the highest fees.

To receive a secured card, you must open and deposit money into an account. The credit limit on your card will be equal to the amount of your deposit, which is used to secure the card.

It will work the same way as an unsecured card; you will have monthly bills, and an interest rate. Your deposit will earn interest for you and is refundable if you close your account on good terms.

Both unsecured and secured credit cards report your activity to the major credit bureaus. A shopping card is another credit card choice.

This card we do not recommend! It will only be accepted at a certain retailer which is often another part of the credit card company.

Shopping cards usually report to only one of the bureaus. In addition, you may incur higher costs on the merchandise and a monthly membership charge and/or large down payment.

The last option is the prepaid debit card. This is similar to a bank card or checking account. You can deposit funds by direct deposit and pay your bills using a feature called bill pay.

You must, however, pay careful attention to the fees associated with prepaid debit cards. One of the most popular cards charges a convenience fee of $1.00 for every purchase you make with the card.

If you have a poor credit rating, your credit choices unfortunately are dramatically reduced. Despite what you may think, though, derogatory items are removed from credit reports on a daily basis.

If you have a damaged credit report you do not just have to live with the high cost of bad credit. Instead you can dispute items and remove them from your report and without just waiting seven long years.

There are numerous credit card options out there, even for those with poor credit. Before applying for a card, be aware of all the associated fees and if the card reports to the three credit bureaus.

For more about Bad Credit Credit Cards or for a review of the Total Visa Card an unsecured credit card visit us. For a free credit consultation call 1-800-253-3735.

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Article Citation
MLA Style Citation:
Moskel, Dan "Credit Card For Poor Credit." Credit Card For Poor Credit. 29 Jan. 2009. uberarticles.com. 4 Feb 2012 <http://uberarticles.com/finance/credit-and-debit/credit-card-for-poor-credit/>.

APA Style Citation:
Moskel, D (2009, January 29). Credit Card For Poor Credit. Retrieved February 4, 2012, from http://uberarticles.com/finance/credit-and-debit/credit-card-for-poor-credit/

Chicago Style Citation:
Moskel, Dan "Credit Card For Poor Credit" uberarticles.com. http://uberarticles.com/finance/credit-and-debit/credit-card-for-poor-credit/

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