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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.

New study highlights just how bad Americans are with credit cards

A new study details how Americans manage credit cards and how stressful credit debt can be. Commissioned by Clever Real Estate and conducted by online polling software Pollfish, the report looked ...

Published:  Sun, 17 Mar 2019 09:59:00 GMT



5 Ways Having Bad Credit Will Hurt You

you may not get approved for the next credit card you want, or you may get approved with a lower credit limit and a higher interest rate than you'd like. The truth, however, is that having bad credit ...

Published:  Tue, 19 Mar 2019 03:07:00 GMT



Why Reward Credit Cards Can Be Bad For The Poor

This isn't about shaming anyone. I've been there. I lived in a tiny town in South Dakota and earned $6 an hour cleaning floors for local supermarkets. I was broke. I borrowed money from my family. My ...

Published:  Sat, 16 Mar 2019 07:30:00 GMT



Don't Let Bad Credit Make You Homeless: 8 Ways to Get a Housing Loan

Originally posted on ... ... Once those mistakes are corrected, it's just a matter of displaying smart credit card ...

Published:  Wed, 20 Mar 2019 06:21:00 GMT



5 Tips for Those with Bad Credit

With a bad credit rating, you won't be able to get a loan or line ... pay off debt quicker If you are simply paying the minimum amount due on your loan or credit card each month, you will just be ...

Published:  Fri, 22 Mar 2019 03:17:00 GMT



Money Mentors discuss how to handle credit cards

Having outstanding credit is not a bad thing, but keep a close eye on your current balance and be sure to never miss a payment! Debit cards take money out of your checking account directly after ...

Published:  Wed, 20 Mar 2019 14:39:00 GMT



5.5 And Holding: Fed Promises No More Rate Increases, Shielding Credit Cards

For now, memories of Ben Bernanke and seven years of 3.25% is a fond memory and today's 5.5% isn't so bad either. Here's a link to a classic reprise from Columbia Business School Follies as a stroll ...

Published:  Thu, 21 Mar 2019 08:36:00 GMT



High Credit Card Debt May Be Bad For Your Health, Study Suggests

COLUMBUS, Ohio - High levels of credit card debt and debt stress may be bad for a person's health, a new study suggests. Researchers at Ohio State University found that people who reported higher ...

Published:  Mon, 18 Mar 2019 16:16:00 GMT



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