Is It Difficult to Qualify for Unsecured Credit Cards for Bad Credit?
A lot of consumers today are hesitant to sign up for unsecured credit cards for bad credit. After all, most of them think that their poor credit scores will surely be a huge hindrance towards receiving an affordable line of credit. But are they correct to assume this?
Not at all! In fact, they can look forward to receiving card accounts, even without being subjected to credit checks. How is this possible? Well, they should simply apply for the following card programs:
No credit checks unsecured credit cards. Some firms are willing to grant an application for an unsecured credit card account even without running background checks on their prospective cardholders. Just remember that such programs tend to carry the steepest rates of interest and fees. After all, such features are often used by card issuers to compensate for the huge risk involved in extending card programs to consumers with unknown credit standing. Suppose you cannot afford to manage such high-interest credit cards. Are there more affordable alternatives you can take advantage of? Yes, there are. Consider the following:
Secured credit cards. By simply submitting a security deposit to your target card issuer, you can look forward to receiving an affordable card account, which you can use for making cashless transactions. What’s great about secured credit cards is that you can use as much as 100%, in some cases even 200%, of the amount you have initially submitted to your card issuer. So, you can use your card for making huge purchases and for covering several bills and expenses.
Prepaid cards Either prepaid debit or credit card programs. These are highly-recommended for consumers who wish to control their spending habits. After all, the low spending limit or cap imposed on them will surely discourage consumers from using their cards to make huge purchases as well as to indulge in lavish shopping sprees. Just remember to look for prepaid card issuers who offer credit reporting services. That way, you can use your account, not just for financing your costs, but also for regaining your creditworthiness.