2007-11-20 09:24:13 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
There are not really any best credit cards for people with bad credit.
There are many offered to individuals with bad credit or no credit, but the interest rate will be a point of two higher than a person with average credit and another 1-2 points higher than a person with fantastic credit.
You may apply on line for a few or in some cases you are sent an application in the mail.
The thing you have to be concerned with is which offer the best interest rate upon application? Which when you pay on time for a period of time will reduce their current interest rate as your payment history improve.
There are a few cards that allow you to put up a certain amount of money and limit your credit allowance to that amount.
If you place $500.00 in their bank then your credit card limit will be $500.00. When you reach that limit you are automatically cut off until your credit card balance is below $500.00.
The interest rate is a little lower in these situations, so you might check into these type credit cards.
Now all that being said Capital One will normally take a chance on people with bad credit. So you might check this credit card company out.
There are others out there so check as many as you can.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-11-20 09:37:10 · answer #1 · answered by loanmasterone 7 · 0⤊ 0⤋
It depends. How bad is your credit? That will determine whether or not you will need a secured card or if a lender will allow you to have an unsecured card. If your credit is really bad, you should look into secured card options. First Premier is one that I used in the past. It's a secured card that will report to all of the bureaus to help you start building a credit score.
2007-11-20 09:33:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards just go under Poor or no credit and they will give you a list that you could apply for but once you have had this card for a few months apply for a better one.
2007-11-20 14:05:43 · answer #3 · answered by GTW 3 · 0⤊ 0⤋
All credit cards are the same. If you have good credit, they have no problem with that but if you have bad credit, they will still issue credit cards in your name but will charge you with very high APR.
2007-11-20 10:23:24 · answer #4 · answered by Belen 5 · 0⤊ 0⤋
Sann,
cash is best.
get a prepaid 'credit' card at Walrusmart.
visit daveramsey.com to learn ur hard lessons from others mistakes. it is cheaper.
2007-11-20 10:05:33 · answer #5 · answered by Anonymous · 0⤊ 0⤋