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Getting a Credit
Card with Bad Credit
If you have bad credit, you
may have thought that getting a credit card (or getting another one) is
next to impossible. However, you can be successful in getting approved
for a credit card, but likely with a hefty price tag attached.
There are many credit card
lenders who would be willing to do business with you, but you will be
faced with paying a much higher interest rate than those with good credit.
High to the tune of 18 percent annually up to 35 percent. If you become
delinquent in your payments, that percentage can take a jump to more than
40 percent. And many lenders charge an additional fee of $35 for each
late payment or each time your balance is over your credit limit.
If you are determined to get
your credit back in good standing, or would like a credit card for emergency
purposes only, having a card even with this high interest rate can be
a good idea. Do take care to always pay your minimum payments on time,
never overstep your credit limit, and if possible, pay your balance each
month.
By showing your lender you
are capable of meeting the terms, you can qualify for a lower interest
rate and a higher credit limit in the future.
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