Credit Cards For Bad Credit: 5 Things You Should Know

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Decs We Kill Debt
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Credit Cards For Bad Credit 5 Things You Should
Know

• People who have bad rating are likely hoping to
  rebuild their credit score. There are many
  different reasons for damaged credit, but there
  is always a way to rebound. One of the best ways
  to begin the rebuilding process is to open a new
  loan line. Fortunately, there are credit cards
  for bad credit. Although these cards may look
  good on the surface, it is important to do some
  investigating before applying for one of these
  cards or accepting any offers. People with scores
  below 550 are likely to have very limited
  options. Almost all banks will require some kind
  of deposit or monthly fee before granting a
  credit line.

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• 1-Before applying for any card, get informed. It
  is important everybody knows their credit score.
  Do not be bullied into high interest rates,
  ridiculous monthly fees or a steep deposit. Those
  who know their credit score will be able to
  bargain for a better rate.
• 2-Only take a card that will report payment
  history to the major credit bureaus. This is
  crucial to the reestablishing of ones credit
  score. Regular payments are one of the fastest
  ways to rebuild poor credit as well as
  establishing a solid credit history. However, if
  the bank does not report the payments the credit
  line will not help the credit score.

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• 3-Once a credit line has been accepted, it is
  important to keep the balance low. Credit scores
  are negatively impacted by cards that have high
  balances. It is something referred to as debt
  ratio. Future lenders will be less likely to lend
  to those who have credit cards near the limits.
• 4-After a person has had one of the credit cards
  for bad credit for at least a year and all
  payments have been made on time, it is time to
  apply for another card. Apply for a card that is
  not secured and has a lower interest rate. Keep
  in mind the best interest rates are reserved for
  scores above 700. It may take a little time to
  get there, but with a dedicated approach to
  rebuilding a credit score, it can be done.

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• 5-Weigh the options presented carefully. Look for
  a good balance of monthly fees and interest
  rates. Do not be fooled by a low interest rate
  and a high monthly fee or vice versa. Avoid cards
  that charge high interest rates and exorbitant
  monthly fees or annual fees. Often times cards
  will be offered with a low credit limit that is
  ate up the first month with an annual fee and a
  high interest.
• Each person will have to choose the right credit
  card based on their own needs and current credit
  scores. Credit companies are naturally a little
  leery about extending credit to somebody who
  doesnt have a proven track record. It isnt
  anything personal, it is just business. By using
  these tips, a person will be able to make an
  informed decision about what credit cards for bad
  credit will work for them.

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