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Credit Cards For Poor Credit

If your credit score has fallen drastically in the past few years, you are probably having quite a bit of trouble getting a cred card. Eventually, you may find yourself thinking that you will never be able to get credit card ever, and simply give up. The sad truth of it all is, that not using a credit card after your credit goes down is probably one of the worse things you can do. To get your credit score back up after it takes a nose dive, you HAVE to you use credit cards again to get back on track, but it seems like no one will give you a card. Sounds like you are in trouble no matter which way you go doesn’t it? Don’t fret, there is a method is get around this dilema.

You Can Get a Secured Credit Card

There is actually a booming business that involves issuing credit cards for poor credit. But you must realize that these cards are considered secure. This means that most of the credit in your credit line is money you are supplying yourself. If you score is low enough, you might have to spend a little money on a fee to get the process started. The fact is however, that a secured credit card is the best way to repair your credit.

Fill It To The Rim

Once you are done paying fees, if you have any, you have to make a deposit into your credit card. One of the easier ways to do is to link a card to your savings account, but you also go for credit cards for poor credit which you only have to drop a deposit. Usually the amount that you deposited is the amount you can borrow. But there are cases where the issuer of the card may match your deposit. It doesn’t matter if the card is Discover, Mastercard, or even Visa, you can use the card like any normal credit card.

Pay The Card Off

But once you credited your secured credit cards for poor credit you need to pay it off each and every month. It is critical the balance is payed as soon as possible. You have to realize that your credit line is linked to a savings account or whatever deposit you put down. If you do not pay on time they will take it straight from your account or deposit. But if you keep paying your balance on at least on time or even early, you will notice that real credit cards that are unsecured will be coming your way.

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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