Bad Credit Credit Card Frequently Asked Questions

An APR is the annual percentage rate (the interest rate) you'll pay on the balance you carry on a credit card.

 

I want to rebuild my credit, how many bad credit credit cards should I get?

Generally, when traditional credit extenders, such as mortgage lenders, look at your credit they like to see at least 3 or more established trade lines with a good history (no late payments). So at a minimum your goal should be to establish 3 new trade lines in which you can build a good history with.

 

How long does the approval process take?

Most banks that offer credit cards for people with bad credit offer instant approval decisions if you apply online.

 

What is an unsecured bad credit card?

This is basically just a standard credit card account. You do not have to put up any security deposit to obtain the card. Both bad credit Visa Card and bad credit Master Card are available. Expect to pay a higher interest rate on the card due to the bad credit history. Get More info on unsecured credit cards for bad credit.

 

What is a secured credit card?

A secured credit card is one that requires that you open a savings account with the issuing bank. You will then be issued a MasterCard or Visa card with a credit limit that is, in most cases, equal to the amount you have on deposit in the savings account. Get More info here on secured credit cards.

 

What are prepaid debit cards?

This is a Visa or MasterCard in which you load funds onto the card. Your debit card limit will be equal to the amount of funds you load into the card. Unlike standard credit cards, you do not incur any debt with prepaid debit cards, there are no monthly credit card payments or interest charges. Prepaid debit cards do not require credit checks. The card can be used anywhere that accepts credit cards, as long as the debit card carries the Visa® or MasterCard® logo.

 

 

 

© 2002 BadCreditLoanShop.com. All rights reserved.