Are you struggling to attain credit because of a poor credit history? Are you looking for one of the credit cards for bad credit with little to no fees attached? Maybe you have been looking for a while only to find that your search has been fruitless and at the same time demoralizing, and perhaps embarrassing too. I know how you feel, actually.
Credit cards for bad credit have high fees in place for a reason - the banks and card issuers have to offset their risk somehow, and this is precisely how they do it. Its not just that they want to make as much money out of you as they possibly can, although you can be forgiven for thinking this!
Let us look at an example here. Let's presume you wish to have a credit card with a low to no annual fee.
They are available for sure, but you will tend to find that they will have a higher interest rate to compensate. This will be the case for other types of fees too. A lower interest rate on a card balance will tend to be offset by an annual fee or higher penalty fees for something else than would be normal for traditional credit cards.
What can be done? The only real way forward is to search and compare, search and compare. At least until you find a card that is reasonably suitable to your needs, be that a lower annual fee, lower interest rates, or a card that you do not have to deposit cash towards.
Do make sure though that before making any application you read the fine print closely. Although you may find a card that seems ideal for you, it may be that there are some "hidden" costs involved that you overlooked, and these could be very costly to you.
But really, the main thing to keep in mind is you are in the process of rebuilding your credit rating or FICO scoring. As such there has to be some sacrifices.
Use the card wisely though and soon enough you will be in a decent enough position to then apply for something better than credit cards for bad credit tend to offer. - 29866
Credit cards for bad credit have high fees in place for a reason - the banks and card issuers have to offset their risk somehow, and this is precisely how they do it. Its not just that they want to make as much money out of you as they possibly can, although you can be forgiven for thinking this!
Let us look at an example here. Let's presume you wish to have a credit card with a low to no annual fee.
They are available for sure, but you will tend to find that they will have a higher interest rate to compensate. This will be the case for other types of fees too. A lower interest rate on a card balance will tend to be offset by an annual fee or higher penalty fees for something else than would be normal for traditional credit cards.
What can be done? The only real way forward is to search and compare, search and compare. At least until you find a card that is reasonably suitable to your needs, be that a lower annual fee, lower interest rates, or a card that you do not have to deposit cash towards.
Do make sure though that before making any application you read the fine print closely. Although you may find a card that seems ideal for you, it may be that there are some "hidden" costs involved that you overlooked, and these could be very costly to you.
But really, the main thing to keep in mind is you are in the process of rebuilding your credit rating or FICO scoring. As such there has to be some sacrifices.
Use the card wisely though and soon enough you will be in a decent enough position to then apply for something better than credit cards for bad credit tend to offer. - 29866
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Want to learn more about credit cards for bad credit and credit cards for people with bad credit.
