This means you represent a high credit risk and will likely need to select either a secured credit card — one that requires an initial security deposit — or
an unsecured subprime credit card.
Do you have advice for others considering
unsecured subprime credit cards?
Not exact matches
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If you have bad
credit or no
credit and want to build
credit, try to obtain a
unsecured credit card with a
credit line from a
subprime card issuer.
The three main types of
credit cards available to those who need a second chance are
unsecured subprime cards, closed - loop store
cards, and secured
credit cards.
In general, having a bad
credit score automatically narrows the options down to the
subprime unsecured credit card market or a secured
credit card that will require an initial deposit.
This may mean applying for a
subprime unsecured credit card or opening a secured
credit card.
With poor
credit, your options will generally be between
subprime unsecured credit cards — which tend to have high rates and fees — or secured
credit cards, which require an up - front deposit to open.
Since creditors view bad
credit as a sign of
credit risk, those with bad
credit are typically limited to
subprime unsecured credit cards, which often carry particularly high interest rates and fees, or secured
credit cards, which require a deposit to open.
If you're looking at
cards for bad
credit, you'll need to decide whether you want an
unsecured subprime card, which typically have high rates and fees, or a secured
credit card, which requires an initial deposit to open.
Unsecured cards won't require a deposit, but most subprime unsecured credit cards will require a program or processing fee to open your account, in addition to an annual or mainten
Unsecured cards won't require a deposit, but most
subprime unsecured credit cards will require a program or processing fee to open your account, in addition to an annual or mainten
unsecured credit cards will require a program or processing fee to open your account, in addition to an annual or maintenance fee.
This means most prime
credit card issuers won't feel comfortable offering you
unsecured credit, so your
credit card options will likely be limited to secured
credit cards or
subprime unsecured credit cards.
Unsecured card options are limited to closed - loop store
cards that can only be used on branded purchases, and
subprime credit cards that will likely charge high fees and interest rates.
With bad
credit,
unsecured credit cards will be harder to obtain from prime issuers, so you will need to obtain a
subprime credit card.
For example, an
unsecured credit card typically carries more risk than a secured loan, so regulations tolerate much higher interest rates on
unsecured credit cards than allowed even on
subprime mortgages, which are backed by collateral.