Baltimore HUD Homes Blog

Having less than perfect credit can hurt you and your financial future. One way to get yourself
out of the dark hole of credit is by responsibly using a credit card. If you have bad credit and
are looking for a credit card, you may want to stick with the bad credit credit cards. Bad credit
credit cards are just like regular credit cards, but they are specifically for high risk
cardholders.
Since your credit score is low, you are considered high risk to the credit card companies. Bad
credit credit cards should be used responsibly however or your situation will just worsen. If you
think there is even a possibility of you defaulting on the card, simply don’t even apply. Before
applying for bad credit credit cards, be sure to check out the common terms for bad credit credit
cards.
Credit Limits
Credit limits on bad credit credit cards are usually relatively low. The highest limit you will
usually see is around $1000. This is for your own protection. The lower your limit, the more
likely you are to use the card and pay off your balance in a timely manner. It is much more difficult
to pay off higher balances. Therefore, don’t think of the low balance as a disadvantage.
APR

Most APR rates on bad credit credit cards are very reasonable. They fall around 10% which is good
for a credit card. Try to find cards that hold the lowest interest rate possible. This will help
you repay your charges quickly while giving your credit score a positive boost.

Fees

Although typically annual fees on credit cards should be avoiding, with bad credit credit cards,
they are standard. Bad credit credit cards often charge annual fees of up to $50 or more. This is
a protective act for the credit card company. It may be something you simply must accept if your
credit score is low and you need a credit card.

Another fee you may encounter is an enrollment fee. Again, this is something no one with good
credit should ever accept. However, with bad credit credit cards, the enrollment fee is common.

Credit Bureau Reporting

Make sure than any bad credit credit card you apply for reports to all of the major credit
bureaus. This will help you regain good credit. You don’t want to pay diligently on a card that cannot
help your credit. You may have to call customer support ahead of time to ask this question, but
it is worth your attention.

Bad credit credit cards can be just the things that save your credit. If you want to boost your
credit, then consider getting one of these unique cards. Just remember to spend and repay
responsibly. In no time you can have your credit looking 100% better!

Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards.
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