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 > CREDIT CARDS |
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What
Is A Bad Credit Card?
A bad credit card is a credit card for people with poor credit.
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What is an unsecured bad credit card?
This is basically just a standard credit card account. You do not have to
put up any security deposit to obtain the card. Both bad credit Visa Card
and bad credit Master Card are available. Expect to pay a higher interest
rate on the card due to the bad credit history.
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What is an secured bad credit card?
A secured credit card is one that requires that you open a savings account
with the issuing bank. You will then be issued a MasterCard or Visa card
with a credit limit that is, in most cases, equal to the amount you have on
deposit in the savings account.
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What will my credit limit be if I am approved for a bad credit credit
card?
Your credit card limit will be determined by the issuing bank. Most bad
credit card limits initially range from $300 to $3000. Most banks will
periodically raise your credit limit if you consistently pay your bill on
time and don't go over your credit limit.
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I want to rebuild my credit, how many bad credit credit cards should I
get?
Generally, when traditional credit extenders, such as mortgage lenders, look
at your credit they like to see at least 3 or more established trade lines
with a good history (no late payments). So at a minimum your goal should be
to establish 3 new trade lines in which you can build a good history with.
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How long does the approval process take?
Most banks that offer credit cards for people with bad credit offer instant
approval decisions if you apply online.
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Should I consolidate my credit card debt?
Generally, when traditional credit extenders, such as mortgage lenders, look
at your credit they like to see at least 3 or more established trade lines
with a good history (no late payments). So at a minimum your goal should be
to establish 3 new trade lines in which you can build a good history with.
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Can I get a credit card if i am under 18?
The legal age in the United States to obtain your own credit card is 18
years. Fortunately, there are other options available to you. |
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