If you are in a bad credit situation, you may have a hard time trying to find a loan. If you find a lender who will give you one, the interest rate charged will be high.
Do not lose hope yet. You can improve your credit with guaranteed approval credit cards.
Typically, guaranteed approval credit cards are of two types:
1. Secured Credit Cards
2. Catalog Credit Cards
Secured credit cards
● You have to put down a security deposit on these accounts.
● As long as you are willing to pay the deposits, most organizations will accept you.
● Secured credit cards are flexible and also do not charge expensive fees.
● If you manage to pay your balances on time, they can last up to two years before they become unsecured.
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