The kinds of credit cards you can get with bad credit are secured credit cards and unsecured credit cards for bad credit. Secured credit cards require a refundable security deposit that doubles as your credit line and prevents overspending, while unsecured cards for bad credit provide some spending power with no deposit.
Secured cards are the best kind of credit card you can get with bad credit. With a security deposit preventing users from spending more than they can repay, issuers can afford to charge fairly low fees and interest rates on secured credit cards. In contrast, unsecured cards for poor credit offset the risk of nonpayment by charging high interest rates, annual fees, and sometimes even monthly fees.
Finally, it’s worth noting that credit cards for people with bad credit are only beneficial if you use them responsibly. Secured credit cards and unsecured credit cards for bad credit report your account information to the credit bureaus every month, so you will want to maintain a history of on-time payments and keep your balance well below your credit limit. Over time, your credit will improve to the point where you may be eligible for credit cards with higher credit limits and more favorable terms.
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If you have a bad credit score, you probably don't have that option. I would cut up the credit cards, put some cash in the bank and get a debit card. Then set a budget. Figure out how to manage the debt to pay it off, and start saving for retirement. If you think your credit cards are a problem, do the math on saving money for retirement, and see how much you have to save so you can have half your income. You will be shocked. Hope you can get in alignment with this issue. Because your financial health is dependent up on it.
The short answer is that you could obtain a secured card and start to re-establish your credit by making payments on time. More importantly however, the underlying cash flow and budgeting issues which have resulted in the low credit score and the high amounts of debt must be addressed. Do an analysis of all your income and expenditures and aggressively cut expenses. Consider consulting a financial adviser for assistance.
If you have bad credit or no credit, any bank that offers a … read full answersecured credit card will be easier to get a credit card from than a bank that doesn’t offer secured cards. Capital One, Bank of America, Citibank, and U.S. Bank are some of the major banks that offer secured credit cards. These credit cards require a deposit, which becomes your credit limit. And in general, you can get a secured credit card with bad credit.
It's worth noting that any previously-existing relationships you have with banks may come in handy, too. If the bank you have a checking account with offers a credit card, that will likely be an easy bank to get a credit card from. Your established relationship with your bank gives them access to your day-to-day deposit account history, which doesn’t show up on your credit report. So that’s extra potentially good information that’s available to your bank and not to other card issuers you might apply for a credit card with.
Most cards for bad credit are secured cards, where you have to pay a security deposit. There are a few unsecured, but they're not as good imo.
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