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How To Apply For Credit Cards For Poor Credit

Aug 4, 2008
A poor credit history does not necessarily mean you can't obtain a credit card. Many providers offer cards for poor credit. Unfortunately, if you are having financial trouble most people will tell you that you will not be able to obtain loans or other forms of finance. The truth is that obtaining a credit card is not difficult if you are employed even if you do not have a perfect credit history.

Depending on the details of your credit history, you may have to wear a slightly higher rate or opt for a secured card to cover the risk to the lender. However, many people with low credit scores are still able to obtain finance with reasonable rates and charges.

Credit cards for poor credit include both secured and unsecured cards. Secured cards require you to deposit money with the provider to the limit on the card. This protects the lender from the risk of you defaulting on your payments. Your payment record will affect your credit score in the same way as with unsecured credit cards. However, unsecured cards are still commonly approved for borrowers with low credit scores. Sometimes credit card providers charge more in interest, fees and charges than the standard rate to cover the increased risk, however this by no means has to be the case.

Despite common wisdom that says you should never get into debt again if you have a low credit score, the only way to repair your credit is to be a good borrower. This means you need to get into debt but manage it properly. Credit cards for poor credit provide a great opportunity to raise your credit score. If you spend only what you can afford and make more than the minimum payment before the due date, your credit score will begin to increase. Over time, you will be able to recover your financial reputation.

There are more credit cards for poor credit available than you probably realize. The key is to find the best ones. The best credit card will have the lowest interest rate as well as low ongoing fees and charges. Sometimes the interest rate will be higher but the fees and charges will be lower. You may have to calculate monthly and annual costs based on if you spent up to your limit in order to work out which one is really the best value.

By simply doing an online search for credit cards for poor credit, you will discover a large number of cards available. However, there are so many different ones on the market that it is easier to use a comparison website to find and apply for the best one for you. These sites trawl through the information for you and come up with a shortlist of the better offers. As well as providing really useful information, these sites usually summarize the information into table form so that it is easy to compare cards. They make things even easier with online application forms. By using these services, you can choose the best credit card quickly and easily. Used correctly, your new card can help you repair your credit while still providing emergency funds.
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