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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.

Paying college tuition with a credit card: Bad idea

As students head back to college campuses over the next few weeks, some students and parents will be using credit cards to pay their tuition. Maybe the youngsters don't know better, but did mom and da...

Published:  Sat, 18 Aug 2018 04:00:00 GMT



Kentucky's credit card debt is good news and bad news, according to report

Kentucky was among the states where credit card debt increased the least last year, according to a report released Thursday by Experian, the credit monitoring firm. Credit card debt increased by 4.77 ...

Published:  Fri, 10 Aug 2018 13:48:00 GMT



Joe Biden's bad-girl niece gets probation for $110G credit card theft

Joe Biden's bad-girl niece played the proper lady and put on a soft front as she was sentenced to two years probation Thursday for stealing $110,000 in a pharmacy credit card scam. Caroline Biden, 31, ...

Published:  Thu, 26 Jul 2018 10:46:00 GMT



If You've Got Bad Credit, This Card Can Help You Fix It-and Won't Charge an Annual Fee

Finding great credit cards for people with bad credit can be difficult. If you have no credit history or a bad credit profile - in general, that means a FICO score of 600 or lower, though this can var...

Published:  Tue, 12 Jun 2018 12:22:00 GMT



Use this credit card to help avoid bad credit!

If you miss a single monthly rent or mortgage payment, the financial damage can last far longer you think. Even if you make good any shortfall the following month, it can mess up your credit report fo...

Published:  Fri, 06 Jul 2018 01:39:00 GMT



Credit rating myths: Can a bad history REALLY put you on a blacklist

This is Money has debunked the myths to help you better understand the process behind what makes up your all-important credit history. Three quarters of all of the people surveyed by Which believe th...

Published:  Wed, 30 May 2018 18:00:00 GMT



Why Repaying Federal Student Loans on a Credit Card Is a Bad Idea

The long and sometimes painful process of repaying student loan debt can sometimes lead people to consider creative ways to relieve the financial pressure or work the system to gain some extra reward ...

Published:  Tue, 10 Jul 2018 13:00:00 GMT



Best Credit Cards for Bad Credit

A low credit score doesn't necessarily preclude you from getting a credit card. It just means you may have to be more strategic about which cards you apply for. A number of major credit card companies ...

Published:  Mon, 21 Aug 2017 14:40:00 GMT



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