Bad Credit Rating Credit Card
Can you qualify for a bad credit rating credit card?
You may think that you need perfect credit to qualify for any credit card, but the truth is there’s probably a bad credit rating credit card out there that will suit your needs. The trick is weeding through the good and the bad to find the one that’s right for you. If you’re looking for a bad credit rating credit card, you’d best follow our advice so you don’t get taken for a ride.
Fees
Let’s face it, people with bad credit sometimes get the raw end of the deal. Not only are you suffering from blemishes on your credit report, you have to deal with companies wanting to charge you higher interest rates and sometimes astronomical annual fees. When applying for a bad credit rating credit card, make sure you know exactly what fees you’re going to be charged and what those fees are for.
Up Front Application Fees
There are many bad credit rating credit card companies that will try to charge you an arm and a leg just to apply for their card. If you run into this scenario, look elsewhere for your credit card needs. Not only are these companies trying to scam you out of your hard-earned money, oftentimes their not legit.
Annual Fees
Be careful with annual fees when it comes to your bad credit rating credit card. Chances are you’re going to have to pay some type of annual fee, but if the company you’re applying with wants to charge you more than $50 annually, look elsewhere.
Interest Rates
While you’re going to pay a higher interest rate for a bad credit rating credit card, that doesn’t mean you should be taken for a ride. Make sure that you don’t pay more than 18 percent interest or you may be paying more than you have to.
Credit Limits
Don’t expect to get a $5,000 credit limit with a bad credit rating credit card. Chances are your credit limit is going to be less than $1,000 and may even be under $500 depending on the credit card company you are applying with and how tarnished your credit really is. As your credit rating improves, you’ll be able to apply for credit increases.
Pay On Time
When you do find the bad credit rating credit card that is right for you, make sure that you make the monthly payments on time each and every month. If you miss a payment, your interest rate is likely to go up and your chances of receiving a credit increase will diminish significantly.
If you’re interested in applying for a bad credit rating credit card, check out these sites:
Capital One has credit cards specifically for people whose credit needs improvement.
This website has a list of bad credit credit cards that you can apply for.
Comments
Of late I believe the market for bad credit people have expanded greatly. Now you don't have to endure higher interest rates or higher fees any longer. Make sure you understand this before signing on any dotted line.
Posted by: Ryan | July 25, 2006 10:58 AM