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Don't Fall For
A Scheme When Trying To Rebuild Your Credit History
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For people with a spotty credit history or bad credit, getting approved
for a standard credit card can be difficult, if not impossible. There
are a number of credit card options that are aimed specifically at people
who have bad credit and are trying to rebuild or repair it. There are
also, unfortunately, a lot of schemes to take advantage of the desperation
to get a credit card when no one else will issue one. How do you tell
which options are valid ones and which are just taking advantage of
a bad situation? Let’s take a look at some the things that you should
be wary of below.
Catalog Clubs Disguised As 'Credit Cards' For People With Bad Credit.
Some supposed credit cards offer to help people rebuild a bad credit
history by making purchases from their catalogs. Products in the catalogs
are often overpriced, and you can't use the 'credit card' anywhere else.
While they will make reports to credit card companies with your balance
and payment history which will help to repair bad credit, it can be
a very expensive way to acquire goods and clear up your credit history.
Prepaid 'Credit Cards' To Help People Repair Bad Credit.
Technically, prepaid credit cards are not credit cards, though they
may
bear a Visa or MasterCard logo. They're more like a debit card, without
a bank account. The purchaser 'loads' the card with a deposit, usually
with a minimum of $20 and a maximum of $500 to $5000. When you use the
credit card to make a purchase, the amount of the purchase is deducted
from your balance. When the balance reaches $0, you can't use the card
until it is reloaded.
Generally, you can reload the card at any time, though there is usually
an upper limit to the amount of cash that the card can carry at any
one
time.
Secured Credit Card - The Best Option For People With Bad Credit.
A secured credit card is one of the best options for people who've
failed to get the approval for a standard credit card. Your approval
for credit is contingent upon a deposit in the credit card company's
bank. Your initial credit limit is usually the amount of your deposit.
As you make payments on time, the credit card company may increase your
credit limit to 150% or 200% of your security deposit.
Unlike a prepaid card, where you are actually spending your own money
when you make a purchase, with a secured credit card you are buying
on
credit and reestablishing your credit history. The security deposit
is
only touched if you default on payments. Be sure to check around for
the best interest rates, as they can vary widely.
You will be faced with many options as you are trying to rebuild your
credit history, and unfortunately, many people have found ways to take
advantage of those people who are tying to turn over a new credit “leaf.”
Don’t let that happen to you! Thoroughly research each of your options
before making a decision.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
Score Information Directory
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