Rebuild Your Credit With A Prepaid Credit Card
It can be pretty tough when your credit is bad and it is next to impossible to get credit when you need it. Most major credit card companies will not talk to you, and a lender - well, forget about it. There is a way, though, out of the tough situation with a prepaid credit card. Here is what you can do with a prepaid credit card to help rebuild your credit score.
Need A Bad Credit Rating
One of the best things about a prepaid credit card is that it was designed for people with bad credit. In fact, that is one of the qualifications. There will not be any check on your credit rating, or your employment. Anyone can get one of these credit cards, but you will need to deposit a cash amount equal to the credit limit you want. This lets you know that it operates on a debit basis - no actual credit is given.
Get A Card That Reports To A Credit Bureau
Not many prepaid credit cards actually report to a credit bureau. That is, however, the kind of card that you want to get. While others make having cash handy, it really will not help you (or anyone with bad credit) in the long run.
Watch The Fees
Prepaid credit cards often come with a number of fees. You should compare one card with another in order to get the fewest fees. In order to get a prepaid credit card that reports to a credit bureau, you will probably have to pay an annual fee - could be as high as $100.
Look For Benefits
Most prepaid cards do not come with any benefits, but some do. You can get points, like on a regular credit card, that are useable for a few benefits - like free phone time, and more.
No Credit Card Abuse
Another good thing about these credit cards is that you can never go over your limit, or have to pay any late fees or interest. (Hey, this is sounding better all the time). This means that if it reports to a credit bureau, that it would be impossible to get a lower score than what you may already have with this kind of card.
Easily Put Cash On Your Card
Most prepaid cards will allow you to easily put credit on it from just about anywhere. You can even put your paycheck onto it by Direct Deposit.
Use It Like A Credit Card
A number of these prepaid credit cards can be used in the same way as a credit card. You can set up automatic bill payments, purchase things online, or over the phone. If you want this feature, however, be sure that the ad says that you can do this.
Like any other credit card, you will want to compare features and fees in order to find the best prepaid credit card for your needs. While most of them are similar, the fees vary widely. Since no qualifications are needed, why not get the best?
Joe Kenny writes for the UK personal finance sites http://www.nationsfinance.co.uk/credit_cards/ and also http://www.cardguide.co.uk
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