How is it Possible to Change Bad Credit Rating through Bad Credit Credit Card? [mortgageprotectiontips.blogspot.com]
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There are many people who migrate to the United Kingdom for education and work. Such people will have no credit history. Likewise, there are a few people who may have a bad credit history and hence may require a bad credit credit card to repair their credit ratings.
Normally, there are three kinds of credit cards for bad credit. Let us find out how these cards work for you.
Prepaid Credit Cards
These credit cards are quite similar to a normal debit card. If you want such a card you need to open a bank account and initial a deposit. The amount you deposit will be your card limit. In this case the bank is not offering you any credit since any purchases made by you comes from your deposit.
However, this is not a credit card that can help you rebuild your credit ratings since there is not credit given to you and hence it is not reported by banks to the credit agencies.
Secured Bad Credit Credit Cards
With this kind of bad credit credit cards, you will have to open a savings account and deposit some money in it.
The bank may hold this money as collateral and issue a credit card to you. Normally, the amount of money you have deposited in your account may be the limit set by the bank though some banks allow for a higher credit limit.In case of default of payment, money is deducted from your savings account and the interest and charges are more than your regular credit cards.
Such cards are ideal for rebuilding your credit as these cards have to be reported by the banks.Unsecured Bad Credit Credit Cards
An unsecured bad credit credit card is just like any other regular cards except that the credit limit is low and based on well you manage your credit, the limit may be enhanced. Though these kind of bad credit credit cards charge more interest and charges than normal credit cards, they are a very good option to repair your credit ratings since these cards have to be reported to the credit agencies.
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