Bad Credit Credit Cards Will Rebuild Your Credit
By Susan Slobac
It is perhaps unfair to label it �bad credit,� because despite what many of the self-righteous weasels who currently infest the nation�s capitol would have you believe, most people who suffer from a poor credit score are not irresponsible �shop-a-holics� or careless, overspending consumers who need to �take personal responsibility� (although admittedly, a few people are � including several currently serving in Congress). In the overwhelming majority of cases, those who suffer from low credit scores are honest, hard-working and yes, responsible Americans who ran into trouble through no fault of their own. It may have been because their jobs were moved to China or Mexico, or suffered a major injury or accident and were dropped by their insurers, or even donned a uniform and went into harm�s way in service to the nation and returned months later to find themselves having to cope with injuries, stress and/or unpatriotic employers who failed to keep their jobs open for them while they were overseas and were unable to secure another job.


Nonetheless, since 2001, many Americans have found themselves in the position of having to labor under a �bad credit score.� Sadly, the �system� doesn�t much care how someone�s credit score got that way; too often these days, poor credit is used as a bludgeon to unfairly punish people with everything from high interest and car insurance rates to denial of employment.

There

is a silver lining for those who find themselves in this kind of a situation. Bad credit credit cards allow one to rebuild their credit status. One can apply for bad credit credit cards online and even receive instant approval. These are issued by VISA and MasterCard and are accepted by all the same merchants and service providers.

You may have heard that such a bad credit credit card have extremely high interest rates, limited lines of credit and even large annual fees. While this is true of a few bad credit credit cards, the good news is many of these cards offer amazingly favorable terms.

It is true that in the beginning, spending limits may be restricted; however, many bad credit credit cards offer credit limit increases on a regular basis (usually twice a year) once the cardholder has established a reliable payment history.

What is even better is that the regular APR in many cases is substantially lower than those offered by other credit cards � in some cases as low as 9.75%!

Another alternative is what is known as a �secured� credit card. These bad credit credit cards require a deposit against the credit limit, and have a substantially higher interest rate, but may be a good alternative for some � and once a steady and reliable payment record has been established, it is usually possible to apply for another card with much more favorable terms.
Susan Slobac is a personal financial advisor. She specializes in working with individuals to improve their credit rating, build assets and maximize the benefits of cash back credit cards.