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There are many reasons that individuals have bad credit. Defaulting on student education loans, car loans or not paying charge cards on time are common reasons. Some people have bad credit for their spouse, because they were forced to file for bankruptcy, or because they were saddled with medical bills these were unable to pay. If you credit is bad getting credit cards can be a challenge, especially if you wish to get a major card such like a VISA or MasterCard. Credit card companies make use of a person's credit rating to determine when they will give them a card, what borrowing limit they will allow, and what terms and rates of interest a person will have. Someone with good credit can certainly get a MasterCard or VISA having a high credit limit and low rate of interest. However, people with bad credit usually have trouble getting one. It is possible to use for credit and even get a poor credit VISA or MasterCard if you approach the best companies. Some companies will give credit cards to people with less than perfect credit but you get paying a very high interest price, high annual or monthly fees, and don't get a very high interest rate when they can even get a one whatsoever. People with very poor credit will often be deemed too high of a risk and can not quality for a traditional card whatsoever. If you fall into one of those categories and want a card and never have to pay exorbitant fees and interest prices, or you do not qualify whatsoever, you have one other option. Secured credit cards are a good option for those who have bad credit. A secured VISA or MasterCard will help you to have the convenience of a credit card when it's needed even if you don't qualify for any traditional card. With a secured charge card you put a deposit into your account to make use of as collateral and you get a borrowing limit usually 50% higher than your down payment. If you pay your bills promptly and use the secured card responsibly you're going to get your deposit back and build great credit. If you default on your secured card account you'll loose your deposit. If you want to obtain the best credit card deals or more tips about managing your current credit card accounts you can travel to http: //www. mycredituniverse. com






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