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Sub Prime Credit CardsHow sub prime credit cards can be used to repair a bad credit score. They will report monthly and can be used to create a positive payment history on your credit report. They can be used to improve a low credit score. This is because it can create a positive payment history and improve your ratio of available credit to debt. These two factors are very important when your score is being calculated. If these two factors are good then you can create a good credit score even with negative items on your credit report. These cards do report monthly to all three major bureaus. Your APR will by approximately 19% and you will have some fees. Unfortunately this is the cost of your prior mistakes with credit, however this can be the last time you have to pay extra for your damaged credit. These cards will come with a credit limit around $300 and they will give you periodic limit increases. However some cards like the Tribute MasterCard do offer a $70 limit for those with a very low score. A sub prime credit card is superior to a secured card when it comes to credit reporting. With a secured card it will report to the bureaus as a secured account and will not help as much as an unsecured account. You should still try to remove derogatory items from your credit report. However you should know that once a derogatory item ages for four years then it will have much less weight on your score. You should know that to get the most out of your card on your credit you should try to keep the balance at roughly 20% of your available credit. This will help because it shows the bureaus that you do use your card and are using it responsibly. These cards were designed for those with; collections, judgments, repossessions, bankruptcies , and charge offs on their credit report.
Every card does have different approval requirements but will give you
an instant decision when you apply.In sum we do suggest a sub prime card for those looking for a second chance with credit. With proper use it can rebuild a low credit score. Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHORWe suggest the Continental Finance MasterCard for a review visit us or for an article about the prepaid Account Now Visa.
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