I have bad credit and need a prepaid credit card?
Dec 25, 2009 in
Credit
WENDY D
I would like to get a credit card but have bad credit. Does anyone know of any cards that I can get even if it is secured and it gives some sort of rewards, like cash back or anything like that? If so please help. Thanks.
I would like to get a credit card but have bad credit. Does anyone know of any cards that I can get even if it is secured and it gives some sort of rewards, like cash back or anything like that? If so please help. Thanks.
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10 comments
RP on December 28, 2009 at 4:37 am
I think u can get a secured card from Bank Of America……
ThatGuy! on December 30, 2009 at 7:53 pm
Prepaid credit cards don’t help with credit.
A secured one is not prepaid. The money you send the company is a security deposit in case you miss payments or default, and you use the card just like a regular card.
Smoovy Loco on December 31, 2009 at 5:50 am
I’ve posted links to several secured credit cards. A suggestion would be to check out Orchard Bank. They offer credit cards for people that are trying to rebuild credit. They also offer secured cards if you’re not able to get approved for a regular one.
orlando j on December 31, 2009 at 6:18 pm
A Credit card for people with bad credit is a form of borrowing that often involves charges. So it’s wise to compare terms and fees before you agree to open a credit or charge card account. Try looking for a credit cardwhich credit cards you should apply for? Shop around because not all credit cards for people with bad credit are created equal.
P J on January 1, 2010 at 1:01 am
Have you figured out yet why you have bad credit? Bad spending habits, over living your income, just not paying etc.
If not then forget a credit card just work on the credit.
nseanw on January 2, 2010 at 2:03 am
First premier bank will give you one, continental Finance will and rewards 660 will also, try Orchard bank too.remember you have to pay there charges first youll get like 50 or so dollars to spend then once the charges are paid you have a credit card with a 300 dollar or so limit.
Gary H on January 2, 2010 at 3:33 am
There are more that a few lenders who specialize in credit cards for people with bad credit. You just have to look a little harder than most people have to.
And getting a card after you’ve had a few problems doesn’t necessarily mean that you have a higher than normal rate. Like, I said, you’ll just have to compare between credit lines, yearly fees, and interest percentages. Just make sure you do your homework BEFORE you commit, and you’ll be fine.
You can find some offers for credit cards, both secured and unsecured here:
kamar on January 4, 2010 at 4:53 pm
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dolly blaine on January 6, 2010 at 6:54 pm
prepaid card scores over credit cards especially if the owner has a not so perfect credit history.
The rejection is non existent in case of prepaid credit cards, there are no credit checks, no employment verification, and approval is guaranteed.
With a bit of dilligent shopping and comparision of various prepaid credit card offers, it is not difficult to find a prepaid card with no annual fees, no late payment fees, no repayments, and no penalties whatsoever. So, the ownership costs of a prepaid card can be negligible.
With prepaid cards it is very easy to promote financial discipline. Since you can only spend what you have, there is no overspending, and hence no debts.
Some prepaid cards do report their use to major credit bureaus and hence are a good instrument to rebuild credit history.
Prepaid cards have wide acceptablility, and in some cases they are even more readily accepted than credit cards. Apply online at:
Cindy on January 8, 2010 at 8:23 am
NUMBER ONE QUESTION you need the company to answer before you take out a secured card.
“Do you report the credit limit as well as the balance?”
Recently the Federal Government pulled 400,000 credit reports and 46% of credit card companies are not reporting available credit limits.
This is absolutely devastating to your credit score. Do not get involved with a company who will not report your available credit limit.
Also–Never charge more than 50% of the available credit limit. This will also have a negative impact on your credit score.