Unsecured Visa and bad credit : Bad Credit Advisor

Unsecured Visa and bad credit

Q: For a few days, I unsuccessfully look for an unsecured Visa card. My bad credit prevents me from getting it. The Equifax score is 586. Where can I get one?

A: 586 is bad credit? That is simply awful with today's credit market conditions. If you are looking for unsecured Visa for people with bad credit, that many websites are promising, please stop. There is no such a thing. You have basically two choices. You can try to get a secured credit card instead, or

MasterCard offers few unsecured credit cards for consumers with bad credit. You know how secured credit card works, regardless if it is Visa or something else. You deposit a certain amount of money into the account of the bank that gives you a secured credit card, and your credit limit is basically equal to this deposit. Then you can make purchases with your secured card up to the amount you have in your security deposit account. Everything else is like with an unsecured credit card, bad credit or good,
- pay at least the minimum payment before the due date each month
- paying off your credit card balance in full each month is better
- your security deposit does not cover minimum payments
- virtually all secured credit cards are reported to all 3 credit agencies, but ask specifically
Later, if you credit isn't too bad, you may qualify for an unsecured Visa that you want so much. But that will be based on your credit score and payment history. Sorry, but I don't see it any other way.

Tue Jul 7, 2009 03:07PM by Tony | More in Credit Repair | Comments (0)

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