Qualifying For Unsecured Credit Cards For People With Bad Credit
Finding unsecured credit cards for people with bad credit can be quite challenging. This is because most credit card companies want to work with people that they consider low-risk. However, there are a couple of exceptions. They include Orchard Bank and third-party merchants.
Orchard Bank is the leading company offering unsecured credit cards with virtually guaranteed approval. They do not consider your credit history because they make up for it through their monthly fees. In fact, when you first get the credit card, you will notice a fee already tacked on. For many this is a disadvantage but try to look at the bright side. In return for paying $50 or so upfront, you get $500 or more in credit plus the opportunity to build your financial portfolio.
Third-party merchants are another example of companies offering unsecured credit cards regardless of credit history. However, keep in mind that the keyword here is “third party.” Merchants who are not as well known might offer credit to help get people to buy their wares. The only downside is that if you get a credit card from these types of companies, it can only be used for their merchandise. This is in contrast to Orchard Bank credit cards, which can be used for any purchase.
Another disadvantage offered by third-party credit cards is their propensity towards scamming people. To prevent this from happening to you, always research a merchant before sending in any information. If there are any unresolved complaints, move on to another merchant.
In conclusion, with Orchard Bank and third-party merchants, it is possible to get an unsecured credit card even if you have a negative credit history. Be careful, though. Don’t make your situation worse by not paying your bills on time. Remember, the sooner you get your credit history together, the faster you’ll be finished with credit cards for bad credit.