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Credit Cards for Bad Credit.

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When you have a FICO (Fair Isaac Corporation) score of 620 or less, it means that you have bad credit. Even if your credit score is over 620 and you have defaulted recently, then lenders will give more importance to your credit report than your credit score and still mark your credit as bad even though you have an above-average FICO score. People with bad credit must obtain a bad credit credit card and then use it to repair their poor credit.

Credit cards for bad credit can be unsecured or secured. However, it is recommended that folks with bad credit must work with a secured card because unsecured credit cards charge a higher APR and carry annual fees. People who want cheaper credit and peace of mind can consider secured credit cards, which require the cardholder to deposit money against his card use. It’s works like a prepaid card. Secured credit cards for bad credit carry a lower APR than unsecured cards, and are ideal for repairing credit. People who cannot pay a security deposit have no option but to choose from the many unsecured credit cards for bad credit.

How to choose a credit card for bad credit

1. If you don’t like the idea of paying a deposit to use credit card, then you should compare the different unsecured bad credit cards. Stick with the top cards like Citicards, Capital One credit cards, Discover cards, etc., because the economy is still in the process of shrugging off recession and therefore it makes sense to go with solid and reputed names. Many financial institutions offer credit cards that help in rebuilding credit

2. All unsecured credit cards for bad credit carry a high APR – there’s no escaping from it.

3. Compare the rates and fees of the top credit cards for bad credit. Do not jump into a deal – think about long-term and short-term implications and choose a card that will benefit you in the long term.

4. Websites of all reputed banks are secured and therefore you should not worry about your SSN or other identity details getting hacked.

5. If you are in a position to make a cash deposit, go ahead and apply for a secured credit card. You will save very big on interest and your credit will repair itself faster than you can imagine.

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6. All the top banks report to the 3 major credit bureaus – Equifax, Experian and TransUnion. So, after you start using the credit card make sure to obtain your credit report from every agency once every year and correct errors and omissions, if any. Any mistakes on your credit report can adversely impact your creditworthiness.

7. No matter which card you choose, make sure that you repay on time and in full, and stay within your credit limits.

Here is a list of two top selling secured credit cards that can help you improve your credit score:

Citi Secured MasterCard (Citicard) – Top-selling credit card that even pays interest on your secured deposit. Features a 18.24% APR and zero liability on unauthorized charges)

Secured Master Card (Capital One Credit card) – this is a secured card that will help you rebuild credit. You can deposit $49, $99 or $200 depending on your credit requirements and use the card. The card carries a 22.9% APR, but that will not apply because you will spend just your deposit amount.

Conclusion

If your credit is bad, then you must start repairing it immediately. You must change your lifestyle and stop being extravagant with your money. Leading a simple and minimal life and working with a bad credit credit card will help you repair your credit score and learn financial discipline.

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