Question about Credit cards for people with bad credit
I have this friend who is going through a Foreclosure and he filed for bankruptcy to get away from all the creditors. His credit is already ruined by the late payments and so forth.
He lost his credit cards because of the bankruptcy.
Anyone knows if those credit card companies who say they would give you credit card with bad credit are legit or just a scam?
One example is:
American Octane Black Card Unsecured
100% Approval regardless of past credit
Credit limits between $1000 and $10,000
Build new credit (no purchase necessary)
Reports to Major Bureaus
$99 One-time Fee
What is the % rate for this?
Some are as high as 35%. That's what you have to watch out for.
A friend of mine used that particular card and is in another big mess. Astronomical rates!
The only reason my friend needed it was to reserve a car for rent while he is in Puerto Rico as he will go on business trips...I guess he will need to find another way to get his car reserved.
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