Is There Something Called a Bad Credit Credit Card?

Is there something out there called a bad credit credit card? Well, when a bank or Credit company such as Bank of America, Washington Mutual or Chase receive an application from you, they use a statistical system to determine whether or not to grant credit to you by assigning numerical scores to various characteristics related to creditworthiness. This means the creditor's measure of your past and future ability and willingness to repay your debts. This system is based on your credit history, which is a record of how you have borrowed and repaid debts. If this record shows late payments, skipping payments, exceeding card limits or declaring bankruptcy you are considered a person with "bad credit".

Then you're condemned, you're hopeless.. Nobody will ever lend you money or give you a credit card anymore, you may think but then you should think again. Even people with horrible credit histories who have been in a financial mess because of previous debt can get credit card offers. So, the answer to the question I asked in the beginning of this article is "Yes": You can get a secured or prepaid credit card.

Banks and other credit companies need customers, even thoses in a bad financial situation. So these secured or prepaid cards offers are specifically targeted to help people with poor credit, so that they too can have all the benefits that follows such a card.

What distinguise a secured card from an unsecured is that the card's account is usually related to a savings account. This is the way the card is secured. Let's say you have $1,000 in your account, then your credit limit will be $1,000. With this build in security, you will never be brought into a debt situation again. After using this card for a while, most banks or finance companies will gradually grant you credit that exceeds your saving account balance and you will at the same time repair your credit history. This bad credit credit card is a great offer, that you should take advantage of if you have a messy financial history and want to rebuild your credit.

Terje Brooks Ellingsen is a writer and internet publisher. He runs the website 1st-In-Loan.net Terje gives advice and helps people with personal financial issues like consolidation loan and how to apply online for credit cards

---

How To Get Rid Of Debt Problems Step 3 -- How To Negotiate Reduced Payments With Creditors

First, make a list of your creditors (NOTE: you should... Read More

Vultures and Victims

Has anyone noticed how many loan companies now fill up... Read More

Overwhelmed By Student Loan Debt? Consider a Consolidate Student Loan

A consolidate student loan is the perfect solution for people... Read More

Consolidating Your Government Student Loans

A Consolidation Loan allows you to combine your federal student... Read More

Debt Settlement Strategies

One of the most common social diseases remains dormant for... Read More

Debt Consolidation: Why And How This Strategy Often Backfires!

Debt consolidation solutions, has found that as good as it... Read More

Debt Elimination: Legal! Lawful! Ethical! Debt Elimination Really Works

You are trying hard to eliminate your loans but keep... Read More

Credit Card Purgatory - A 7 Step Comprehensive Plan to Get and Stay out of Credit Card Hell

Does this Sound like You? There are 100 shopping Days... Read More

Debt Consolidation ? How to Protect Your Credit Accounts from Theft

Last week, a security exploit at CardSystems Solutions, Inc, a... Read More

Debt Consolidation: How it Works

As long as consumerism flourishes most of us will be... Read More

Debt Consolidation Company and Companies

Debt consolidation companies have dotted the debt solution landscape as... Read More

Debt Consolidation Confusion

Learning about debt consolidation can be quite a confusing venture... Read More

How Do I Know a Good Credit Card Debt Reduction Strategy When I See It?

Credit card debt reduction is an important part of the... Read More

Debt Consolidation when You Find Yourself Overwhelmed with Bills, Bills, and More Bills

Many of us find ourselves overwhelmed with bills, bills, bills.... Read More

Dangerous Debt Consolidation Loans

On the surface, debt consolidation loans offer cash-strapped consumers some... Read More

Pay Off Debt - Get Out Of Debt And Lower Your Monthly Payments

Debt consolidation can be confusing, especially if you have never... Read More

Exploring Your Options for a Consolidation Loan UK

Whether you're wanting to consolidate your debt to avoid bankruptcy,... Read More

Consolidate Your Credit Card Debt

With the popularity of plastic money in the present age,... Read More

Negotiate Your Way Out Of Debt

Eliminating your debt is a daunting task. What can you... Read More

7 Ways to Consolidate Your Debt

If you are in debt, you have several options available... Read More

Stafford Loan Consolidation

Stafford Loan ConsolidationA Stafford Loan, which can help to finance... Read More

Private Student Loans ? Dispelling The Myths

Private Student Loans ? dispelling the mythsIf savings, grants, scholarships,... Read More

Student Loan Consolidation

Student loan consolidation is one of the most used methods... Read More

What is the Difference Between Unsecured and Secured Debt?

A secured debt is a debt in which the creditor... Read More

Financial Aid - When Should I Apply For?

Many different types of financial aid are available to you... Read More

Credit Cards Debt Consolidation

Consolidating credit card debt is never easy. Too often people... Read More

Best Debt Reduction Service

There was a time when incurring debts was looked down... Read More

Are You Buried In Debt?

Are you having a problem paying your bills? Are you... Read More

Debt and New Spirituality

Overcoming the stigma of being in dept, grow in self-confidence... Read More

Bad Credit Debt Consolidation Loan

Nowadays, many people can get into a bad credit situation... Read More

Perks and Pitfalls of Debt Consolidation

Whether you want to pursue debt consolidation in order to... Read More

Considering Debt Settlement? What You Should Know

Your credit card bills are stacking up and for whatever... Read More

All About Debt Consolidation Loans

Debt consolidation loans can be the answer to a number... Read More