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Unsecured Credit Cards for People with Bad Credit

It took some convincing of the editor to print this article, but learning to manage your finances is a very important lesson that I wanted to share. It’s difficult to get loans with a low FICO score and if you’re not using credit, it’s going to be hard to raise your score.

I’ve experienced life with bad credit and want share with you how to improve this tough situation. Now I’ve got great credit and so can you.

In today’s environment it’s very difficult to get an unsecured credit card with bad credit. Banks are experiencing tough times. Before, the limit on my credit card would be increased almost monthly. As most banks currently struggle to stay afloat the increases have stopped. Those without credit cards are feeling the effects of this as getting approved becomes more difficult. I earn over $12,000 monthly, have a credit score of 770, and always pay my monthly card bill off in full. Banks want to extend credit to people they can trust to return it. πŸ™‚

Credit is harder to get these days but I’m going to share with you some ways you can succeed. Getting an unsecured credit card for those with poor credit has changed. As of right now, this is something you will have to work for.

Your best bet it to use the bank you currently have a checking account with. First you should apply for a credit card with your bank. If you aren’t approved there are other options. If the bank says that you’ll be notified by mail then you have not been approved and should move on to the next step.

First Get A Secured Card

If you weren’t successful with your bank, then you should immediately seek a secured credit card. With credit each day is important so don’t wait. You’ll want to act quickly because opening this credit line will put you closer to your goal of a normal, unsecured credit line.

I received my first card with a FICO score below 500. After a $300 deposit and $100 fee, the total cost of my card was $400. Getting the card was one of the best decision I have made. My deposit of $300 was my credit limit.

Each month I paid the card in full and within a few months I began to receive offers for legitimate unsecured cards. I accepted offers for some of these cards. After a few years my FICO score is almost 800. Because I took charge of the situation I’m now able to get loans with great interest rates.

About The Author

Ben Todd

Ben was a seriously broke graduate student with bad credit who after finding himself rejected for any sort of credit card or loan for most of his adult life, finally decided to get his financial life in order. 'He spent several years reading as many financial advice books and blogs as he could.And suprisingly, Ben found he actually LIKED the topic of personal finance; after fixing his own finances, starting his own successful work at home website business, and using his earnings to get out of debt, created to help others do likewise!

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