You got stuck with the poor credit history? If so, no worries you can find many poor credit credit cards in the market. These cards will help you lot in rebuilding your credit history. So we can these cards as rebuild credit cards too.
Normally credit cards with bad credit are offered by taking the collateral or deposit from you. This is why how the credit card companies can offer you the credit card just after your recent bankruptcy. If you manage to provide the required deposit, regardless of bad credit or no credit you can get these cards without any hassle.
To rebuild your credit history you can take 2 routes. One is obtaining the unsecured credit card with high interest rate or obtaining a secured card with certain deposit. If you choose the second route you should be careful with all options that come along with the card. If the card requires you to load the fee then this is one of the bad things. Don’t go for it.
Don’t forget to look at the fixed and variable APR, monthly fee, annual fee etc. You can find no annual fee credit card but most of them will require a high deposit or interest. If you go for a credit card with annual fee make sure you are not paying above $60. One more thing you need to look is deposit amount. Generally secured credit cards will ask the deposit around $500 not more than that. You can even find some secured credit cards are available for the deposit amount $250. Anyhow this is the amount you are going to put in your secured credit card account.
So when you defaulted in the monthly payments your creditor will take this deposit amount to pay off your debt. They will set a credit limit based on your deposited amount. Every month you will be getting the monthly bill statement. Try to pay off in full every month. If you can’t pay the full you can keep the minimum allowed balance. Enquire your creditor to know “what is the minimum balance that you can carry between the months.”Since these are rebuild credit cards never make late payments.
How these Credit cards with bad credit will support you
These poor credit credit cards helped millions of people in rebuilding their credit history. Let’s see how it works? Once your card has received the acceptance, you can start a fresh financial credit history. By making the timely payments and not crossing your credit limit you can prove your loyalty and can gain a credit score every month.
Anyway these Rebuild credit cards have a somewhat higher variable APR when compare to the standard low interest rate credit cards. This is the reason for why we are urging to take a complete analysis before finding a good card for you. It is not recommended to sign up with the secured card that you come across in the public network as first or second. Try to read your desired poor credit credit card reviews and try to gather information from the people who already got succeeded in your trial and who are using the secured cards just like you. read all the terms and conditions before signup.
Credit cards for no prior credit history
If you are new to credit card and do not have credit history, you can’t apply for the standard credit cards from major players. They will ask you to provide a good credit history. But it doesn’t mean only available option you have now is applying for Credit cards with bad credit. Having a poor history and having no history are not same anyway. You can find out many companies who are offering the credit card for first time users rather than providing the credit cards for people with bad credit.
So browse through internet and find out such companies. Start building a credit for you.