The Real Truth About Bad Credit Cards by toriola1

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Credit cards are very useful. Normally there is no requirement of any collateral, and the amount of credit is fixed on the basis of the perceived creditworthiness of the primary holder, which is usually dependent on the person’s credit score. Click here to know more

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The Real Truth About Bad Credit Cards By Sean Masterson

Listen, you've got bad credit -- it doesn't necessarily mean you have the plague and that you're forever destined to apply for bad credit cards. Of course, it could mean exactly that if you don't take the appropriate steps right away. Here are a few things to keep in mind. Bad Credit Cards Are The Means To An End Okay, you've messed up your credit. Don't expect to get a platinum card with a great interest rate. You need to hit the bad credit cards first - the ones with the annual fees and the higher-than-usual finance charges. It's not the end of the world and you can use these cards to build your credit back up. Once you do that, go ahead and apply for the cards with the better terms. In the meantime, however, bad credit credit cards are all you've got. You'd Better Change Your Wayward Ways Those $4 lattes and happy hour runs are going to be a thing of the past till your credit gets in order. If you don't have money to get yourself completely out of debt, you don't have money to be throwing away. The majority of your extra cash needs to go towards paying down your debt. If you don't, you'll be at the mercy of bad credit cards forever. Don't Fall For The Scams You're kind of in a desperate situation. That means you might be prone to fall victim to some credit card scams. You want to improve your credit and get a card with a high limit and great terms? So this guy calls and tells you that you've qualified for a low-interest card with a $5,000 credit limit. All you have to do is submit a fee of $200 or $300 (or even more) for some reason or another. Don't fall for it! When you have bad credit, you're not going to qualify for these too-good-to-be-true credit cards. They're nothing more than a pie-in-the-sky story devised to rob you of the money you could be using to
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pay off your real-life credit card debt. Stick with the bad credit credit cards for the time being. They may not be glamorous, but they're the real deal. And remember, bad credit cards are a fact of life when you mess up your credit, but that doesn't mean you can't learn from your mistakes and work towards a brighter financial future.

For more tips on credit cards for people with bad credit, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources. http://www.creditcardwhizkid.com/bad-credit-credit-cards/

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Debunking 5 Secured Credit Card Myths By Sean Masterson

When it comes to secured credit cards, many myths abound. From "they're only for people with bad credit" to "they're more expensive than unsecured cards", you can't always distinguish the truth from the lie. Worry not. I'm debunking the most common secured credit card myths. 1. Secured Cards are a Bad Credit Stigma Think a secured card announces to the world that you have bad credit? Guess again. Most secured cards are indistinguishable from unsecured cards. Your card itself won't say anything and your credit report won't show the fact that your account is secured. 2. Secured Credit Cards Have High Interest Rates Many people assume that secured cards are for people with bad credit, and as such they have a higher interest rate attached to them. This isn't the case. A secured credit card is less of a risk to creditors because the credit line is backed by a bank account. Because of this, secured cards often have lower interest rates than many of the bad credit unsecured cards. 3. They're For People with Bad Credit If you think a secured credit card is only for people with bad credit, you can rethink that logic. Secured credit cards are for people from all walks of life. You don't have to have bad credit to carry one. Many people with decent credit qualify for unsecured cards, but not the best ones. In these cases, a secured credit card can offer better terms and higher credit limits. 4. They're Issued by Predatory Lenders Secured credit cards, more often than not, are not issued by predatory lenders. The cards issued by predatory lenders have high interest rates and high annual fees and processing charges attached to them. While a secured credit card is likely to have an annual fee it will usually be reasonable (in the $50 range), as will the interest rate. 5. A Secured Card Is Like a Debit Card This one couldn't be further from the truth. Secured cards are connected indirectly to a bank account, but they work nothing like debit cards. Your secured credit card account will be reported to the three credit bureaus, helping you improve your credit rating. Debit cards don't do this. And like unsecured cards, you must pay your secured credit card statements when they come in each month even though your security deposit is securing that line of credit. So are secured cards the black sheep of the credit card family? Absolutely not. A secured credit card can be a valuable financial tool -- it's just a matter of differentiating the myths from the reality.

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For more tips on secured credit cards, saving money and avoiding getting taken, check out CreditCardWhizKid.com, a website that specializes in providing credit card tips, advice and resources. http://www.creditcardwhizkid.com/secured-credit-cards/

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