John Caskey, Esq. is a bankruptcy and consumer lawyer. He writes for magazines and online publications on topics related to credit, finances and bankruptcy. You can find more of his credit-related articles and articles by other credit experts on Fix It Yourself Credit at http://www.fix-it-yourself-credit.com/fixcredit.
If you have bad or blemished credit, getting a new credit card can be difficult. Living without plastic is almost impossible and there are lenders out there who will help you out.
Believe it or not, there are banks who will open credit card accounts for you even if you have bad credit. It's clear that many people have credit problems, and banks know that individuals with bad credit are willing to pay a higher interest rate to get a card so some banks will lend to you almost regardless of credit!
Remember, if you have bad credit already, you should make your credit card part of your plan to rebuild credit by getting a small credit limit and paying on time every month. Don't just pile on to your existing debt. And, if you really have extremely bad credit, in the low 500's say, you may still have trouble getting a card, and might think about a secured card.
Before you apply for any credit card, you should compare the terms, rates and fees charged by each bank or lender. Just because you have bad credit does not mean you have to accept high fees and costs! You can still shop around for a good deal.
First, remember not to submit too many applications all over the place. Each time a lender pulls your credit, it can negatively impact your credit score. If you already have bad credit, don't make it worse with lots of applications!
Next, do your research. More than one company have credit card programs you can apply to, so find several deals to choose from before you apply. You can find a variety of options at FixItYourselfCredit.com.
After you identify several card companies who will offer you a bad credit credit card, compare the terms of each before making a final application. Compare:
- Annual rate
- Annual fee
- Interest rate charged if you carry a balance each month (instead of paying off the card every month)
- What the interest rate is for purchases vs. cash advances
- How high your interest rate will go up if you are late with a payment, and by how much
- How high you interest rate will go if you go over your credit limit
- When your payments must be made (that is, is your billing cycle 25 days? 30 days?)
If you are searching for bank programs that will help you get a bad credit credit card, you can find more details and a list of lenders and banks you can contact by going to FixItYourselfCredit.com. Find out more about how to improve your credit and fix your credit problems so that you'll have an easier time getting credit!
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