Credit Cards For People With Bad Credit, No Credit, And Poor Ratings

We live in the world of credit. Most of the banking institutions offer different forms of credit from credit card to signature loans.

Majority of people often find themselves in bad credit situations like court judgment, bankruptcy, repossession, foreclosure and loan default,due to lack of enough financial knowledge and discipline which often make it difficult for them to get any credit at all in future. So – what exactly is credit?

Credit means that you are getting a service or cash grant to rent for your own purpose. You are often bound with a contract or agreement to repay in future as agreed with lender or service provider. Credit exists in different forms like loan, mortgage, signature loan, or credit card.

Every financial institution or lending agency, will first check your credit history, before they will consider giving you credit. If you have defaulted on credit or loan before or have bad credit history you will find it almost difficult to get credit any time you apply for it.

However, it’s possible for you to improve your bad credit history or build a new good credit history by repairing your bad credit, thus re-establishing your credit-worthiness. This process is called credit repair. It’s the process in which consumers with unfavorable credit histories attempt to re-establish their credit-worthiness.

Though there are lots of credit repair companies nowadays that promises repairing your bad credit for you, but if you can follow simple guide, it’s very possible for you to do it yourself – after all it’s your credit.

If you repair your bad credit it will make it easy for you to get low interest credit, car or home loans. However, with poor credit rating you may not be able to get loan or be subjected to high interest rates and several other unnecessary conditions. So it’s very important that you repair your credit if you have bad credit. You will get lots of tips on how to do this easily in this book.

Your credits score – how you can improve it.

Your credit score is a very important in any financial transaction that you make or intend making in future. So it’s good you know what exactly your score is, understand its meaning and learn how you can improve it if it’s not good enough.

“Many factors can contribute to a negative rating from the credit reporting agencies. Many factors like are non-payment of an account or late payments over an extended length of time, can contribute to someone getting a “bad credit” rating or poor score. Whether non-payment of an account is willful or due to financial hardship, the result can be the same, a negative rating. … But there is hope to get credit cards for people with bad credit, poor credit or lower credit score”

Credit report – its effect on your personal credit

Credit report is a compilation of your credit history, past financial transactions and personal information possible. This report is usually compiled by accredited agencies known as credit reporting agency.

Credit reporting agencies are organizations that help credit card companies, loan companies, banks, and departmental stores in the country to ascertain the credit worthiness of their would be clients.

Once they have detail information from these sources, they give it to any organizations in need of it when requested. Though they keep on file information concerning you and your credit, they don’t make final judgments as to your credit worthiness. The decision is up to the credit card companies or any lender which you are dealing with.

Credit cards: – types and what you need to know about them.
Nowadays, everybody wants to have at least a credit card. Everywhere you go you see adverts from various banks and other financial institution offering you credit card. However, before you apply for a credit card, there are several factors you need to consider. So it’s very important that you know more about the types of cards available, and one that will work best for you.

Secured credit card: – A secured credit cards for people with bad credit requires a security deposit as collateral before you can get approval. Its type of card that best suit the need of people with no or poor credit who are trying to build their credit history. Your collateral must be equal or greater in value of the credit amount you are applying for.

With a secured card you put up your own money (into a savings account with the bank you are applying for credit card) and that amount (or part of it) is the credit line for your card. Put in $500 and you could have up to a $500 credit line. You can deposit anywhere from two hundred to two thousand dollars into an account, and that will be your spending limit.
This will give you the flexibility of using a credit card and because if you pay off every statement you are letting creditors know that you can handle credit (again) and your bank may soon begin extending your credit line beyond what you have put in. So you are on your way back to healthier credit, to a status where you will no longer need a secured card.

Business credit cards: – These are the card that’s available for business owners, directors and business executives. They come with several features just like any traditional credit cards. You have to consider the terms and condition for these types of cards too before applying.

Student credit cards are another type of credit card specifically for students. These types of cards are made for students because of their lack of credit history, and if given chance they can build their credit history with such card.

Prepaid credit cards: – are set of cards that are just acceptable wherever the traditional credit cards are acceptable, but they are not credit card. You will have to always transfer money to your card before you can make use of the card and you may not be able to spend more than you prepaid for the card.

Presently this is almost the best card for people that want to avoid interest and other fees charged on traditional credit card and also for people with bad credit. However, other little charges like monthly fees, application; over the limit and ATM fees are still applicable, but these gets offset if you pay your bills via money order

Whichever card you decide to choose make sure that you go over the terms applicable very well to avoid putting yourself in financial bondage. In second part of this article we will continue looking at other types of credit card.

