Many people like me get into trouble in their college years. During their first taste of real freedom, they also get inundated with free credit card offers. They enjoy spending however and whenever they want, then find themselves unable to make the necessary payments and mired in debt.
By the time I graduated from college, my credit score was in sorry shape. I matured after that and got steady employment, and then found myself wanting to rebuild my credit history and use credit responsibly again. Bad credit will not hunt you forever. It takes time, but getting a bad credit credit card is a good first step. My credit is now flawless and gets me the best rate possible for my mortgage.
If your credit score looks bad you can take the steps to repair it. Find out what your credit score is by obtaining a credit report. This will allow you to analyze your situations and utilize the credit options that are now available to everyone.
The number two step is to choose between an unsecured credit card that carries an astronomical interest rate or a bank-sponsored secure debit card. After you obtain credit report scores on yourself, look into the cards your bank offers and consider your account history. Do you tend to write bad checks? Do you balance your checkbook regularly and correctly? If you have a shaky history in respect to either question, take a closer look at bad credit credit cards options.
So you've decided on the "bad credit credit cards" route. You do have choices so check out the options available. Will this be secured with a deposit of your own money? Will it be unsecured but with a huge interest rate? What is the annual fee? After a period of good repayments, will they drop the interest rate? Can you pick you're the day each month to pay so you can match it up with your paycheck? Do they have any bonus programs? What are the minimum income requirements?
Do not just be grateful to get the card, you have rights and choices. Be most careful with the interest rates. Some can go as high at 22% – run, do not walk from that card. Anything under 20% is a decent find for an unsecured credit card for someone with bad credit history.
Now that you're on your way to getting back on track, keep on top of your credit score. Take a look at an updated score every so often to check that your new credit card company is reporting on-time payments. If you're noticing a difference, call your company company to request it. By the time you're wondering, "What is my credit score?