Providing you with links and helpful information on unsecured credit cards for bad credit.
What is an Unsecured Credit Card for Bad Credit?
If you are in a position where you would like to improve your credit it can be a difficult road. Unfortunately, most creditors do not want to take the risk of providing a line of credit to persons who have a history of not paying their bills on time or avoiding them all together.
One of the best ways to improve your credit is to obtain a credit card and make your monthly payments on time. Once you have established a line of good credit other lenders will be more likely to provide you with additional lines of credit. For many people the biggest question is how to get started?
One option is to obtain a secured credit card. Many banks and credit unions offer credit cards with a limit set to the amount of money you are able to provide up front. While these cards will certainly help you re-establish your credit, when you make on time payments to all your creditors and keep account balances low relative to their credit limits, the initial money may be difficult to obtain. For the rest of us, there is the option of unsecured credit cards for those with bad credit.
What is an Unsecured Credit Card for Bad Credit?
Unsecured credit cards for people with bad credit are designed to help people improve their credit histories through a more traditional means. Unlike traditional credit cards, which usually offer lower interest rates and no annual fees, unsecured credit cards for bad credit usually come with a few additional fees you should be aware of.
Application Fees - Most creditors that specialize in people with bad credit require a one-time application fee which can be as much as one hundred dollars or more.
Processing Fees - Along with the initial application fee, many unsecured credit cards for people with poor credit include a "processing fee" that is subtracted from the monthly limit.
Annual Fees - Because the recipient of the credit card has bad credit, many of these companies require an annual fee to use the card.
Monthly Fees - Along with the annual fee, most unsecured credit cards for those with bad credit add a monthly processing fee for their service which can range from $5 to $15.
If you are interested in getting an unsecured credit card for bad credit be aware of all the fees from the beginning so you are not blindsided from the start. You should also shop around to find the lowest interest rate possible (though, be aware that you will pay a higher interest rate at first) and make sure that the card issuer reports to the credit agencies. While it may seem like a lot, rebuilding your credit score is never easy and sometimes you need to make sacrifices for the future.
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Information in these articles is brought to you by www.Unsecuredbadcreditcreditcards.com. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
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To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
To get a free copy of your credit report from the three major credit bureaus, go to www.annualcreditreport.com
What is an Unsecured Credit Card for Bad Credit?
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