About Credit Cards for People With Bad Credit

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With bad credit, people can still get credit cards, whether they are prepaid credit cards or cards with very low balances and high interest rates. Consider getting a credit card to raise a credit score with information from a portfolio manager in this free video on finance.

Part of the Video Series: Credits, Stocks & Pension
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Video Transcript

Do you have really crummy credit? Is your credit score in the 300s maybe? Hi, this is Roger Groh of Groh Asset Management. How are you ever going to get a credit card? Well, fortunately, in today's environment, you have some options. Option number one is use a prepaid credit card. That is you can go to your neighborhood supermarket or drug store and right off of their counter, buy your credit card that has a zero balance on it. You then give the drug store or supermarket money. They credit it to your card immediately, and you can just draw down whatever money you put on there. Some cards are reloadable, meaning you can put more money on it constantly, and some are not. It's worth reviewing the fine print considerably. There's a second type of card maybe that would be an option for you. Those are traditional credit cards, and if your credit has been poor and you are working with a workout specialist on your debt, sometimes they offer credit cards with very low balances as a way to enable you to begin to restore your long-term credit stance. The advantage to them is as your credit score goes up, the rate that you pay on loans goes down, meaning that there's more cash to pay off the debts that they're trying to work out. So those are your choices. You can get a debit card, you can get a prepaid card, or you can get a traditional credit card. Like always, read the fine print. Know exactly what the fees and interest rates are associated with any type of card, and be careful with your money. I'm Roger Groh of Groh Asset, and may your credit score go up.


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