Find Unsecured Bad Credit Credit Cards
Looking for unsecured bad credit credit cards? The search is tough -- but not impossible!
My own search for unsecured bad credit credit cards followed a rocky path. At one point my credit was so poor I just couldn't even think of applying for a mainstream card, and it was coming down to the choice of secured credit card or nothing.
The problem with a secured credit card, of course, is that it's not a credit card at all -- you have to have an account in place specifically to cover your credit card purchases. In fact, it's more like a debit card that accumulates interest. If you have bad credit and simply want to rebuild your history, such a card can be very useful. But if you actually need credit, it's not much good at all.
Don't let desperation drive you
A word of warning, though: while there are unsecured bad credit credit cards, many of them are terrible credit cards. They prey on the fact that you're having trouble finding unsecured credit anywhere else and offer you cards with exorbitant fees or ridiculous interest rates.
These cards are little better than secured cards. Sure, you get credit -- but at what price? Chances are your debt will shoot through the roof with all the interest they're charging, and before you know it your credit score will be worse than before. So whatever you do, do not let these cards take advantage of you.
A better option
So if your bank will only offer secured credit, and all the unsecured cards seem to be pretty sketchy, what's a person supposed to do?
There are a couple of options. First of all, if your credit score isn't too bad -- just a little too low for the better cards -- see if you can raise it a few points. Look for errors on your credit report, or contact your creditors and see if you can negotiate a partial repayment in exchange for removing some late pays or defaulted loans.
Your next best bet is to talk directly to your bank. Explain your situation, why you need the credit, exactly how much you need, and how you plan to go about repaying it. Often, banks are sympathetic to customers with bad credit because they hope that, having seen the error of your ways, you'll be inclined to maintain your payments in the future.
Do your best, and remember: there are unsecured bad credit credit cards out there that don't involve pledging your first born as collateral!
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