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Choosing a Credit Card: For People With Bad Credit
April 13, 2011
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Having a bad credit score doesn't prevent you from applying for a credit card. There are many credit card offers for people with bad credit. Researching the credit card companies and many different credit card offers is a must for consumers in today’s market.  

Here are a few things the credit card companies will be looking for if you have less than perfect credit. The major credit card companies try to limit their risk and are more inclined to approve those with good credit. The institutions who specialize in granting credit card accounts to those with damaged credit do it with elevated liability. Don’t take this personally as the institutions have built models to determining their risk. We understand the choice of credit cards available for people with bad credit is limited, but they are there to help you rebuild your credit score. Your goal is twofold: get the right credit card and raise your credit score.

Now you know there are credit cards available for you to get back on track. Let’s look at the best options to help rebuild your credit score. Make sure you do your research on these cards. The best cards for people with less than perfect credit vary from unsecured credit cards with low credit limits and higher interest rates, to prepaid credit cards or debit cards, where a deposit is required as collateral for your charges.

Here is some advice to help you rebuild your credit score after you’ve decided on the card of your choice. If you choose an unsecured credit card, you should try and pay the balance in full each month as the interest rate charged is higher. 

 
If  you decide on a prepaid card or a secured credit card, they require a deposit by you and can be used just like any regular card. Prepaid cards gives you access to your funds at any ATM. The credit limit is set by the amount on deposit and you may even receive interest on your funds.

When you choose the card of your choice, make sure the  issuer reports regularly to at least one of the three major credit bureaus (Experian, Trans Union and Equifax). Once you’re used your new card for 3- 6 months and your consistently payoff the balances according to the credit card issuers terms, you can then call your bank and talk to them about lower rates based on your timely payment status. 
 

 It is also a good idea for you to check your credit score prior to speaking with your bank so you can see if your score has gone up. This can give you options with other credit card companies who want your business as well. 

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