Now, when it so happens to be that you have such bad or poor credit scores, you need to know that you are not the only one for it has been shown and established that tens of millions out there happen to be faced with this problem of poor credit scores and ratings. As a matter of fact, going by projections, the numbers of those who will soon be getting into this particular bracket have been seen to be so many as per projections of the next few years.
Generally, looking at the needs of the credit card companies, such kind of a projection is not one that will be quite well sounding. It happens to be sounding so bad a piece of news for the credit card providers for the fact that these are establishments that only make money when we get to use their services for the payment for goods and services that we make purchase of. As a result of this for them to make money and prosper in business they need to make sure that they have placed their cards in the hands of as many as they can.
This has as such resulted in a number of the credited card providers to start offering the unsecured credit cards for bad credit. This is with an attempt to make sure that they tap into the 30% category of those with bad credit. As a matter of fact, this is move to seek not to delineate those with bad credit has a lot of benefits to those in this category as it allows them to have a card in hand to help them tackle and handle financial emergency needs and as well get started on their path to building their credit scores and ratings. Check out the following for some of the basics that you need to know of when it comes to the unsecured and the secured credit cards.
Talking of the secured credit cards, you need to know of the fact that these are the kinds of cards that are meant for those who have poor credit and as such are looking for the kinds of credit cards that will help them up their scores. They derive their name, “secured”, looking at the fact that for you to have them, you will have to have placed a deposit and this deposit will be your starting line of credit.
As for the unsecured credit cards, these are the kind that actually never demand on the applicant to place any deposit for them to start using the card anyway. Instead with them, the line of credit comes directly from the financial institution offering the card and you can start using the cards now and pay later. Though you need to note the fact that with these cards, you will need some discipline when it comes to paying them off as in the event that you miss paying, your credit gets a hit.