Bad Credit Credit Cards: Protecting Your Credit Rating

Like many college students in the past, I found my campus mailbox stuffed with free credit card offers. I thought I'd have no problem repaying them so I began charging left and right. Turns out that was a fairly bad idea because with no job I couldn't repay them and I underestimated the payments.

When I finished college, my credit was already bad. Once I got a good job, not only did I need to rebuild my credit history, but I wanted credit cards as well. It may not happen right away, but bad credit will eventually disappear, and one of the first ways can be to get bad credit cards. My credit is now spotless, and getting a prime rate for my mortgage was easy, too.

Be realistic and find out what you are up against. You'll need to obtain a credit report and ask, "What is my credit score"? It may look bad now but you can repair it and there are credit options for everyone now.

Second, decide between an unsecured credit card with a very high interest rate or a secured, guaranteed one with a bank or financial institution that is also functions as a debit card. After you've completed the first step to obtain credit report, check with your bank and consider your usage of your account. Do you have a bad history of bouncing checks? Do you keep an accurate check log? If you answered yes to either, you should consider the "bad credit credit cards" options.

If it's looking like bad credit credit cards are the way to go, than take a look at the possibilities open to you. You definitely have choices when it comes to these cards. Will you choose a card secured by a deposit of your own cash or one that is unsecured but with a high interest rate? Is there an annual fee? Is the interest rate fixed, or will responsibly paying down your balance bring down the rate? Can you choose which day of the month payments are due? Are there points programs available? Are there limits or requirements as to how much you make?

You should not simply be happy to receive the card, but realize you have certain obligations and options. Special care should be taken with interest rates, as some can exceed 22%--stay away from that card! If you have bad credit, interest rates under 20% are usually decent for an unsecured credit card.

Now that you're on your way to getting back on track, keep on top of your credit score. Take a look at an updated score every so often to check that your new credit card company is reporting on-time payments. If you're not noticing a difference, call your card company to request it. By the time you're wondering, "What is my credit score?

Article Source: http://www.contentspool.com

Most people who have bad credit got it from signing up for credit cards when they were in college then had trouble repaying them. One of the ways to rebuild your credit is to get bad credit credit cards. You also want to ask "what is my credit score?

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