Unsecured Credit Cards for People with Bad Credit

People with bad credit will always have a special place in the financial institution. They get to have poor Credit Score, which is being circulated all over. They also get to receive litigation cases with all those surcharges and attorneys fees filing up. Although they could have settled the full amount, they are being marked as “not of good credit standing” and will not be given the chance to apply again either for a loan or a credit card. They just deserve it, as others may think. However, in the real sense of financial upheaval, these are the people who not only settled their account fully including all the interests and charges, but also have suffered the negative criticisms of the society. A name listed by the Credit Bureau as having a bad credit heeds a bad reputation. This further implies being blocked from applying for other loans. Hence, one’s credit worthiness has been lost.

This may not really be the end of the line. A person who suffered from such may still apply for a credit card. There are two types: the Secured Credit Card and the Unsecured Credit Card for people with a bad credit history. A Secured Credit Card is a type of application where one maintains a secured deposit with the bank. The amount of credit limit and spending level for the credit card being applied for are determined by the total amount of secured deposit he maintains with the bank. With a $1000.00 secured deposit with the bank, one can request for the same amount of credit limit for his card. Any balance which he is not able to pay from his monthly bills will be automatically debited from the secured deposit. He is also required to maintain the secured deposit, otherwise, his spend level and credit limit will be lowered down. Having this secured credit card helps the person with bad credit rebound from his previous situation and start rebuilding his good credit history. Six months of good credit standing is enough for him to qualify again for such a claim. Here are two of them for a start; the Applied Bank Secured Visa Gold Credit Card, and New Millennium Bank Secured Platinum Visa or MasterCard!

The Unsecured Credit Card for people with a bad credit history is another type. This is a type of credit card, which does not require any secured deposit from the person. They do not require credit checking and approval is guaranteed. What differentiates them from other types of credit card is a higher annual fee and interest rates. This is expected considering that the probability of losing profitability is much higher as they are catering to people or individuals who are of bad credit standing. Credit limits also vary from a minimum of $500.00 to as high as $10,000.00. Not bad, right? Aside from no credit checks, there is also no income requirement for this type of credit card. More so, this is one best way for people with bad credit to establish a new and better credit history.  To name a few, we have the following: Public Savings Bank Visa Card, First Option MasterCard, New Millennium Bank Visa or MasterCard.

Also, Unsecured Credit Cards for people with bad credit history are available online and are easy to apply!

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