Want a Line of Credit? Improve Your Credit
With the tough economic times we are in, you may have noticed there have been a few changes in the credit card industry. The cause of the economic issues is the banks. They have been lending money out to people right and left, even to those who could not handle the loans they agreed to take out. Then it happened. One after the next, those people started not being able to pay their loans.
For the most part we are talking mortgages. One after the next, homes have gone into foreclosure. Banks have taken a very hard hit because all that money is spent and none is coming back in. Now they are in a tight spot and they are pulling all the purse strings closer. This means credit cards too.
The banks that used to allow a lot more free love when it came to handing out credit cards have changed their policies. Now there are more rules, tougher guidelines and better credit histories that are needed before they will consider you for a card. If you have bad credit, this means you are really going to have a tough time now.
But all hope is not lost. Even those with bad credit can get a credit card if they know how to make their credit look better. You need to start by getting the kind of credit cards you can get - bad credit credit cards.
Bad credit credit cards are those cards that are especially for people who have a lot of dents and dings in their credit past. In return for taking you on as a big credit risk, these cards have little to no special rewards for using them, but do have higher than average interest rates. While you may think this is a losing proposition, if you are smart you can use the best bad credit credit cards to improve your credit score so you can get those other cards you want.
The key to using bad credit credit cards is to make sure you pay your bills on time. Just one late payment can add another ding to your credit report. Also you want to try to pay the whole balance off so you are not pegged with high interest charges.
Another option is to look into the best prepaid credit cards out there. These are cards that work much like ATM cards. You put money into an account and then it is pulled to pay the tab when you charge something on the card. While this works like a bankcard, it is run through the credit card system and can improve your credit rating.
It's never fun to be stuck using bad credit credit cards, but by using them now, and being patient, you will be able to increase your credit rating and soon better credit card offers will come pouring in.
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Stephen Sikes is the owner of the credit card comparison site
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