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Characteristics of Credit Card Offers for Blemished Credit

If your credit is blemished you’re not alone. Many people are finding that the boom in credit spending, over the last 10 years, has left them financially damaged and in despair. Whether you blame the economy, divorce, job loss, irresponsible spending or something else your focus should be about moving forward and making changes. Having access to credit, and a decent credit history, is necessary to buy a home, get a car loan and even qualify for specific jobs. Also, access to a credit card is important for day to day living. Credit cards make for convenient shopping but are also necessary in many scenarios where a Visa or MasterCard must be made available to purchase online, rent a car or hotel room, and more.

But, how do you obtain a credit card when no lenders are interested in you? Specifically look for credit cards designed for blemished or no credit consumers. There are a number of options out there as a large population of adults are in the same boat. However, not all credit cards are built the same. Here’s what you should be aware of:

  • Understanding the respective fees and penalties of any credit card you obtain is important. Credit card companies willing to risk a line of credit to someone who has been historically irresponsible are going to charge a big fee. Annual fees can range from $50 to several hundreds of dollars and are hard to avoid. But, if a credit card is needed you may have to deal with the cost. Often you’ll see that a small line of credit is issued but the fees are instantly deducted leaving with little available credit until you pay-off the initial charges.
  • Low credit limits are often the case for someone with a lagging credit score. Typically over time you can raise that limit via responsible spending and making timely payments. But, in the meantime, make sure you understand your credit limit before accepting any offers.
  • Collateralization requirements should be a question when you’re looking at credit card options for blemished credit. Will the lender require you put down a portion of collateral to the credit limit? How is that managed and how much will you need to come up with?

Credit card options for those with less than perfect credit are abundant but need to be looked at closely before making a decision. Different options have their pros and cons and make sure you read the fine print first before making a final decision. The goal is to demonstrate responsible spending to ultimately improve your credit and lead the way towards better access to lenders.

13% of Americans Think Credit Card Debt Is the Good Kind to Have

On the other hand, if there's one shining example of bad debt, it's credit card debt. Bad debt won't help you earn money or provide any sort of return on investment. Rather, it'll cost you money and nothing more. Credit card debt is particularly evil ...

Published:  Tue, 16 Jan 2018 04:16:00 GMT



Kids and Money: Is your teen ready for a credit card

Those with really bad credit histories had a 26 percent increase in their average credit card debt since 2015. The federal consumer watchdog agency released those findings in its biennial report to Congress on the state of the credit card market.

Published:  Sun, 14 Jan 2018 20:01:00 GMT



OnePlus Confirms Credit Card Breach Impacted Up to 40,000 Customers

Credit card breaches are an unfortunate fact of modern life, but OnePlus was already riding a regularly cresting wave of bad publicity that has clashed with its devices' popularity.

Published:  Thu, 18 Jan 2018 15:00:00 GMT



Used well, a credit card can be a young person's best friend

their credit history will be linked to yours - and if they have a bad credit rating this can impact negatively on you. If you apply for a credit card, make sure you use a comparison site that lets you do a soft search without leaving a mark on your ...

Published:  Fri, 12 Jan 2018 16:33:00 GMT



Credit Card Eligibility Calculator

... transfer's when you use one card to pay off other credit or store cards, so you owe the new one but at a far lower rate - often 0% - making you debt-free quicker, as repayments cover debt, not interest. 'Bad Credit'-For poorer credit scorers or to (re ...

Published:  Tue, 16 Jan 2018 17:50:00 GMT



How to Get a Credit Card With Bad Credit

It's truly a Catch 22: you need a credit card to rebuild your credit, but how do you get a credit card with bad credit Millions of people across the country have found themselves in this dilemma after the recession, so you are definitely not alone.

Published:  Tue, 09 Jun 2015 04:12:09 GMT



Got bad credit Card issuers want you again

NEW YORK (CNNMoney) -- Credit card issuers are ramping up lending to consumers with poor credit. But borrowers beware: The terms aren't always going to be good. Lending to subprime consumers -- typically those with a FICO credit score of below 660 ...

Published:  Thu, 19 Apr 2012 09:57:53 GMT



Is Closing a Credit Card Good or Bad for Your Credit

Q: Dear Credit Card Adviser, I want to set the record straight. I've been told that canceling credit cards I no longer use will help my credit score because of the credit limits. I've also been told that I should not cancel my credit cards I no longer use ...

Published:  Sun, 23 Feb 2014 16:00:00 GMT



Thousands are flocking to a credit card that helps people repair their bad FICO scores and avoid payday loans

"˘ Millions of Americans with subprime credit scores don't have access to credit cards or any other reasonably priced way of borrowing money. "˘ Income volatility has doubled in the past 30 years, and as a result many of these people are unprepared to ...

Published:  Sun, 21 May 2017 03:45:00 GMT



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