Unsecured credit cards, like secured credit cards, can be used in lieu of cash, check or money order to purchase items or services, either on the internet or in retail locations nationwide. The main difference between the two is that secured credit cards require that you open a savings account as collateral; unsecured credit cards do not. For this reason, secured credit cards are generally good resources for people with bad credit standings – credit standings that would not otherwise allow them to obtain a credit card in order to build their credit again. Unsecured credit cards are also available to those with less than desirable credit ratings, depending on a variety of factors: bank accounts, annual income, the your specific credit rating, and the qualifications enforced by the credit card provider. All these factors come into play when applying for an unsecured credit card. Sometimes the provider will allow otherwise unapproved credit card candidates to have an individual with a good or excellent credit rating co-sign for the desired credit card. This means that, should you be unable to make the payments on your new credit card, the co-signer will make them in your place. If you have a trusted friend or family member with good credit who is willing to take on this legal and financial responsibility, it could be your ticket to an unsecured credit card you might otherwise have been denied.
The Web site, credit.com, is a good place to start looking for information and possibly applying for a credit card. This web site acts as a sort of online hub for a variety of credit institutions and affiliated organizations. They offer the services of several businesses, providing the consumer with the best venue for his or her needs. For example, should you wish to check your credit rating before applying for a credit card, Credit.com provides you with several different types of credit reports offered by TransUnion, Equifax, Experian, or a combination of the three credit ratings companies. Credit.com also provides a limited number of online applications for unsecured credit cards intended for those with below average or simply average credit. Another web site, cardoffers.com, deals exclusively with credit card applications, presenting a wide variety of both types of credit cards to apply for.
The Web site, managingmoney.com, also makes unsecured credit card applications available, but it offers a large range of other financial services as well. These services are catalogued according to eleven “centers,” each specific to a given topic and suited to address problems associated with it. For example, the Tax Center offers access to online tax return filing, tax software for your home computer, forms, and a number of other resources pertaining to tax legislation, documentation, and filing assistance. Some of the other centers include an Investment Research Center, an Education Center, an Expenses Center, and a Legal Center. Credit card applications and other information, such as how to check and how to repair your credit rating, are located in the Loans and Credit Center.
By Rachel Campbell