Many of us have been faced with situations that have resulted in a less than perfect credit rating. It's a simple fact of life and can happen to anyone. Unfortunately, your credit rating can be damaged relatively quickly, yet it takes a good bit if time for those effects to be reversed. Many people are under the impression that, in the meantime, there's no way they could get another credit card...that the banks simply won't "deal with them" if they have bad credit. However, that's simply not true. In fact, many banks work specifically with people with damaged credit and even some larger banks have special programs just for these types of clients. Here are some of the typical options you'll find when looking for a bad credit charge card.
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Option #1: Secured Credit Cards
Many banks offer secured credit cards as an option for people with bad credit. This could be a great alternative to a traditional credit card account and could help you establish a responsible pattern of paying back your debts to show the credit card companies that you're back no your feet.
With a secured credit card, you will most likely need to maintain a savings account with the bank also. This will be a relatively small amount from about $500 to $1000 or so. The savings account will be money that you can't really touch since it's the collateral for your secured credit card. Then whatever balance you have in your savings account becomes the credit line of your new credit card and as you make purchases, the money comes from that account.
This is a safe way for the bank to offer you a credit line since they can always pay off the balance with the money in your savings account if you default. The benefit for you is that since this is a safe option for the bank, they're more likely to offer this to you in the first place, so they're pretty easy to qualify for.
Option #2: Unsecured Credit Cards
In addition to secured credit cards, some banks are willing to take more of a risk and offer unsecured credit cards, even to people with bad credit. These cards are just like your normal credit card, with credit lines that aren't based on you maintaining a savings account as in the case of a secured card.
Do Your Homework Before You Apply
Of course, before you apply for any type of card, you want to be sure you understand the total fees, interest charges and other details of the credit card offers the bank has available. Since the banks feel they're taking more of a risk in working with someone with bad credit, there may be higher fees or higher interest rates involved.
However, this won't necessarily be something you have to pay over the long term. As your credit improves, you'll be able to apply for a new card with better rates. So in essence, a bad credit charge card can not only help you rebuild your credit but can also help you "leap frog" your way to a better credit card with better terms.
You can find several bad credit charge card offers through your local bank (smaller banks and credit unions are probably best). In addition, you can find several offers online. Either way you go, you should be able to quickly find a credit card offer that works for you, even if you have bad credit.
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