Finance Articles

I got lots of free credit card offers in my campus mailbox, like many college students have for years. I got some and began charging left and right, because I thought I'd have no problem repaying them. That turns out to have been a bad idea, because I underestimated the payments, and with no job I couldn't pay the bills.

My credit was shot before I finished college. However, I grew up, got a good job and found myself needing credit cards and needing to rebuild my credit history. It took some time but bad credit does go away and one of the first steps can be to get bad credit credit cards. My credit is now perfect and getting the best rate for a mortgage was a snap.

Be realistic and find out what you are up against. You'll need to obtain a credit report and ask, "What is my credit score"? It may look bad now but you can repair it and there are credit options for everyone now.

The next thing you should do is decide between a credit card guaranteed through a bank or financial institution or an unsecured card with a very high interest rate. After you have started the process to obtain your credit report, check with your bank and analyze you usage of the account. Is bouncing checks in your history? Do you keep an up to date log? If the answer is yes to either, you should consider the "bad credit credit card" options.

You've decided to try to get bad credit credit cards. The first thing you need to do is examine the options that are available to you. Do you want a card secured with some of your own money, or an unsecured card that charges more interest? What fee is charged each year? Will they reduce the interest rate after a few months? Can you choose the day on which your monthly payment is due? Are there any bonus programs or minimum requirements for your income?

Don't just grab any card. You have choices and rights, and need to investigate each offer carefully to make sure you're getting a good deal. In particular, be careful with the interest rates on cards you consider. If a card's interest rate on purchases exceeds 20%, then do not consider that offer any further. For someone with poor credit, a card with interest under 20% is a good find.

Now that you're on your way to getting back on track, keep on top of your credit score. Take a look at an updated score every so often to check that your new credit card company is reporting on-time payments. If you're not noticing a difference, call your card company to request it. By the time you're wondering, "What is my credit score?", you'll see it start to climb again.

In college I got into real trouble with my credit. I filled out free applications, charged left and right, and was unable to pay the balances that kept racking up more and more in interest. After college, I got serious about turning my credit around and now my score is perfect. Make an honest assessment of your credit history. Ask, "What is my credit score?" Try bad credit credit cards, which have several options to help you back on your feet. Obtain credit report figures on yourself from time to time, just to make sure your credit continues to improve as you make your payments on time.