Want a Credit With Bad Credit

There is a well-known fact, that credit cards are of great value in our daily life. When you apply for any credit card your only wish is to be approved. Unfortunately, it can be difficult without a positive credit history. If you do not have such one, you need to build good credit!

The type of card to apply for always depends on your situation. If your credit is good or excellent, you may apply for good or excellent credit cards and enjoy their rates and fees. If you have bad or no credit history, you can choose among secured credit cards or unsecured cards for bad or no credit, or use a co-signer. All the ways are good. You can select the suitable one for you.

If you apply for a secured card, it means that you secure the card by depositing cash up front in a savings account. The amount of money on deposit account matches your credit line. You have to make your payment on time. Otherwise, you can lose a lien on the deposit account that is maintained by your card issuer. The negative side of secured card is a higher interest rate.

Or, you can use a co-signer (your relative or friend) with good or excellent credit, who promises and is responsible to pay the full amount of the debt, if you do not pay. If you make purchases with your credit card and pay in full and timely, you will build your credit history and cancel the credit card with the co-signer. Then you will be able to apply for the cards complying with your needs. If the debt is not paid, this fact will stay on the credit history of the co-signer and the card holder as negative. I agree it is the risk. But it is still a good tool to help a friend or relative build their credit history.

There are also unsecured credit cards that are more common than secured cards. If you use any unsecured cards and do not pay your bill, the credit company will not take any assets of yours. You can apply for no credit cards, bad credit cards or fair credit cards corresponding to your credit score. The bank will report about your payments to three major bureaus every month. Only apply for the right card to the right bank and you will be approved.

You should compare all of credit card offers and choose the most suitable card for you relating to your personal situation. If you set the aim to build strong credit history, be sure, you will achieve it.