People with bad credit don’t have too many options, but you do have two different types of credit cards to choose from: secured credit cards and unsecured credit cards for bad credit. And the decision comes down to whether you need an emergency loan.
If you need to borrow money for an emergency, you’ll have to find an unsecured card for bad credit. Be careful, though. Such cards are known to charge high fees and provide very little spending power.
If credit-improvement is your main goal, get a secured credit card. Secured cards have the highest approval odds, and they’re much cheaper than their unsecured counterparts. If you don’t have the $200+ needed for a secured card’s deposit, you may just want to wait until you’ve saved enough. While opening an unsecured credit card for bad credit might be the quicker route, it will likely turn out to be the more expensive one as well.
If you don’t have the $200+ needed for a secured card’s deposit, you may just want to wait until you’ve saved enough. While opening an unsecured credit card for bad credit might be the quicker route, it will likely turn out to be the more expensive one as well.
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