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Before getting credit cards for bad credit

[Thursday, November 25th, 2010]

Whether you are looking to build a new credit history or rework on a bad one, the one tool that can prove to be handy is the credit card. However, in either case it is extremely tough to get one and the ones that are given out come with a plethora of terms and conditions, a few of which may be beneficial and a few disastrous. If you are already reeling under the pressure of a bad credit history, there is information that you need to be aware of before you get your hands on a credit card that can work in your favor.

The first point to consider is the use of this card. Establish clarity on the reason for applying for the credit card. If it is just for the sake of repairing your credit history, then, it may not be worth taking the risk. There are many other cards such as secured cards and prepaid cards that can work better for this purpose. However, if you want to have it so you can be sure of finances during emergency situations, go ahead and apply. If your credit score is less than acceptable be prepared to face hurdles. Some banks may outright reject your application while a few others may overload you with conditions and fees that are far from reasonable.

Consider all the alternatives to credit cards. Will you debit card suffice? Would it be better to opt for secured or prepaid cards that are a lot less risky as compared to the credit cards? Will a department card or a gas card help you rebuild your credit history? Outweigh all the options and opt for the credit cards only if you feel there is no other choice that can work in your favor.

Consider opting for a co-signer, preferably one with a good payment track record. This is one of the lesser known ways of obtaining a credit card when you have bad credit. The chances of your application getting approved are high. Also, the terms, fees and APR offered to you may be more reasonable as compared to the ones if you would not have had a co-signer. You can also consider going in for collateral that will offer the same benefits as that of a co-signer, but in the case of the collateral, you will need to ensure you have enough money to pay as the cash deposit.

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AcclaimVisa.com is an independent, advertising-supported web site. AcclaimVisa.com is compensated by the credit card issuers whose offers appear on our site. This compensation can impact how and where credit products appear on our site, including, for example, the order in which they may appear within product listings. AcclaimVisa.com does not offer, review or present all available credit offers.

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