Get credit cards despite having bad credit
It is a well-known fact that obtaining a credit card in spite of having a bad credit rating with the bank is nearly impossible. It is recommended that one should work on regaining a good credit score before applying for a card. This can be achieved by using a secured credit card. Since all secured card payments are not reported to the credit bureaus, it may not be of help in building credit.
One has to choose the appropriate card, do regular transactions, and improve credit ratings over a period of time (maybe a year or so), and then move on to a regular or unsecured card. However, if one does not want to take this lengthy route, one can go in for something called the bad credit, credit cards that are currently found in the market. These cards are especially designed for those with a poor credit score or credit history. So if it is used cautiously, it would help in the long run to build up a good credit score even without having an account with the bank first.
However, one has to concentrate on improving one`s credit first in order to get the best interest rates on cards because the interest rates offered to subprime borrowers are high.
A few of the unsecured cards are listed below along with their features:
• Anacott Financial Credit Card – Deutschland Financial Services` member Anacott Financial LLC is quite new in the market. They provide unsecured credit cards but they also provide secured cards and that is solely based on one`s creditworthiness. While the introductory rates are at 6.99% APR, it goes up to 13.99% after a period of 6 months. An initial fee of $99 is charged but it is simultaneously credited back into the card once the first payment is made.
• First Premier Bank Classic MasterCard is one of the largest issuers of MasterCard where the interest rates are pretty high but it does not require any deposit upfront. It is a fee-based product as it entails an annual fee as well as a processing fee.
• Orchard Bank Classic MasterCard – defaulting on payments on this particular card could be disastrous as it comes with a hefty APR that ranges from around 14.90% to 28.90%. Also the annual fee charged on this card is anywhere between around $35-$74 during the first year and $39-$79 the subsequent years. A secured MasterCard option is also available. A secured card is a better choice for someone who cannot make payments in full and on time.
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