Guaranteed Bad Credit Cards
“Guaranteed bad credit cards” is used to refer to credit cards that can be obtained even with a bad credit rating. The guaranteed bad credit cards provide opportunity to people (with bad credit rating) to improve their credit rating. In that sense, guaranteed bad credit cards act as rescuer for such people. So, bad credit credit cards also act as necessary a training ground for people who have not been able to control their spending urge in the past.
Guaranteed bad credit cards is commonly known as secured credit cards. The guaranteed bad credit cards (or secured credit cards) requires the individual to open up an account with the credit card supplier and maintain some cash balance in the account. Why is that required? Well, credit cards are a business for the credit card suppliers; so how can they trust someone who has defaulted on his/her payments in the past? After all, a business is about profits and such risks are a threat to profits. The bank or the credit card supplier will generally pay interest on the balance in your account. However, it’s best to check this with the bad credit card card supplier/bank. The credit limit on the guaranteed bad credit cards is determined by the cash balance in the account and is generally between 50-100% of the cash balance. These bad credit card cards are also referred to as debit cards, owing to the fact that they work less in a credit-giving manner and more in a debit-giving manner.
There are plenty of guaranteed bad credit cards available in the market. When searching for the guaranteed bad credit cards that is best suited to you, you should consider 4 things in particular: the minimum balance that you are required to maintain in the bank account, the credit limit that you will receive (i.e. the percentage of your bank account balance that you are allowed to spend on your bad credit card card), the fees/other-charges applicable to the procurement of bad credit rating credit card and the rate of interest that you will receive on the balance in your bank account. An ideal bad credit rating credit card would have no fee/other-charges associated with it and would require zero or a very small amount as minimum bank balance. It would also have something like 90-100% of bank balance as its credit limit. Moreover, an ideal guaranteed bad credit cards would also offer a good interest rate on the bank balance.
Guaranteed bad credit cards is a really a good concept that provides respite to people with bad credit rating by letting them enjoy the benefits of credit cards while they mend their credit rating.
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This entry was posted on Monday, October 5th, 2009 at 4:57 am and is filed under Credit Card. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
October 5th, 2009 at 5:06 am
There's a bank in one of the Dakotas called "Bank of Hoven." They offer a secured credit card that is tied to a savings account.
If you do a search online for Secured Credit Cards, you will probably find a whole bunch of banks who offer that type of credit card.
How it works is you open a savings account with a deposit. Say you put $200 in the savings account. They will send you a credit card with a $200 limit. You can use it as you do any other credit card, they will send you bills, and you pay them. This will help to increase your credit rating, while still protecting you financially. If you ever got into trouble financially, you can pay off the credit card with your savings account and close the account in good standing, and then open it again later.
Further, if you wish to increase your credit limit, send them more money to put in you savings account. Start with $200, limit of $200. Add another $100, limit is now $300. Add another $200, limit is now $500.
It's the best, safest way to have a credit card.
October 5th, 2009 at 6:31 am
BAD
They do charge you 250 that is your limit you will be charges fees and high Rates
ONCE you cancel your FICO Score and CREDIT RATING is screwed
DO NOT DO IT
IT IS A SCAM
PERSONAL EXPERIENCE
October 5th, 2009 at 6:34 am
There is no such thing as a guarenteed credit card for bad credit, but there are companies that will consider you such as Capital One, Vanquis and Aqua (addressed below).
Aqua is probably the one most likely to accept you.
Be carefull about how you apply, more than a couple of applications in the space of about 3 – 6 months can actually make your credit score worse, so if you get rejected you`ll need to wait a while before applying again with a different credit provider.
Also be very careful with your credit. Bad debt loans and cards have high interest rates, as your a bad risk. Its very easy for your debt to spiral out of control, so be very careful about how much you spend. Its much better to try and economise and use the money you save for what you need, rather than taking out more and more credit, as things can get worse very quickly.
October 5th, 2009 at 7:24 pm
The only ones that I know are legit are Orchard Bank, & Premier….I personally have had both cards…
FYI If you're looking to get one of these two please go with Orchard Bank…First Premier Bank they have outrageous fees associated with their card for EVERYTHING whereas Orchard Bank I believeonly an annual fee that is pretty reasonable!
October 5th, 2009 at 11:10 pm
There is no such thing as guaranteed credit regardless of what your credit rating is. A person with perfect credit can be turned down. Odds are that person won't be turned down but it can happen.
A person with bad credit will have even greater odds of being turned down. A person with bad credit wanting a credit card with a $1500 limit is more than likely going to be turned down.
If a company tells you that you are guaranteed approval then watch out. It is more than likely a scam. They probably want you to pay money for the application and then when it is all said and done you do not get the card or you get a card with a much lower limit.
Besides, if you have bad credit then you need to be spending your money on better things than a vacation. You probably need to be spending the money on paying off bills and paying off debt.
October 6th, 2009 at 1:37 am
There is no quarantee on getting approved for a credit card with bad credit. The easiest one that I know of to get approved with is First Premier Bank.
October 6th, 2009 at 11:36 am
Without collateral nobody is going to give you a loan period. Even if you pay for someone's club membership you are not going to get a loan. They can make all of the promises that they want to but they have enough fine print to take your money and run and deny you a loan on a technicality. Or another trick that these guys use is that they will say, "You have been approved for the loan- We just have to find someone who will fund it. That can take anywhere from 10 to 90 days" and they keep stringing you along until you eventually give up.
October 7th, 2009 at 11:53 pm
well first things first, stop applying for awhile, every time to attempt to get a new card or anything that checks your credit report, it marks a check AGAINST your credit regardless of the outcome.
Second maybe try your bank, a debt consolidation account or such, going in and talking to a banker will be a good idea, explain the situation….
I believe depending on your situation, you may be eligible for government aid, I am pretty sure but not positive but you have to look around, check out things for stuff like that at court house, maybe even the clerks at the sheriff dept might know..
What is the amount on the card you owe if you do not mind me asking…. send me it through email if you wish it to be private I might be able to figure something out to help you
October 8th, 2009 at 5:48 am
"spacedout"??? nice name… lol
anyway, i looked at both sites and both use clickbank as a payment processor. except for the color scheme, there do seem to be similarities with the layout. its very possible that both sites are operated by the same company, but who knows? in the world of information marketing, lots of sites are rip offs of each other. my guess would be the second site is a cheap rip off of the first. but ive digressed…
personally, im very skeptical of such sites. but i have had experience with clickbank and they definately honor the money back guarantee (in fact, the money back guarantee is strictly enforced). so even though the first site explicity states the guarantee, both would actually have one.
that being said… if you have pretty much already made the decision to go with one of those two sites, i would go with the first. yes, i admit visual appeal is important to me and the second one seems to be lacking greatly. furthermore, the first site you mention does list some free bonuses which, judging from your update, seem important to you. but most importantly, the first site seems to have a larger list??? it says over 130 sources vs. 80something from the second site. for the money, the creditsources.org site seems to give you much more.
as far as that second site… i dont know… to me, the fact that they use a contraction ("you're") in the URL bothers me greatly. it comes up so grammatically incorrect. hard to trust a company that doesnt atleast use a spell check, or that would settle for such a name. lol
so bottom line: if its between those two sites, definately go with that creditsources.org site. otherwise, there is a lot of great advice about secured credit cards from a bank, etc, which has already been presented. consider trying that as well.
good luck to ya