I got lots of free credit card offers in my campus mailbox, like many college students have for years. I got some and began charging left and right, because I thought I'd have no problem repaying them. That turns out to have been a bad idea, because I underestimated the payments, and with no job I couldn't pay the bills.
My credit rating was trashed before I had completed university. Nonetheless, I survived, got a decent career, and realized more and more the need for credit cards and re-establishing my credit history. It was a slow process, but poor credit ratings can be improved. One of the first steps can be to get poor credit cards. I now have very good credit and obtaining a great mortgage rate was a piece of cake.
Know what you are up against by getting a copy of your credit report. Your credit score may look pretty bad now, but it is possible to improve your score; even if you do not, there are more credit options for those with poor credit than ever before.
Second, you can choose from either a secured credit card that works like a debit card, by guaranteeing it with a deposit made with a bank or institution or an unsecured credit card that can have a high interest rate attached. Once you've gone through the steps to obtain credit report, review your banking history. Have you bounced checks in the past? Do you have trouble keeping your checkbook accurately balanced? If you can answer 'yes' to either of these questions than you might want to consider bad credit credit cards option.
You've decided to try to get bad credit credit cards. The first thing you need to do is examine the options that are available to you. Do you want a card secured with some of your own money, or an unsecured card that charges more interest? What fee is charged each year? Will they reduce the interest rate after a few months? Can you choose the day on which your monthly payment is due? Are there any bonus programs or minimum requirements for your income?
Don't just accept whatever card comes your way. Search out your options. Be very wary when it comes to interest rates. Turn down any card with a high interest rate that can get you in the end. If you have bad credit history, a rate under 20% is reasonable for an unsecured card.
You should get a new copy of your credit report every few months to track the improvement in your credit score and ensure that your on-time payments are being recorded. If they are not, notify the credit reporting company immediately. That way, when you ask "What is my credit score?
Article Source: http://www.orbitaloc.com/
When I finished college, my credit was already bad. Once I got a good job, not only did I need to rebuild my credit history, but I wanted credit cards as well. You'll need to obtain credit report and ask, what is my credit score.
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