People with bad credit find it most difficult to get approved for a unsecured credit card. However, even though they get turned down by conventional banks for a line of credit, there are subprime finance companies that are more than willing to give them a second chance.
On the downside, getting approved for a unsecured subprime card will come with a steep interest rate and a high annual fee. However, on the plus side, if the credit line is managed properly by keeping balances low and making regular on-time payments, it can lead a consumer to improving their credit score over a period of time and therefore they will be able to apply for a more conventional, lower rate unsecured card in the future.
A free consumer organization called "Bad Credit MD" has created a list with the pros and cons of these credit card companies that will approve people for a unsecured card with bad credit. They even have listed a guaranteed unsecured card for consumers with no or poor credit. They do note that the guaranteed unsecured credit card comes with steep fees and restrictions. To learn more about these cards, interested consumers should visit http://www.badcreditmd.com/unsecured-credit-cards/.
Consumers with bad credit have another option available to them if they are looking for a credit card but without the high interest rates and annual fees. A secured card, offered by most banks, is a credit card that is backed by a security deposit. The more money that a consumer uses as a security deposit, the higher their credit line will be. Credit lines are usually equal to the amount of the security deposit. These cards usually come with the same perks and benefits of a conventional credit card along with monthly payments reported to the major credit bureaus by the issuing financial institution.
To compare secured card interest rates, requirements, annual fees (if any), and benefits of different banks that offer these cards, a consumer should visit http://www.badcreditmd.com/secured-credit-cards/.
Consumers should note that making a track record of on-time payments on loans and credit cards will lead to a positive increase in their credit score over time.
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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. This self-help site has over 500 pages of credit advice and articles. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.
To contact the company spokesperson, go to https://plus.google.com/u/0/104692534381789121018/posts
