Credit Cards for Bad Credit 5 Things You Should Know

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Credit Cards for Bad Credit 5 Things You Should
Know
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• 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. 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. 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.

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• 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. 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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