Credit Cards For Really Bad Credit

Sept. 3, 2013 - PRLog -- As a consumer, it pays to be smart when choosing which credit card to apply for, however, people with really bad credit have very little options.

Even though it may seem difficult to find a financial institution that will approve someone with a terrible credit score for a credit card, it's not impossible. There are banks and credit unions that will issue secured cards to people with low credits scores along with some unsecured cards.

Secured cards are fairly easy to get and maybe the best option for the consumer looking to rebuild their credit history. The applicant will need to apply a security deposit that will be used as collateral in case the card holder fails to meet their obligation to pay off their credit line. The card holder's credit line will usually be equal to the security deposit which can range from $250 on up. Most financial institutions will hold the security deposit in a savings account that will pay the consumer interest. Consumers will also receive many of the benefits that a regular unsecured credit card along with monthly payments being reported to the major credit bureaus that can improve their credit score over time. Some financial institutions will convert the secured card to a unsecured one if the consumer makes on-time payments every month for a period of one year. Secured cards usually come with favorable interest rates and low annual fees, because after all, they are secured.

For consumers interested in appying for a secured card, the free consumer organization "Bad Credit MD" advises them to compare the available offers for people with really poor credit from financial institutions at http://www.badcreditmd.com/secured-credit-cards/.

Consumers with low credit scores that are interested in offers available to them from unsecured credit card companies should be aware that these offers usually come with low credit lines ($250-$500) and will most likely come with very high interest rates and annual fees. Bad Credit MD advises these consumers to view a list of these unsecured credit card offers along with reviews on their interest rates, annual fees and credit lines at http://www.badcreditmd.com/unsecured-credit-cards/.

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Bad Credit MD, is a free On-line consumer information guide that helps people with credit problems in Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.  Consumers can learn more about "Bad Credit MD" by visiting http://www.badcreditmd.com.