If you are looking for credit cards for people with very bad credit, you are in for a battle. However, it's a battle that you can win if you have a strategy.
Credit card companies will not give you a credit card if you have very bad credit. This is virtually guaranteed. There are actually two types of credit cards that you can choose from: secured credit cards and unsecured credit cards. With very bad credit, getting an unsecured credit card is pretty much out of the question.
Both types of credit cards have their uses, but in general, unsecured credit cards are considered more valuable than secured credit cards because unsecured credit cards don't require you to put down collateral for the card.
Secured credit cards, on the other hand, are much easier to qualify for than unsecured cards. Your credit history doesn't matter. indeed, if you are looking at getting a credit card after bankruptcy, you only choice will be one of these secured credit cards.
To get a secured credit card, you can visit credit card companies online that have offer secured credit cards and fill out an online application. These companies will get back to you within an hour, usually.
With secured credit cards, you will have to put down a
deposit which will end up becoming that actual loan amount of the credit card.
For example, if you put down $250 as the deposit for the credit card, you will
only have a $250 limit on your credit card.
Obviously, it's not the best situation to have to put down
500-1000 dollars to get a credit card. But the whole point of having a secured
credit card is so that you can repair your credit to the point where you can
get a regular credit card. Generally, credit card companies will refund your
deposit and give you a regular credit card if you use your card wisely for 6
months to a year. So it's only a temporary means to prove to credit card
companies that you are reliable. This is the price you will pay for very bad credit credit cards.
When shopping around for a secured credit card, you should spend some time looking online at all the secured credit card offers you can find. You see, you will find a wide range of secured credit cards available out there to choose from. Different companies offer different credit card interest rates and other fees. Ideally, you want to try and find a secured credit card with no application fee, no annual fee, and as low as an interest rate as you can find. It's possible to find credit cards for people with very bad credit if you are willing to look around online.
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