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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.

How to get a credit card with bad credit

Figuring out how to get a credit card with bad credit takes a little more thought than opening a card when you have good or excellent credit.

Published:  Mon, 19 Aug 2019 08:06:00 GMT



4 Solutions To Improve Your Bad Credit

... a bank that will approve you for a credit card while you rebuild your credit, consider getting an unsecured card for bad credit. As you rebuild, you can start to make significant process ...

Published:  Wed, 21 Aug 2019 17:08:00 GMT



Bad Credit Doesn't Have to Keep You From Earning Travel Rewards

However, this doesn't influence our evaluations. Our opinions are our own. There are a lot of great travel rewards credit cards out there, but you generally need excellent credit to be eligible for ...

Published:  Thu, 22 Aug 2019 10:01:00 GMT



How Many Credit Cards Is Too Many?

Too many people get excited about rewards and overdo it." With an average APR of 17.5 percent, credit cards are a very bad short-term loan, Johnson notes. She also cautions people to keep an eye on ...

Published:  Tue, 20 Aug 2019 16:28:00 GMT



Credit Issues: The Consequences of Having Bad or No Credit History

Even getting a bank account or credit card can be a problem. A lot of people don't know they have bad credit until they apply for credit and get a denial. Each year consumers can request a free credit ...

Published:  Mon, 19 Aug 2019 10:18:00 GMT



Apple Card review: A credit card that will lock you to iPhone forever

Beautiful and practical credit card app interface "˘ 3 percent cash back on purchases from Apple "˘ Gorgeous titanium Apple Card "˘ No annual fees The Bad Other credit cards have better rewards ...

Published:  Tue, 20 Aug 2019 06:06:00 GMT



Apple Card for iPhone: Available now, sign-up, credit rewards

Taking on its own credit card, rather than piggybacking on your bank card ... details for security fraud by either stealing a glance or stealing the entire card. Is it bad that the physical Apple Card ...

Published:  Tue, 20 Aug 2019 10:12:00 GMT



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