If you're looking for credit cards for bad credit, you'll be happy to know there are many major banks that will offer a variety of credit cards for bad credit or poor credit due to having no credit. Yes, you can have bad credit from no credit. Your scores are determined by the number of debts you have, your total amount due and your payment history with these debts. Payment history is how often you paid your debts on time and how often you were late. The worst your payment history, the lower your scores are going to be. If you have no credit, your scores may appear bad or low strictly because they have nothing to go by.
Even consumers with bad credit can get new credit cards now. There are certain things you can expect when you're applying for cards. You'll probably have a better chance at getting a prepaid or secured card than getting unsecured cards, at least until you've improved yourself. Secured cards, also known as prepaid cards, are new and require you to put down a deposit for the bank to hold, similar to a savings account. The deposit is the bank's security in case you default. Prepaid may have credit limits as low as $200 or as high as $10,000. The amount you're willing to put as a deposit will be the amount of your limit.
Secured are a great way to improve your rating. They can be like a "new life" or a great second chance. If your payments are made on time, banks often release the deposit and change your secured to an unsecured. Unsecured require no deposit but you can expect a higher rate of interest as well as certain fees. Although you may expect high interest and charges and fees, you don't have to automatically accept them. There are many places that will offer credit cards for bad credit and not charge an arm and a leg. Do some good research and read all the terms and conditions of the credit card offers and you'll find the right new offer.
Bill Glass, Editor-in-chief, DealsForCreditCards.com - http://www.DealsForCreditCards.com/
DealsForCreditCards.com is the leading credit card marketplace, bringing consumers and card issuers together online. Compare hundreds of offers side-by-side, calculate balance transfer savings and apply online. Visit our site to compare balance transfers offers today.
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