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Bad Credit Card

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Print View - Published: Wed, 21 Apr 2010 at 4:41 AM

A bad credit card helps an individual restore his credit so that he gets to benefit from great credit card deals and rates. They open up new opportunities such as renting a vehicle.

 When you apply for a credit card with bad credit most companies look at more than just your payment history. If you have been working on a job for quite a long time and have been a permanent resident and also have a low debt ratio it is quite possible that you will be issued a credit card.

 The risks that these financial institutions assess from your records make them specify an encoded limit to your card after that, so that you do not default. You should not apply to every grand deal of a credit card offer. A very strong inquiry is made and once they detect a problem they might resist themselves from offering you the card.

A varied range from secured to unsecured credit cards is offered for people with bad or marginal credit.  An unsecured credit card does not require any deposit from the individual. The limit is specified to him, which the individual is required to be confined to.

A secured credit card is a better option for the bad credit individual since the deposits he provides in this case are put in his savings account under his name. That amount then sets the limit on his card. The secured credit card limits can be as high as the individual wants depending on the amount he deposits. He also earns an interest on the savings he has deposited. The account will act as a regular savings account depending on his activity and currency. If he manages a good credit history, the bank may consider increasing his limit as well. 

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Have bad credit? Get a credit card regardless of your credit score fromCredit Sources now.

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