How to get a credit card with bad credit?

ReForm SchoolNot Financial Advice: A great way for someone with a bad credit history is to apply for what's called a Secured Credit Card.

To get a secured credit card you have to make a deposit with the issuer of the card often for the same amount as the credit limit on the account.

In other words, to have a $1,000 secured card, you would need to make a deposit of $1,000; this insures the creditor that even if you fail to make payments, they can recover their money.

Some issuers, such as Capital One offer a secured card with only a small deposit. With as little as $49 you may be able to get a card with a $200 credit limit. If you can deposit as much as $200, you can get a credit limit up to as much as $3,000.

Often times once you have proven your credit worthiness the secured card can be converted to unsecured.

Updated on Saturday, March 10 2012 at 12:25AM EST
Source: money.cnn.com/...