Emergency Credit Cards and Your Financial Future

Todays Date: November 12, 2018

If you are in a situation where it is very important that you start start building your credit very quickly; you should look into getting an emergency credit card, but do so cautiously. You can find plenty second chance credit card offers out there. None of them are going to roll out the red carpet for you if you have had some significant credit problems, but they will do business with you, of course. The key to being smart in this situation is to be prudent in the use of the card. I’m sure you can understand why they are going to have to view you as a high risk if your credit is not good. Some of these companies will even charge you a fee for their service. Some will charge a fairly high interest rate. Others may only offer you a secure credit card (which is like a debit card and it reports to the credit bureaus, which can be an excellent choice for you, because it will enable you to build positive credit).

No matter what kind of emergency credit card you end up getting, you need to make certain it is one that can help build your credit. The following tips will help you find one that is good for you.

First, you have to know your situation and you may need to get a credit report to do that. If you know your credit is really poor, then you should consider getting a credit card that will not check your credit. They are out there! Most of the time, they are ‘credit builder’ emergency credit cards. Usually, this type of card will be a secured credit card. This means you will ‘load’ the card with cash, similar to a debit card, and whatever amount you load onto your card is your credit limit. But before getting this sort of card, you have to make one hundred percent certain that they DO report to the credit bureaus. This is enormously important because if the credit bureaus don’t receive reports on your use of it, then it cannot help improve your credit.

Second, if your credit has some problemsyou know your credit has issues but isn’t horrible, then you might be able to get for an emergency credit card that does require a credit check. This could be a better choice in your case as your terms and fees might be a lower than the above-described card.

Either way, here are some points to keep in mind to keep your fees down.

1. Be sure you pay off your credit card each month.

2. Do not carry a balance on your card because you cannot have to pay interest if you don’t carry a balance.

3. Try hard to steer clear of annual fees. Ask them to waive the fee once you have been a card member in good standing for a little while.

4. Emergency credit card companies make money each time you swipe their credit card. Feel free to swipe it a lot, but pay those swipes off as often per month as you can. Most cards will let you pay off your card online. Do this! That way you can keep everything in check, and it will better equip you to think that spending money on your card, it is just as if you were spending cash. This is really key. This is essential to your success.

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