Balance credit cards are unsecured standard cards designed to allow consumers to save money in interest charges by transferring higher interest credit card balance onto a lower interest rate credit card.

Low interest credit cards are other types of non secured standard credit card. They offer either low introductory APR that change to a higher rate after a certain period of time or a low fixed rate. You can take advantage of the low introductory APRs to make larger purchases for now and pay them off several months later. It wont be possible to get this credit card for people with bad credit

Air Mile Credit cards are cards that are good for people that travel frequently or planning to go on vacation. It’s a form of reward card that allow you opportunity of obtaining a free airline ticket. You will need to accumulate specified air miles before you can be entitled to free ticket. All accumulated mile points will be based on dollar amount of your credit card purchases over a period of time based on predetermined point level.

Specialty credit cards are other set of standard non-secure cards designed specifically for individual business users and students with unique and special needs.

Make sure that you study the terms of any of the card that you pick very well to avoid risking your credit rating. Also, when you pick any of the reward cards make sure you study the forms and offers very well because credit card issuing companies do offer different reward programs and their promotional offers often change. So make sure you thoroughly look over the card’s terms and conditions of each specific card before applying.

How To Deal With Credit Cards – A Definitive Guideline

Various types of credit cards are available in the market. They have evolved from their early days into flexible financial tools for most types of spenders and savers. But with so many types of credit cards on offer it can be somewhat overwhelming. Few examples are Airline credit card, Balance transfer credit card, cash rebate credit cards etc.

How to choose the Right Card?
There are literally tens of hundreds of credit cards on offer in the USA, and the list is growing daily. So, which is the best on offer? It very much depends on how each person plans to use their card. The answer lies in asking one simple question; “What do I want to use a credit card for?”
Applying For Credit Cards Online
This option is simple and most convenient. More and more people are applying for credit cards online. Along with online auctions, and shopping, signing up for credit cards, loans and insurance has been one of the fastest growing commercial activities on the net.
How to decide which credit card is suitable for me?
First decide what YOU are looking for then search the web. There are some bigname credit cards that might charge the earth for you to have the privilege of carrying their name in your wallet. Most of them are not worth the extra fees. But what makes a card worth its salt? And what steps should you take in choosing the right card?
Rate Tart Are You One?
Rate tarts are the smart shoppers of the credit card world. They play the system to avoid paying interest on purchases, borrow money for free, and even make money on that borrowed money! The idea is simple. DO NOT leave any balance in your credit card and pay in FULL before the next billing cycle.
Quick Balance Transfer
Balance transfers allow card holders to transfer the money they owe to their existing credit card to another, usually at a special rate of interest. The new credit card company pays off the old credit card debt and transfers it to the new card.
0% Balance Transfers What’s The Buzz?
Balance transfers can be a good way of managing large sums of debt. The idea is simple. You have a large debt, loan, store card balance or credit card balance
Cash Back Credit Card
It seems almost too good to be true; a credit card company giving back money to the user just for spending it in the first place! However, as with all good deals, there are terms and conditions.
The Value Of Having Branded USA Credit Card Loyalty Programs
Anyone who has taken even the briefest of looks at the USA credit card industry will immediately notice that there are well over a thousand credit card providers. However, even in this hugely competitive industry, there are still only two main types of card available – the Visa card and the MasterCard.
Secured or PrePaid Credit Cards
So you need a credit card for emergencies, peace of mind, or for your teenage child but aren’t willing to go into debt for it? The answer might just be a secured or prepaid credit card.
Airmile Credit Cards
These days most major USA credit card providers offer a vast array of reward programs to try and entice potential new customers to apply for a card. Since the inception of reward packages, one of the most popular packages that applicants go for is airmile credit cards.
Business Credit Cards
If you are either the owner or Chief Financial Officer (CFO) of a business and do not have business credit cards, then the following 10 reasons might make you want to rethink your business credit card strategy.
How To Manage Your Store Card
Many major outlets offer store cards. These provide an easy way for consumers to defer payment for purchases. Store cards are promoted over public address systems in shops and by shop assistants at checkouts. So it’s no surprise that there are millions of store cards accounts in the USA.
Identity Theft
Identity theft is a major issue in the USA, and with good reason. It has been estimated that it can take up to sixty hours of work to recover a stolen identity, and in the worst cases, cost up to thousands of dollars to put right. But what can be dome to prevent this?
Payment Protection Cover For Your Credit Card Is It Worth The Cost?
Payment protection cover states quite clearly what it is but what are the ins and outs of the policy and its worth considering taking out payment protection cover on your credit card.
Credit Card Charges
Credit cards appear to have only one cost to a user – the interest charged on purchases, but there are a whole raft of hidden charges just lurking below the surface. So, some cards offer an annual payment option in return for certain benefits. What is the best option, and in what circumstance
Smashing The Credit Rating Myths
It used to be said that there were two certainties in life – death and taxes. Today you can add a third – credit. Today, it is almost certain that at some point during your life you are going to need to apply for credit. This credit may be either be in the form of a credit card, charge card, hire purchase, personal loan, home loan, etc.
Credit Building Tactics
Much is written about credit ratings, the score against an individual’s name, that rates their eligibility for credit.
Credit Reports
Every time a customer applies for a financial product such as a credit card, the credit company will consult that customer’s credit file. This file records all their financial activity in terms of credit applications and banking activity.
Credit Card Options For People With Bad Credit
There are many items that you can only pay for with a credit card. If you want to book a holiday on the Internet, a credit card is a secure way to pay. And if you want to hire a car when you get to your destination or booking a hotel room, a credit card is your only option.
Do You Need To Have More Than One Credit Card?
Deciding whether or not to have more than 1 USA credit card can be a difficult decision to make. On the one hand, you want to keep a careful control on your personal finances and having numerous creditors makes this difficult. On the other hand, it can be convenient to have more than one credit card, for example in an emergency. So, you should have more than 1 credit card.
Credit Card Disadvantages
Credit cards are everywhere; figures show that the average card user has over 4 credit cards in their wallet, and there are more cards always in circulation!
Common Credit Card Mistakes
With credit cards now outnumbering people in the USA you would be right to assume that not everyone in this country uses their credit cards either correctly or wisely. But what are the most common mistakes that credit card holders make when using their credit cards?
Are PreApproved USA Credit Cards A Scam?
Appropriately know as junk mail, every now and then you may find a nice glossy letter on your doormat informing you that you have just been ‘preapproved’ a USA credit card. With your pulse racing, you start to believe then hype of what a wonderful customer you are and how much your custom is valued. Hold on tiger – you may well be falling for one of the biggest credit card scams going!
Visa or Mastercard?
The two main credit card types have battled it out since the mid 1960s, but the credit card revolution was started in earnest by American Express, in 1958. Soon, their card was the choice to pay at hotels, airlines and restaurants.

