A sub prime card was designed for those with a low credit score. It was created to give people a second chance with their credit history.
Used responsibly these cards will create a positive payment history and improve your ratio of available credit to debt. Frequently these cards are used to repair a damaged score.
These two factors are very important when your score is being calculated. If these two factors are good then you can create a good credit score even with negative items on your credit report.
There is monthly credit reporting with these cards. You should expect an APR of 19% and you will have some fees for these cards. This is the cost of a low score, however used correctly and this can be the last time you have a cost due to your score.
Most of these cards come with a $300 credit limit. However some cards such as the Tribute MasterCard will also approve individuals for a $70 credit limit and many will offer periodic limit increases.
A sub prime credit card is superior to a secured card when it comes to credit reporting. With a secured card it will report to the bureaus as a secured account and will not help as much as an unsecured account.
It is still wise to remove negative items from your report. However it has been discovered that once a negative item ages four years it will have much less impact on your score.
You should know that to get the most out of your card on your credit you should try to keep the balance at roughly 20% of your available credit. This will help because it shows the bureaus that you do use your card and are using it responsibly.
If you have; collections, charge offs, judgments, bankruptcy, or a repossession you can still be approved for this card. Each card will have different requirements for approval and you will get an immediate decision when you apply.
In sum if you have made mistakes in the past with your credit and want a second chance we suggest a sub prime card. It can improve your ratio of available credit to debt and build a positive payment history. - 2364
Used responsibly these cards will create a positive payment history and improve your ratio of available credit to debt. Frequently these cards are used to repair a damaged score.
These two factors are very important when your score is being calculated. If these two factors are good then you can create a good credit score even with negative items on your credit report.
There is monthly credit reporting with these cards. You should expect an APR of 19% and you will have some fees for these cards. This is the cost of a low score, however used correctly and this can be the last time you have a cost due to your score.
Most of these cards come with a $300 credit limit. However some cards such as the Tribute MasterCard will also approve individuals for a $70 credit limit and many will offer periodic limit increases.
A sub prime credit card is superior to a secured card when it comes to credit reporting. With a secured card it will report to the bureaus as a secured account and will not help as much as an unsecured account.
It is still wise to remove negative items from your report. However it has been discovered that once a negative item ages four years it will have much less impact on your score.
You should know that to get the most out of your card on your credit you should try to keep the balance at roughly 20% of your available credit. This will help because it shows the bureaus that you do use your card and are using it responsibly.
If you have; collections, charge offs, judgments, bankruptcy, or a repossession you can still be approved for this card. Each card will have different requirements for approval and you will get an immediate decision when you apply.
In sum if you have made mistakes in the past with your credit and want a second chance we suggest a sub prime card. It can improve your ratio of available credit to debt and build a positive payment history. - 2364
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We suggest the Tribute MasterCard or the Orchard Bank Credit Card for a review of these cards visit us.
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