Obtaining bad credit cards not a tough task anymore

Saturday, October 9th, 2010

Getting a card in spite of having a bad credit would mean higher annual fees & high interest rates levied. These cards are designed for those with bad credit and hence for someone who is desperate, they will end up opting for this card in spite of all the unfavorable conditions that the card comes with.

Some points to consider before choosing this card:

If one actually needs a card – the reason for acquiring this card. The card should never be chosen in order to boost one`s image or social status if one`s credit rating is not good.

One should never opt for a card especially if the borrower is already in debt. Another card would only mean added financial problems.

Online shopping is easier with a card, and hence it would help to have a card for online bookings, reservations, etc.

If it is for the sake of convenience only, debit cards are a much better option. If one has a checking account and if one can afford to make purchases online, do reservations and bookings, it would be wise to put the money and opt for a debit card where the fees are pretty nominal (if the account is maintained well). It can act as a credit card most of the time.

When one maintains a good credit rating, card issuers will not hesitate to provide an additional card from the same account to another individual. While the name on the card would remain the same, the bill would be in the other individual`s name. But the account holder will be responsible to pay the amount due. This would help in keeping a check on the spending and this would have to be done in a responsible manner in order to curtail misuse of the card. It would be better to use this facility only when there is a special need. The credit scores however, do not improve by the usage of this card or the debit cards.

In case of a default in payment where a co-signatory is involved, it could affect the credit score of the co-signer. The defaulted card will leave a black mark on the credit history, & the co-signer will have to cough up huge sums of money to resolve the issue.

In case of providing collateral, it basically works on the principle that you are being lent your own money while you are paying them the excessive fees for doing so. The only positive thing is a good payment history being sent by companies to credit bureaus.

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