GrantsForSingleMother.Org

Credit Cards For Single Moms With Bad Credit


As so many single parents know all too well, it is incredibly easy to get bad credit and very hard to get rid of it. Once you’ve got credit that is not as great as it could be, in addition to the obvious issues like trouble getting home or car loans, it’s also difficult to get regular credit cards of any type. Of course, many financial experts say that everyone should should have one major credit card, just in case…plus, have you ever had to rent a car without one? It’s not easy, not fun, and more expensive to use your debit card to do so. Fortunately, there are several banks that specialize in extending credit to people with a poor credit rating, and there are several options to choose from.

Secured Cards

A secured card is almost identical to the regular debit card that you probably have with your bank. In essence, you are opening up a bank account in order to get a credit card. This type of card will typically charge an annual fee, as well as a high interest rate. The amount of your available “credit” is the same as the amount of money that you have paid up-front, minus any extra fees the companies charge. However, some of these cards do report to one or more of the credit agencies, which will allow you to gradually improve your credit score. Generally speaking, people with a very poor credit rating are most likely to benefit from a secured card. This is because as your credit score decreases, it becomes even harder to get credit. The same is also true of pre-paid cards, which are often just debit cards, and therefore will not be mentioned here.

Some of the most common banks that offer secured cards, as of November 2010, are:

1) REMOVED USELESS PLACE

2) Public Savings Bank offers to waive your interest rate for the first six months, and has no annual fee or monthly fees, with certain limitations. They really do not seem to care at all, about your credit, but do report your account information to all three major credit bureaus. To learn more, visit their website at https://www.publicbankcard.com

3) Orchard bank is unique in that you can apply online for a credit account with them. When they check your credit, they will let you know which of their cards would be best in your specific credit situation. If the secured card is most appropriate for you, you can open your account with only a 200 dollar deposit and a 7.90% variable purchase APR. The annual fee is 35 dollars, but that will be waived the first year. For more information, visit them at http://www.landing.orchardbank.com

As with any type of credit card, other fees, including returned check or late fees, may apply. If you have had an account in good standing for some time with your local bank, they may be willing to open a secured account for you. In some situations, you would often pay less both in fees and interest if you chose to work directly with your bank.

Co-signed Credit Cards

You have probably heard of co-signed credit cards. Basically, when you have someone co-sign for you, their name goes on the account, along with yours. If you do not make the payments on time in the way that you say that you will, they are held responsible for them. As a result, the person that does this will have to really trust you, so if you think a parent, sibling, or dear friend would be willing to help you, this would probably save you a lot of frustration. Because you will be charged less interest on a card for someone with good credit, there is also the potential to save money while your credit improves. Typically, this person would usually have to have very good credit in order to qualify, and it might be a good idea to determine in advance who will be receiving the statement.

If you ask, the bank you choose might be willing to send duplicate bills, or you could sign up for electronic billing, so that you would both have access to the due dates. Virtually every bank that offers credit cards will allow co-signed cards. Your regular bank will probably do that as well, so it might be worth asking next time you need to speak with them. If they are one of the rare banks that will not, they might be able to point you in the right direction of an institution that does.

It is important to understand that this situation may be only temporary. If you continue to make good choices, and do what you can to improve your credit, one day you will be able to get offers for credit cards, bank loans, and other types of credit again. You have the ability to decide how long it takes to better your credit report. After all, a credit report is just a list of debts and assets, that simply shows how efficient you are at paying your debts on time.

Helpful Resources For Single Moms

100 Top Useful Resources For Single Moms
Free Stuff For Single Moms

Useful Articles and Tips for Single Parents

Page Dedicated to Tips and Advice for Single Parents

Immediate Assistance

  1. What You Need To Know About TANF
  2. What You Need To Know About Medicaid
  3. How To Get Free or Discounted Medical Care, Even If You Can’t Get Medicaid
  4. Finding the Holiday Help Your Family Needs
  5. The Facts About Child Care Assistance
  6. Food Stamp Tips That You Need To Know So You Can Feed Your Family
  7. Raising Your Special Needs Child Alone There Is Help Out There!
  8. Housing Assistance, What Exactly Is It?
  9. Help With Your Utility Bills Is More Than Just Payment Arrangements
  10. Single Mothers and Homelessness Know Your Options
  11. Where To Look When You Need Affordable Counseling For You Or Your Kids
  12. How To Get Some New Appliances?

Future Assistance

  • You CAN Go To College!
  • How To Know if You’re Eligible For Free Cash Grants From The Government
  • Grants and Resources For Free Or Low-Cost Dental Care
  • Are You Taking the Bus With Your Kids? Would You Rather Have A Low-Cost or Free Car Instead?
  • Activities To Do With Your Kids When You’re On A Tight Budget
  • Student Loans For Single Moms
  • Nursing Grants and Other Financial Aid For Single Mothers
  • Grants And Information To Help You Become A Single Mom -Through Domestic Adoption or Foster Care
  • What To Do About Your Federal Student Loans After College
  • Credit Cards For Single Moms With Bad Credit
  • Grants For Job Training
  • What Are The Options For Single Moms to Fix Their Credit?
  • Is Your Family Eligible For a Free Computer?

More Help Out There For Single Moms

  • How to Let The Government Help You Dress For a Fabulous Job Interview
  • Single Parenting And Going To College
  • Can Single Moms Make A Living By Working From Home?
  • Money Saving Tips For Single Parents
  • Did You Know You Can Get Free Gas For Your Car?
  • Setting Up And Sticking To, A Realistic Budget As A Single Mom
  • What Kind Of Help Is There For You To Start Your Own Business?
  • How to Be the Single Mom With a Home of Her Own
  • Soroptimist Women’s Opportunity Awards
  • On-Campus Help For Single Moms
  • When You Think Your Kids Need More Guidance Than You Can Give Them
  • What you Need to Know if You are Considering Adoption…Who Pays For What?
  • Putting Your Child into Voluntary Temporary Foster Care…Could This Be What You Need?
  • Saving Your Home From Foreclosure

Recent Comments

  • Estella on Affordable Childcare Options for Single Moms
  • Wendy on Must Know Grants
  • Tiana Reyes on Financial Help for Single Mothers You Might Not Have Thought About
  • Kimberly MOORE on Financial Help for Single Mothers You Might Not Have Thought About
  • Rachel Henderson on Must Know Grants

Contact

About | Contact | Disclaimer | Privacy Policy

Copyright © 2023 · eleven40 Pro Theme on Genesis Framework · WordPress · Log in