Getting a Bad Credit Credit Card

Bad credit history can make it troublesome to get another credit card, but not impossible. Many banks offer bad credit credit cards to help individuals with good intentions to reestablish a positive credit rating.

There are two categories for bad credit credit cards to fall under, secured and unsecured. A secured credit card will require you to deposit a certain amount of money, from several hundred to several thousand dollars, into a savings account as security for the line of credit. Your credit line is a percentage of the deposit usually somewhere between 50 and 100%. The bank then issues you a credit card with a spending limit equal to your credit line. Your deposit will be used as collateral for this credit. If you fail to keep up payments or pay the balance, it will be taken out of the collateral. Some programs may even pay you interest for your deposit, but might have application and processing fees. Continue reading »

Credit Card Reality

As Thomas Jefferson said, “never spend your money before you have it.” Sadly, credit cards have become a necessity as opposed to the luxury they are supposed to be. The reality is a lot of us use our credit cards to impulsively buys things we want but do not need. The problem comes in the lean times, and you find your interest rate skyrocketing because you made a late payment. Continue reading »