All About College Credit Cards

College credit cards are the credit cards that have been specially designed for college students. College credit cards are more popularly known as student credit cards. College credit cards allow the students to experience the benefits of credit cards much earlier in their life. Through college credit cards, the college students are able to learn more about credit cards and their use. In fact, for most of the students, their college credit card is their first credit card that acts as a gateway to the world of credit cards. Some other students might have previously used supplementary credit cards linked to their father’s credit card account; however, for such students too, their college credit card is the first one that is truly theirs.

College credit cards are not very different from other types of credit cards in the basic sense; they function in the same way as any credit card would. However, there are some differences, which basically arise from the fact that college credit cards are used by people who have no prior experience with credit cards and who perhaps don’t understand the concept of credit cards completely. Hence, the credit card supplier is at risk with issuing credit cards (college credit cards) to such people whom he is not sure about. Most of the students don’t have a credit history either. In such a case, the supplier of college credit card cannot be sure of receiving the credit card bill payments in time (and even receiving them at all). To counter such risks, the supplier of college credit card requires the parent of the student to co-sign the college credit card application form as a guarantee.

Moreover, the credit limit on college credit cards is generally around $500-$1000 per month, which is lower than what it is for other credit cards (this credit limit is generally sufficient to fulfil the typical needs of a student). Another risk mitigation instrument used by the college credit card suppliers is the interest rate or APR. The APR on college credit cards is generally higher than that for other credit cards. Again, this is done to dissuade the students from overspending on their college credit card (and finally not being able to pay their credit card bills).

However, if we were to look at these impositions in a positive sense, we would find that these are actually in favour of the student (who is still getting trained to take on the real world of credit cards). Moreover, college credit cards also help the students in establishing a (good) credit history which is another important benefit that becomes handy when the student needs any type of loan at a later stage in his/her life.