Unsecured Credit Cards for Those With Bad Credit: A Second Chance at a Price

Oct 26 12:27 2012 Mark Venite Print This Article

The fact that unsecured credit cards for those with bad credit exist shows just how possible it is to improve their financial status. But there are issues that need to be addressed first.

There was a time when having a bad credit history as enough to ensure a credit card would never be offered,Guest Posting but these days anyone can apply for a card. The availability of unsecured credit cards for those with bad credit is a perfect example, a credit package that is designed specifically for those with financial problems.There is weight to the argument that staying away from credit cards is the best way to avoid financial headaches. But there are some advantages to getting a card, even if the terms are particularly bad. Guaranteed credit card approval cannot be promised, but with discipline, caution and a mature attitude towards managing unsecured credit cards there are positives with which to take advantage of the situation.Why Get Another Credit CardWith terms of the credit card likely to bad, the poor credit ratings and a high rate of existing debt, it might seem ludicrous to try to get a new card. By opting to get an unsecured credit card for those with bad credit there is at least a chance to turn the credit corner, and start the rebuilding process.By getting a new card, it is possible to exercise the kind of financial discipline that should have been exercised in the first place. This includes restricting spending to as little as 30% of the available limit, and ensuring that payments are made on time. That way, card issuers are shown how reliable the cardholder has become and so guaranteed credit card approval is more likely when seeking a better card in the future.It also provides some respite in dealing with existing debts. With a limit of $2,000, for example, one can dedicate $500 per month to clearing existing debts. In this way, an unsecured credit card can serve more than one use.Finding the Best Card OptionsThere is always the temptation to accept the credit card offers that so frequently arrive in our mailboxes, but the chances are that these offers are far from the best that can be secured.  Like every other kind of financial deals, unsecured credit cards for those with bad credit are opportunities for lenders to make money and consumers to be charged.The best deals are to be found on the Internet, especially when bad credit is part of the equation. The promotional material through the door is designed to attract the best kind of credit card users, those who spend and repay. They can enjoy practically guaranteed credit card approval, whereas the opposite is faced by those with low credit scores.But the Internet is home to lenders and credit card issuers who have finance packages specifically designed for bad credit applicants. The only trouble is that the unsecured credit cards they offer come with interest rates that are higher, the credit limits that are low and strict repayment schedules.Card Terms to Watch ForThe specific terms of the credit card influence the affordability of a card, so finding the best available is important. This can be a challenge when seeking unsecured credit cards for those with bad credit since bad terms are expected to be offered. But it is not impossible to get competitive interest rates, for example.This is where compromises come into play again. Finding a card that charges interest of 10% is possible if the credit limit is low, perhaps just $2,500. But to get a higher limit, perhaps $5,000 or $10,000, it will be necessary to accept higher rates of interest, perhaps as much as 15%. Of course, guaranteed credit card approval does not exist unless your credit rating is excellent, but balancing the options off can make the approval of unsecured credit cards more probable.

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Mark Venite
Mark Venite

Mark Venite is the author of this article and a successful financial advisor with 20 years of experience. He helps people to get approved for Bad Credit Personal Loans for 5000 and Bad Credit Student Loans Guaranteed. For more information about his services please visit him at http://www.accessmyloan.com

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