If you have zero credit or bad credit, then it is really important for you to start building new credit very fast; you should look into getting an emergency credit card, but do so carefully. You can find plenty second chance credit card companies out there. None of them are going to roll out the red carpet for you if there are some major credit problems in your past, but they will do business with you, of course. The best thing you can do in this situation is to control your use of the card. Since you are reasonable, you can understand that they are going to have to view you as a high risk if your credit is not good. Many of these companies are going to have to charge you a fee for their card. Some will charge a fairly high interest rate. Others will only give you a secure credit card (which works as a debit card that reports to the credit bureaus, so that is an excellent thing for you, as it will enable you to build positive credit).
Whatever kind of emergency credit card you end up getting, you need to make sure it is one that will help improve your credit. The following tips will help you find one that is good for you.
First, you have to be aware of your situation and you might have to get a credit report to know that. If you know your credit is really bad, then you should think about getting a credit card that will not check your credit. They are out there! Most of the time, these are ‘credit builder’ emergency credit cards. Usually, this kind of card is a secured credit card. That means you will ‘load’ the card with cash, much like a debit card, and your credit limit is equal to the amount you load on to the card. Before you get this sort of card, you need to be one hundred percent sure that they DO report to the credit bureaus. This is a hugely key factor because if it does not report to the credit bureaus, it will not help build your credit.
Secondly, if your credit has some issues, you know your credit has issues but isn’t terrible, then you could be able to get an emergency credit card that will check your credit. This could be a better choice for you as your terms and fees might be lower than the previously explained card.
Either way, here are a couple things to keep in mind to keep your fees down.
Always pay off your credit card each month.
Never carry a balance on your card because you won't be charged interest if you never carry a balance.
Do anything you can to steer clear of annual fees. Ask them to waive the fee once you have been a good standing card member for a little while.
Emergency credit card companies earn money each time you swipe their credit card. So swipe it a lot, but pay those swipes off as many times per month as you are able. Most cards will let you pay off your card online. Do this! It will help you keep a close eye on things, and it will better equip you to think that when you spend money on your card, it is just as if you were spending cash. You must do this. This is elemental to improving your credit.
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