Is There Something Called a Bad Credit Credit Card?

Home
>
Debt Consolidation
>
Is There Something Called a Bad Credit Credit Card?

Is There Something Called a Bad Credit Credit Card?

Is there something out there called a bad credit credit card? Well, when a bank or Credit company such as Bank of America, Washington Mutual or Chase receive an application from you, they use a statistical system to determine whether or not to grant credit to you by assigning numerical scores to various characteristics related to creditworthiness. This means the creditor's measure of your past and future ability and willingness to repay your debts. This system is based on your credit history, which is a record of how you have borrowed and repaid debts. If this record shows late payments, skipping payments, exceeding card limits or declaring bankruptcy you are considered a person with "bad credit".

Then you're condemned, you're hopeless.. Nobody will ever lend you money or give you a credit card anymore, you may think but then you should think again. Even people with horrible credit histories who have been in a financial mess because of previous debt can get credit card offers. So, the answer to the question I asked in the beginning of this article is "Yes": You can get a secured or prepaid credit card.

Banks and other credit companies need customers, even thoses in a bad financial situation. So these secured or prepaid cards offers are specifically targeted to help people with poor credit, so that they too can have all the benefits that follows such a card.

What distinguise a secured card from an unsecured is that the card's account is usually related to a savings account. This is the way the card is secured. Let's say you have $1,000 in your account, then your credit limit will be $1,000. With this build in security, you will never be brought into a debt situation again. After using this card for a while, most banks or finance companies will gradually grant you credit that exceeds your saving account balance and you will at the same time repair your credit history. This bad credit credit card is a great offer, that you should take advantage of if you have a messy financial history and want to rebuild your credit.

Terje Brooks Ellingsen is a writer and internet publisher. He runs the website 1st-In-Loan.net Terje gives advice and helps people with personal financial issues like consolidation loan and how to apply online for credit cards

In The News:

Debt Consolidation Site Introduces New Small Business Debt Solutions
Empowered News (press release)
A debt consolidation website provides an advantage to budding or old small businesses through small business debt relief solution. Adriana Spears directs you to a website where you could find help in solving your debt problems.
Credit Counseling Site Announces Its Debt Settlement Service As One of the ...PR Web (press release)

all 4 news articles »

DebtConsolidation.com Helps Over 100000 Consumers Choose the Best Debt ...
MarketWatch (press release)
NEW YORK, NY, May 21, 2012 (MARKETWIRE via COMTEX) -- DebtConsolidation.com, the top-ranking debt consolidation company, today announced that the company, in conjunction with quality debt relief companies, has helped over 100000 consumers deal ...
Will consumers take on personal credit card debt to make business purchases?Debtmerica Relief

all 6 news articles »

Brenda Shanahan: Four types of debt problems
Montreal Gazette
Q: I was reading your article about debt solutions and it was very interesting and helpful. I am wondering if you know any good accredited debt consolidation company that was reliable and could reduce my debt and stop interest?

and more »

Debt Guides to Tomorrows Future
SBWire (press release)
San Diego, CA -- (SBWIRE) -- 05/22/2012 -- Debt consolidation is a great option for people who are struggling to manage multiple debts. People who benefit from debt consolidation are individuals who are paying back their debt at very high interest ...

and more »

Age UK raises debt concerns
ClearDebt
According to the organisation, the double-dip recession and wider economic turmoil in Britain and on the continent is driving up the number of people in need of debt consolidation advice. The charity commissioned a study by TNS, which found that the ...

and more »

Debtconsolidation.com Affirms Its Lead in Providing Credit Card Debt Relief ...
PR Web (press release)
Debtconsolidation.com, an information and referral source for debt management and credit counseling, cements its key position as a top debt management service provider after successfully helping 100000 consumers take control of their financial issues.

and more »

P323.4 billion Domestic Debt Consolidation Program Deal Managed by First Metro ...
MarketWatch (press release)
Manila, May 15, 2012 (ACN Newswire via COMTEX) -- The Philippine government's P323.4 billion Domestic Debt Consolidation Program won The Banker Magazine's Deal of the Year 2012 for SSA (Sovereign, Supras and Agencies) Bonds category in Asia Pacific.

and more »

Deutsche Welle
Cutting debt, economic growth go hand in hand-Merkel
Reuters
| BERLIN May 24 (Reuters) - Budget consolidation and pursuing economic growth are two sides of the same coin, German Chancellor Angela Merkel said on Thursday, also reiterating her opposition to joint euro zone debt issuance.
Germany Leads G8 On Fiscal PolicyTax-news.com

all 304 news articles »

Bloomberg
Euro Falls to 22-Month Low After EU Leaders Clash on Debt Sales
San Francisco Chronicle
"There needs to be a greater focus on growth, but at the same time, there also has to be a credible long-term plan for fiscal and debt consolidation throughout the region. At the moment, you have neither," he said. The Dollar Index climbed to the ...
Euro Trades Near 22-Month Low Before European Composite IndexBloomberg

all 122 news articles »

Seven Real Tips for Getting Out of Debt and Avoiding Debt Consolidation Loans ...
Seattle Post Intelligencer
Many Americans continue to struggle with repaying debt and look to debt consolidation loans as the only option. Yet there are many other ways to reduce debt while maintaining credit and the little extras in life. As the numbers for consumer spending ...

and more »

Google News