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Thursday, June 13, 2013

Credit Cards Applications For Bad Credit

When it comes to filling out a credit card application, bad credit doesn't necessarily disqualify you from being approved. While you may not have as many options as consumers who have a good credit rating, you can still find a company willing to extend credit to you. Follow the guidelines below as you complete the application form.

Type of Application

The first thing you need to consider is the type of application you are filling out. If you need to rebuild your credit, one place to start is by using a secured card. Bad credit doesn't mean that a card company will not issue you a card. You nay need to put up a security deposit to ensure that the company issuing the card is paid. Once you have made your payments for 12 months or so, you may qualify for an unsecured credit card.

Another option is look for a company that is prepared to issue a card to a person with less than perfect credit. You may need to pay a higher rate of interest or an annual fee, but at least you will have a credit card. As in the case of a person who applies for a secured credit card, once you have established a better track record, you will be able to qualify for a card offering a lower interest rate.

Completing the Application

As you complete the application you will need to have on hand information about your existing bank accounts, savings, monthly payments and debt. Have this information at hand before you even sit down. Then- be accurate! Inaccuracies cause delays and less than forthright information can eliminate your chances of getting a card. Consider using a third party credit tracker device that will allow you to input much of this data just once. Using an online application may be easier that filling out and mailing back paper forms via snail mail.

Don't think that you can't fill out a credit card application with bad credit. You have credit options that are open to you. If you visit a web site with a free credit card chaser tool, you can compare different ones to find the right one for you today!


Wednesday, March 27, 2013

Credit Cards Offers For Bad Credit

Having less than perfect credit does not cancel out your credit card options. In fact, just the opposite is true. These days, banks issue plastic for every need under the sun. This includes cards designed specifically for those with poor credit. By taking advantage of bad credit credit card offers, you can get back on your financial feet in no time. Read on to learn more about these offers.

Prepaid Debit Cards

If you have trouble getting approved for a traditional card, a prepaid debit card is a smart alternative. With this option, you first deposit money into your account. You can then use your card to make purchases. To help you stay on track, your line of credit is limited to the amount you have deposited. By putting money into your account and making purchases, you will rebuild your credit. For two great prepaid options, check out the All-Access Visa Prepaid Card and the Wired Plastic Prepaid Visa Card.

Secured Credit Cards

Another option for those with bad credit is a secured card. This type of card requires you to open a savings account. The account serves as security for the line of credit. The credit available to you is a percentage of your deposit. This usually ranges from 50 to 100 percent. If you pay off your balance consistently, over time your line of credit will increase. A secured offer usually includes an annual fee and high interest rate.

First Premier and Orchard

Perhaps you plan to occasionally carry a balance on your card. If this is the case, there are various bad credit credit card offers available. First Premier Bank issues cards designed for those with poor credit. First Premier Bank offers low interest rates and the chance to improve your rating. You can be approved instantly for one of their cards. Check out the First Premier Bank Gold MasterCard/Visa to get you started.

Orchard Bank also caters to those with a poor credit history. The Orchard Bank Platinum MasterCard offers a low interest rate on purchases. It also regularly reports to credit bureaus. This gives you a chance to use your card, pay off balances, and have creditors take notice.

Both First Premier and Orchard Bank cards include a number of fees. First Premier Bank charges initial fees of $29 and $95, as well as a monthly participation fee and annual fee. Orchard Bank requires a high annual fee.

These expenses may seem high. However, it is important to remember that these companies are offering cards to those with poor credit. Most bad credit credit card offers include extra fees due to the risks involved. Yet these cards are designed to help you improve your credit rating. Once you show that you can handle these cards wisely, you can apply for other offers.

Don't let poor credit get you down. There are many offers available to you. Choose the option that's best for you and then apply online. With careful planning, you can improve your credit score. Soon you'll be in good standings once again with lenders. This can open many more financial doors in your future.

About the author: Kent Parker is a contributing editor for www.CardGuys.com. Visit his website to apply for a Bad Credit Credit Card.

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